Since data is ubiquitous, businesses strive to gain an edge by delivering personalized products and services to customers through Predictive Modeling Software. Predictive Models and Algorithms alleviate multiple business problems like Churn Reduction, Dynamic Pricing, Fraud Detection, Medical Choices, Inventory Management, Supply Chain Optimization, Risk Management, and more. It has the ability to reveal additional information about why market consumption could occur, what-if scenarios, and drivers that can influence customer demands. While you can build predictive models with programming languages, to quickly get started, you can use Predictive Modeling Software.
There are many tools available that can cater to the business needs for Predictive Modeling for your intended use cases. This article will provide you with a curated list of the best Predictive Modeling software that you can use in
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What is Predictive Modeling?
Predictive Modeling is a statistical approach that involves using existing outcomes and creating a model that can forecast values for upcoming developments. It forecasts future events by integrating historical and current data. Predictive Modeling encompasses a wide range of techniques such as Data Mining, Predictive Analytics, and Machine Learning to assist firms in improving research, development, marketing, maintenance, cybersecurity, and a variety of other jobs.
Predictive Modeling software solutions are often faster than human data scientists, and they may uncover data correlations that you would overlook. As a result, Predictive Modeling software is great for assisting businesses in learning more about their clients, determining the ideal period to join a new market, and achieving other important business objectives.
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Best Predictive Modeling Software
Some of the most popular Predictive Modeling software that you can use are as follows:
1) RapidMiner Studio
RapidMiner Studio is a Predictive Modeling software from RapidMiner that is primarily used for prototyping ideas, developing predictive models, and increasing data science productivity. RapidMiner Studio has a lot of capabilities, such as Data Access, Data Exploration, Data Prep, Modeling, Validation, Scoring, and Control. A user can access, load, and assess any form of data using this platform, including both structured and unstructured data such as text, photos, and media.
RapidMiner Studio integrates with Data Warehouses, Databases, Cloud Sources, Social Media, and a variety of other corporate applications. The platform manages ETL and data prep using in-database processing, allowing it to work more efficiently than other available predictive modeling software. In addition, the platform uses a drag-and-drop interface to link to over 1,500 Machine Learning Algorithms tailored to specific use cases.
RapidMiner Studio Enterprise comes with a 30-day trial that offers unlimited data rows, complete automation with Turbo Prep, Auto Model, and Model Ops. RapidMiner Studio is available at three different pricing levels, ranging from $7,500 to $54,000.
2) SAP Analytics Cloud
SAP Analytics Cloud is a powerful Data Visualization tool that enables companies of all sizes to get more out of their data. You can make better fact-based decisions, identify hidden patterns, and enhance your business performance rapidly by converting static spreadsheets into actionable insights. This predictive modeling software helps you to examine client data, sales numbers, supply chain activities, and other computations by studying the past, describing the present, and forecasting the future.
SAP Analytics Cloud platform even empowers businesses to execute large-scale, automated predictions as well as time-series analyses. You can make better forecasts with less manual involvement, even if you don’t know how to code. It also includes an almost inexhaustible collection of models for a variety of behavior modeling, which is a highly used feature found in predictive modeling software.
Companies that utilize Natural Language Processing (NLP) technologies to deliver extremely wide insights into the target audience, interests, and demands can use SAP Analytics Cloud to provide clients with more focused and tailored experiences.
The pricing editions for SAP Analytics Cloud include a free trial version, a business version for $21 per user/month, and a custom quote-based enterprise version.
3) TIBCO Spotfire
TIBCO Spotfire is an analytics tool that allows users to evaluate and visualize their historical and real-time data without requiring substantial IT expertise. Users can easily alter the program according to their needs and applications using the Spotfire Mods framework. You can create everything from simple dashboards and visualizations to complicated predictive analytics using TIBCO Spotfire in an R and Python-based environment. Users can continually learn and enhance their software usage by leveraging the available online seminars, videos, and wiki pages. Consequently, TIBCO Spotfire is suited for new users while meeting specialists’ needs.
The Cloud package starts at $125/month, while the AWS package is priced at $0.99/hour.
4) IBM SPSS
Leading enterprises worldwide rely on IBM for data discovery, predictive analytics, model management and deployment, and machine learning to commercialize data assets. IBM’s IBM SPSS is a statistical analysis software specializing in advanced analysis. It offers two modules to choose from, i.e., SPSS Statistics and SPSS Modeler — two programs that may be used to analyze data.
Predictive Analytics is possible with the SPSS Statistics module, which also comprises Ad hoc analysis, hypothesis testing, and spatial analysis. The IBM SPSS Modeler is a more flexible version of SPSS Statistics as it is a prominent data science and machine learning tool with a visual interface. It aids businesses in reducing time to value and achieving targeted outcomes by accelerating data scientists’ operational activities.
