What is Predictive Analytics?
Predictive Analytics is using emperically derived models for
predicting future outcomes which can be based on known or even
unknown events. There are many techniques employed in Predictive
Analytics which include data mining, statistical analysis, modeling,
and even artificial intelligence.
Predictive analytics has
been around for a long time, it's a technology that's getting
adoption now as it has matured. Organizations are turning to
predictive analytics to increase revenues, manage expenses, and to
maintain a competitive advantage. Big Data has played a big part of
this. Growing volumes and types of collected data, made publicly
available has provided the ability to benchmark trends find
anomalies. New software is both interactive and easy-to-use,
Predictive analytics is no longer just the domain of data wonks and
statistics nerds. Nowaday's Business analysts and operations subject
matter experts are using these technologies as well.
Goals of Predictive Analytics
- Bring key business insignts into decision-making processes
- Solutions to our biggest challanges with data mining
- Integration of predictive analytics with data driven decision making
- Positive ROI and superior outcomes
Who needs Predictive Analytics ?
Companies that need to:
- Secure their competitiveness
- Increase sales and grow customer base
- Manage fraud
- Meet customer expectations
- Improve core business capacity
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