BUSINESS ENVIRONMENT
The significant factors in today’s business environment include:
- Social factors
- Political factors
- Economic factors
- Technological factors
- Labor and capital factors
Predictive analytics are the tools that a company uses to extract data from its existing data sets so that they can be able to predict future trends. For instance, Apple Inc. can use the predictive analytics technique to predict future trends on the quality of products that the customers are interested in. To respond to the customers’ product searches, they, therefore, produce products that are custom made for their target market.