IBM SPSS Modeler makes it easier to discover trends and oddities in data by converting predictive analysis into visual representations. You can also utilize IBM’s Watson artificial intelligence engine for predictive modeling using IBM SPSS. This gives you access to more complex data science tools for data modeling.
The IBM SPSS Statistics has a free plan and a subscription plan starting at USD 99.00 per authorized user per month. The IBM SPSS Modeler has four plans: free, gold, professional, and subscription.
5) Dataiku DSS
Dataiku DSS is a collaborative Data Science platform that allows data scientists, analysts, and engineers to explore, prototype, and develop their own data products utilizing cutting-edge AI technologies. This program includes everything you need to enhance your analytics demands, from data wrangling and mining to data visualization and process implementation. It also provides scalable collaboration features for teams, such as integrated document sharing and change management. It has a drag-and-drop feature, but it can also be used with any programming language like R, Python, Scala, Hive, Pig, or Spark. This gives platform flexibility to the users.
In addition, the REST API in Dataiku DSS allows you to bundle your whole workflow into a single deployable package, providing you with real-time forecasts. With this tool, you can use a dashboard to monitor live data quickly and even impose data validation standards such as model metrics, data consistency, and other aspects that you consider essential to your data operations. This means Dataiku DSS can profile your data visually at every step of the analysis process to assist users in preparing, cleaning, and enriching data.
The Dataiku has four pricing versions, i.e., free, Discover, Business, and Enterprise. You can get price quotes for the paid versions.
H2O.ai provides various AI and Machine Learning platforms to industrial clients, including the open-source distributed machine learning platform H2O-3, the autonomous machine learning platform H2O Driverless AI, and the newly released H2O Q, an AI platform for business users. H2O-3 also has a robust AutoML feature that supports the most frequently used Statistics and Machine Learning techniques, such as Gradient Boosted machines, Generalized Linear models, Deep Learning, XGBoost, and others. H2O Driverless AI enables data scientists to work on projects more quickly and efficiently by automating operations such as autonomous feature engineering, model tweaking, selection, and validation. It also includes machine learning interpretability analysis, time-series analysis, and model scoring pipeline development.
H2O Q is a new AI platform that enables developers to create AI apps and will make AI accessible to millions of business users. It is perfect for data analysts, citizen data scientists, and all business users since it provides automated insights and forecasts for “in the moment” business challenges.
H2O.ai’s pricing isn’t very transparent, forcing you to seek a quotation however, it does offer a 90-days trial period.
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7) Microsoft Azure Machine Learning Studio
Microsoft Azure Machine Learning Studio is a Predictive Modeling Software. This simple, scalable solution combines data science with cloud-based technologies to assist users in creating understandable reports based on various data. Its intuitive interface allows users to create, implement, and share predictive modeling solutions with only a few mouse clicks. This fully managed, browser-based platform also has API features to allow you to inject your model with upgraded algorithms and AI. You can further leverage Visual Studio Code’s deep integration to effortlessly transition from local to cloud training and autoscale with powerful cloud-based CPU and GPU clusters.
Furthermore, it enables you to deploy models with a single click and conveniently manage and regulate them using MLOps. Using feature engineering and hyperparameter-sweeping capabilities, you can quickly develop accurate models with automated ML. You can also use Azure Machine Learning Studio’s debugger, profiler, and explanations to optimize model performance as you train.
For individuals who simply require up to 100 modules per experiment or 10 GB of storage space, Microsoft Azure Machine Learning Studio offers a free subscription. If you want more advanced features and flexibility, you may upgrade to their Standard plan, which costs $9.99 per seat each month.
8) Alteryx Intelligence Suite
Alteryx is a forerunner in analytic process automation, which integrates metrics, computer science, deep learning, and business application integration in a single, end-to-end framework. Its Alteryx Intelligence Suite allows you to develop machine learning models in one of three modes viz., automatic, assisted, or expert, as per the organizational needs. You can create data analytics, NLP, and predictive models in minutes, cutting down on time it takes to capitalize on fresh data.
With Alteryx Intelligence Suite’s drag-and-drop capabilities, you can rapidly start employing automated features while dealing with organized and unstructured data. In addition, you could select from more than 70 pre-engineered characteristics to improve a model’s predictive skills.
The application also has a text analytics capability that works with PDFs and other written content. It can be used to uncover sentiment analysis within client groups in order to better predict how they will react to forthcoming ads.
Alteryx Intelligence Suite is priced at $2300. You can check the free trial version to acquaint yourself with its key features.
In this article, you learned how Predictive Modeling software could be an indispensable tool for businesses. The article also includes a list of the most popular Predictive Modeling software in the market based on their specific requirements. Predictive models look at past behavior and sometimes additional current data to determine several business aspects, including how likely a consumer is to repeat it in the future. This category also includes models that look for minor data trends in order to answer questions about consumer behavior, such as the likelihood of someone clicking a link or purchasing a product.
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Share your thoughts on this list of best Predictive Modeling Software. Let us know in the comments section below!