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Leverage Predictive Analytics to SIMPLIFY your way to actionable insights, ACCELERATE decision and DELIVER sustainable business outcomes
In today’s technology centric world, technological advancement has made possible progression of Data Analytics from traditional BI solutions to predictive and prescriptive analytics solution. Predictive Analytics helps predict future probabilities and trends and faster decision making. It is the most sought technique by the enterprises to recognize the “new value” locked within their existing data by predicting insights, future trends and arrive on better decisions to accelerate business growth.
Gartner describes Predictive Analytics as any approach to data mining with four attributes:
Big data technologies play a key role in predictive analytics since they provide intelligence about future using insights of Big Data. Big Data technologies analyse massive amounts of data in real time, including structured and unstructured data, and the insights derived from these analysis can be utilized to improve operational efficiency, explore new revenue opportunities and competitive advantages. Big data analytics software is designed to work with big data platforms, which consists of infrastructure, virtualization, visualization, management, and analytics layer. The analytics layer is the core component for building predictive analytics solution in big data architecture of an enterprise. Predictive Analytics identifies meaningful patterns of Big data to predict future events and assess the feasibility of various possible outcomes so that enterprise can make smarter decisions
There are many enterprises that utilize Predictive Analytics. This not only helps them exploring new market opportunities, improve the operational efficiency of the business process, strengthen customer loyalty and retention but also enable them precisely mastering customer target approach and exploring new business models. Some indicative business benefits are
Predictive Analytics Tools:
A wide range of tools is used in predictive modeling and analytics. Some popular vendor names in the market are:
Open Source:
R, Apache Spark, HP Haven Predictive Analytics,
Proprietary:
SAS, IBM, SAP
Software APIs:
Google Prediction API, Microsoft Azure Machine Learning, BigML, PredictionIO
Key Takeaways: