Predictive analytics has changed the way businesses operate. Till some time back, analytics was only limited to reviewing past activities and providing insights on how businesses were operating. But predictive analytics is changing that.
With the release of new APIs, predictive markup languages, open source and paid tools and web services, predictive analytics is also going mainstream. Data scientists can take advantage of the tools available and use them to further their business.
A free open-source predictive analytic tool, H2O is a favorite for many data scientists and for good reason. It runs on Java and thus is platform independent. H2O can be configured to connect big data from various sources including HDFS, S3 and NoSQL data sources and then model it within RStudio and MS Excel. The predictions can also be compared.
It makes it possible for anyone to easily apply machine learning and analytics to solve data problems. Scientists can either use H2O flow GUI or install the tool using environments like Python, R or Java.
This is a proprietary predictive analytics tool which provides companies with means to anticipate emerging customer trends, minimize risk and create custom workflows based on demographics and other customer segmentation.
These workflows can then be analyzed for their response rate and conversions. The data discovery and visualization dashboards provided by the software help find areas to improve customer satisfaction and gain competitive advantage.
This is another open source analytics and integration software. It helps you discover the hidden potential in your data and predict new futures. It can be used by businesses for churn analysis and prediction. KNIME is vastly popular because of its modular data pipelining concept. It provides a GUI to data scientists which allows assembling nodes for data processing, modelling, analytics and visualization of the results.
The KNIME Big Data extension also offers paid set of nodes for accessing Hadoop/HDFS via Hive from within KNIME.
Lattice is a cloud-based predictive sales and marketing apps provider. It is one of the best lead and account scoring application and has the ability to combine buying signals, apply machine learning to help bring in predictable sales and marketing performance.
Their predictive insight platform features real-time contact scoring and rapid self-service modeling and can be used by marketing teams of any skill-level.
One favorite open-source analytical software API used by data scientists is PredictionIO. They can use it and work with software developers to create predictive analytics apps based on past consumer behavior using their RESTful API. PredictionIO is a machine learning server which lets these data scientists reuse components, build and deploy predictive analytics apps. They also provide templates that developers can choose and customize.
This list is by no means comprehensive, we have tried to cover the various analytics tools available for different business goals and means. There are many other tools available for predictive analytics which can be right for your business depending on your business needs – both open source and proprietary. Whether you are looking for tools that help in predictive modeling, predictive lead scoring, pricing, customer churn, upsell/cross-sell will largely determine the tool that is right for you.
If you would like to use predictive analytics for your business and figure out the best way to go ahead with it, get in touch.