Category: Predictive Analytics
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.