How Can SPSS Benefit Different Industries?

Why most of the industries prefer SPSS predictive analytic?

spss for industry

SPSS is an acronym for Statistical Package for the Social Sciences, is a responsive and versatile software used as a statistical analytic tool in social science fields, such as competitor analysis, market research, surveys, etc. No matter how complicated the data is, it can easily manipulate and analyze it. SPSS is designed according to noninteractive and interactive users. It was initially launched in 1968 by SPSS Inc., but in 2009, IBM acquired it. Although it is officially dubbed as IBM SPSS Statistics, it is still mostly referred to as SPSS. It is preferred due to its English-like command and straightforward language, and impressive user manual. Our SPSS assignment help experts have listed some of its features which include:

  • Easy to learn and use.
  • Number of editing tools and data management system.
  • In-depth statistical capabilities.
  • Great reporting, plotting, and presentation features.  

There are many other statistical tools that you may come across, but SPSS has gained immense popularity than others and is now used by various industries as data management device.

Let us take a look at some other benefits that SPSS provides to different industries:

Saves money

This predictive analytic technique can be used to save industries from fraudulent transactions. For example, SPSS helped banking and insurance companies to increase the reporting of a suspicious transaction by 200 percent, and save $2.4 million from a motor insurance fraud within four months. One of the biggest banks of Colombia, Grupo Bancolombia, managed to detect suspicious transactions and generated 80 percent savings by analyzing transactions through SPSS.

save money

Increases ROI

An IDC report indicates that market research proves, predictive analytics can influence the profitability and competitiveness of an enterprise. The median ROI (Return on Investment) for SPSS projects is a whopping 250 percent. Also, it can convert large unstructured and structured data into actionable insights. This allows the organizations to predict the upcoming events and they can take action accordingly.

roi

Minimizes risk and threats

Every business entity aims to operate efficiently, effectively and profitably. However, uncertainties and threats can act as stumbling blocks in the way to achieve its objective. SPSS can provide a systematic approach to identify risk and perform well. Using the solutions of SPSS predictive analytics, businesses can differentiate between acceptable and unacceptable risks. The software with the help of historical and real-time data points out the key areas of risk, and review the policy. SPSS is also compatible to monitor multiple sources, recognize suspicious behavior and stop any unacceptable activity by taking appropriate action.

Avoids problems before they occur

Another benefit of using SPSS is that it accurately and effectively detect those characteristics of operating activities that can result into greater frequency of failure or downtime. This downtime can influence the return on investment directly. This ability of SPSS software to foretell and highlight the costly issues before they occur can optimize production and reduce disruptive and unscheduled interruptions.

Improves customer satisfaction

When organizations spend less time to investigate frauds or to predict unforeseen problems and focus their activities more on customer trends, it will directly or indirectly benefit customers. For example, a regional health insurance company reduced its investigation for frauds from weeks to days, which eventually increased the number of customers they assisted over the period. SPSS predictive analytics is not limited to fraud detection. It can also prove to be beneficial for classifying market and offer products according to the needs of the customers, or target and recruit skilled and qualified candidates, which will make customer support service effective and efficient. Elie Tahari, a global fashion brand which also happens to be a client of IBM, applies SPSS to estimate orders four months in advance and got approx 97 percent annual accuracy.

customer satisfaction

If you are a student studying SPSS in your degree course and always look for interesting blogs and write-ups on this topic, then stay tuned to our website.

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