Future Proof?- Predictive Analytics in Action

Prediction

Future Proof? – Predictive Analytics in Action

Automation of most business processes is now the norm across major industries. Mountains of data are being created and collected for further analysis daily, uncovering hidden trends, correlations and opportunities. Users are discovering new horizons of data analytics, and one of the most exciting applications is predictive analytics.  The benefits are of course quite obvious: Any company, organization or individual can now make complex decisions based on reliable predictions, for a minute from now or years down the road. Being able to foresee coming trends and events, to either capitalize on or avoid, can save you money, earn you money and give you a sizable competitive advantage. And the business world has taken notice: A 2018 Zion Market Research report indicates that the global predictive…

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From Astrology to Predictive Analytics

Prediction

From Astrology to Predictive Analytics: Understanding how data is used to make...

An Anecdote about Astrology Years ago, a friend’s mother drove me home from a study session and during the drive the topic of my impending move across the Atlantic Ocean came up. Little did I know that this woman was a practicing astrologist and insisted on providing me insight about my future. I was definitely curious and decided to give a few details about myself, which included my date and time of birth. The next time I saw her she had read my birth chart and supplied me with what I thought at the time was compelling information. Something about an easy journey there, but a complicated existence upon arrival. In retrospect I realized the vagueness of her fortune telling, but I couldn’t help but…

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Prediction

Effective Forecasting: 7 Types of Predictive Analytics Methods in BI Systems

You may not realize it, but the everyday technologies which we have come to rely on use predictive analytics. For example, your car’s navigation system uses predictive analytics when planning the fastest route to your destination. Your smartphone weather app uses a similar method to predict if it’s going to rain tomorrow or not. These days data science, and more specifically machine learning methods, dominate prediction systems and methods. Researchers are applying these systems and methods, specifically algorithms, across a wide range of everyday situations. In particular, the business world benefits from predictive analytics. Having an accurate and effective forecast can reduce overhead and increase operational stability. Advantages of successful forecasting include: Foreseeing expected fluctuations in cash flow in order to prepare for it in…

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