England Finance

Nov 22 2017

What is Predictive Analytics? Webopedia Definition #analysis, #data #mining, #big #data, #predictive #analytics, #business, #data


#

predictive analytics

Related Terms

Predictive analytics is the practice of extracting information from existing data sets in order to determine patterns and predict future outcomes and trends. Predictive analytics does not tell you what will happen in the future. It forecasts what might happen in the future with an acceptable level of reliability, and includes what-if scenarios and risk assessment.

Predictive Models and Analysis Applied to Business

Predictive models and analysis are typically used to forecast future probabilities. Applied to business, predictive models are used to analyze current data and historical facts in order to better understand customers, products and partners and to identify potential risks and opportunities for a company. It uses a number of techniques, including data mining, statistical modeling and machine learning to help analysts make future business forecasts.

Predictive Analytics and Big Data

Predictive analytics is an enabler of big data. Businesses collect vast amounts of real-time customer data and predictive analytics uses this historical data, combined with customer insight, to predict future events. Predictive analytics enable organizations to use big data (both stored and real-time) to move from a historical view to a forward-looking perspective of the customer.

For example, stores that use data from loyalty programs can analyze past buying behavior to predict the coupons or promotions a customer is most to participate in or buy in the future. Predictive analytics could also be applied to customer website browsing behaviors to deliver a personalized website experience for the customer.

Predictive Analytics Software Vendors for the Enterprise

Predictive analytics and data mining solutions for the enterprise are currently available from a number of companies, including SAS (Predictive Analytics Suite), IBM (IBM SPSS Statistics), and Microsoft (Microsoft Dynamics CRM Analytics Foundation).

Vendors may offer proprietary solutions or solutions based on open source technologies. Predictive analytics software can be deployed on-premises for enterprise users or in the cloud for small businesses or for project or team based initiatives.

PREVIOUS
predictive analysis

NEXT
predictive dialer

List of free online Java courses for students and IT professionals looking to enhance their skills. Read More

From keyword analysis to backlinks and Google search engine algorithm updates, our search engine optimization glossary lists 85 SEO terms you need. Read More

Microsoft Windows is a family of operating systems for personal computers. In this article we look at the history of Microsoft operating. Read More

Java is a high-level programming language. This guide describes the basics of Java, providing an overview of syntax, variables, data types and. Read More

This second Study Guide describes the basics of Java, providing an overview of operators, modifiers and control Structures. Read More

The Open System Interconnection (OSI) model defines a networking framework to implement protocols in seven layers. Use this handy guide to compare. Read More


Written by admin


Leave a Reply

Your email address will not be published. Required fields are marked *