What is predictive modelling?

Predictive modeling uses statistical techniques, machine learning algorithms, and data mining to forecast future outcomes based on historical data. It's commonly used in various industries for tasks like predicting customer behavior (churn, purchases), assessing risk (credit scoring, fraud detection), optimizing operations (supply chain management, resource allocation), and improving decision-making across the board. By identifying patterns and relationships in data, predictive models help organizations anticipate trends and make proactive choices.