• LOGIN
  • Sign Up

Productivity, Time Tracking

What Is Predictive Analysis and Why It Rocks for Project Management

September 7, 2021 By Julie Bennett

01-How-PSOhub-Saves-You-Money

At PSOhub, we talk about predictive analysis a lot. For SaaS providers and users alike, predictive analysis is an important tool that leverages AI to help make platforms smarter and to provide more value. If you’re using software with predictive analysis, you’re already taking advantage of this advanced technology…

But what exactly is predictive analysis? How is it applied to project management? And how can users of project management software benefit from predictive analysis?

We’ll discuss what predictive analysis is and how it can add massive value to an all-in-one project management solution.

Predictive analysis definition

To start, let’s touch on what predictive analysis is and how it works. PSOhub is based in Europe, where we often use the term ‘predictive analysis’ to describe what is known perhaps more commonly by the global community (especially in the US) as predictive analytics. When it comes to describing the technology, predictive analysis and predictive analytics are unequivocally the same thing, the difference is just language semantics. Without further ado, here’s a solid definition of predictive analysis:

Predictive analysis (n.)

The use of data, algorithms, and machine learning to identify the likelihood of future outcomes based on historical data; also known as predictive analytics.

The purpose of predictive analysis is to calibrate the data from what has already happened to provide the best statistical assessment of what will happen in the future. By mining data, analyzing it, and putting that information into a statistical scenario, solutions that use predictive analysis can give users the ability to both safeguard against loss of profitability and identify future opportunities.

Benefits of predictive analysis for businesses

Businesses who use predictive analysis aka predictive analytics can leverage the technology to reap the following benefits:

  • Optimize services and performance
  • Win a competitive edge
  • Reduce risk
  • Pinpoint issues before they happen
  • Better collaboration
  • Reduce costs
  • Detect fraud
  • Find new service opportunities
  • And more...

PSOHUB_GRA_AIPredictive_header

Benefits of predictive analysis for project management software

Lots of industries use predictive analysis, from online retailers to digital marketers. But predictive analysis has a particularly powerful use case when it comes to managing projects. Within project management software, predictive analysis has specific benefits that can help managers and owners as well as team members to stay on track and stay profitable.

For example, project management software with predictive analysis can calculate the probability and the actual date of when/if your project will statistically go off rail. Pair that with an automated alert, and you’ll be able to address the issue(s) before they affect the bottom line.

Another easy example of how predictive analysis can help you manage your projects is under the umbrella of resource management. The solutions that offer predictive analysis can identify who, where, and when capacity problems might arise. Especially with long-term projects, you can stay in control and stay in the profitability zone on all sides.

Where can I get predictive analysis for project management software?

Platforms like Asana are marketed as project management software but are essentially glorified task management solutions. Most of these will not provide the kind of in-depth predictive analysis that we’ve touched on in this article.

Instead, you’ll need a robust project management solution that’s highly flexible when it comes to integrations, particularly if you’re using a CRM like HubSpot or Salesforce.

"The more integrations that are offered to platforms you already use, the more data that can then be mined and used to predict future outcomes more accurately."

PSOhub is an innovative leader in affordable, full-suite project management software that’s designed with predictive analysis and other self-driving features to make your project cycle more efficient and profitable. PSOhub uses predictive analysis to help you level-up on your:

To close-- Predictive analysis is all about accurately predicting future outcomes, so you can adjust accordingly in the present to remain profitable and efficient. If you need help managing your projects with a solution anyway, why not get 360 Degree Project Management software that has predictive analysis built-in? It’s an easy choice that could pay dividends in the future...

PSA Software Benefits & Features
Productivity
The Benefits & Features of Professional Services Automation (PSA) Software
Businesses using PSA software have reported an increase in project margins. But what exactly is PSA software?
Productivity
EOS & HubSpot Agencies: What’s the deal?
Think EOS for your HubSpot agency might be a good idea? What the heck is EOS? This article will get you started with some great info.
Productivity
5 Ways to Boost Transparency via Project Management Software
Most people don’t think of project management software as a way to build trust with clients. Discover little things you can leverage to make a big difference!

See for yourself.
Access your free account.