Predictive analytics is the type of data analytics which is used to make predictions about unknown future events. Predictive analytics uses business intelligence, data mining, data aggregation, machine learning, artificial learning and statistics to optimize and analyze current data to make predictions about the future.
Predictive analytics requires data mining and predictive modeling to bring management, Information Technology and modeling process to make predictions about the future. These data are optimized to identify risks and opportunities for the future. Predictive analytics allows a business organization to become advance, proactive and anticipating outcomes and behavior based on those data.
Generally, predictive analytics is used for predictive modeling and forecasting. However, Data analyst is using predictive analytics for descriptive modeling and decision modeling. Though predictive analytics has been around for decades, it is now growing at a much faster rate.
More and more business organization are turning to predictive analytics to increase their bottom line products and to gain competitive advantages. The main factor behind adopting predictive analytics is faster and better computers, growing volumes and type of data to produce valuable information and Easier to use the software.
With interactive and easy to use the software, predictive analytics is no longer the field of statisticians and mathematicians. Business analyst and data analyst have started to use this technology as well.
Data analytics plays a very crucial role in our life. Whether it is data analytics, engineer, entrepreneur or data scientist, predictive analytics play a crucial role in our day-to-day job. Predictive analytics can improve the conditions and efficiency in the industry, reduce business risks, detect frauds and meet organisation and customer expectations providing a safety … Read more
Definition of Predictive Analytics Predictive analytics is an application of statistics which deals with extracting information from raw data and use it to predict the trends and behaviour patterns. Predictive analytics calculates statistical probabilities of future events online. Predictive analytics uses statical techniques which includes data modelling, data mining, deep learning and AI deep learning. … Read more
Predictive analytics is the use of data using multiple tools and technology such as statical analytics, business analytics and machine learning to assess the probability of future based on the results obtained from the past data. These models use observed and calculated results to develop algorithms that predict the future from the past results. These … Read more
Predictive Analytics- Who and Why to use Predictive analytics is the use of data, Machine learning, Business Intelligence and Artificial Intelligence techniques to identify and assess the historical data for the better results in future. Basically, historical data are captured to develop useful mathematical models that predict better results. After developing the mathematical model, they … Read more
Data analytics helps us to understand the past, while predictive analytics is essential for a company to improve its performance and achieve success both at present and in the future. Read below How can predictive analytics improve performance measurement? What is Data Analytics? Data analytics is a valuable tool for business. Organizations can collect and … Read more