Well, on the proviso that:
a) The device you have bought actually works (i.e. isn't one of the ones on the site I linked to)
b) The inductive loads don't already have some form of power factor correction (most ballasts are electronic, and most motors in the home are corrected)
c) You don't want to save any money, as the device costs you, and even if it corrects the power factor, you weren't paying for it in the first instance.