Every day more than 2.5 quintillion bytes of data is created!
Somewhere in this data lie patterns. Uncover them and you stand at predicting future outcomes.
This is exactly what the branch of data science, predictive analytics focuses on. With a combination of statistical algorithms, machine learning techniques, and historical data, predictive analytics empowers companies to better plan their future.
Predictive analytics sees application in every business vertical imaginable—from sales and marketing to healthcare, retail, finance, media and entertainment, travel, and even law enforcement and defense.
Thriving in the Era of Advanced Analytics
Traditional analytics tools have been serving businesses well for many years. By explaining why certain events in the market were taking place, businesses could learn from their past behaviors. But as the ability to collect and store data improved, so did the interest in using that data to look forward, rather than backward.
The rise of big data meant that more powerful algorithms were created to interrogate databases. This gave us the uncanny ability to understand the future and thrive.
Predictive analytics is here to stay.
No crystal ball needed!
In our blog post, we talk about why you need to invest in predictive analytics!
So, first things first, why is predictive analytics important?
Predictive analytics has been around for years. But now more businesses are turning to it to gain a competitive advantage. But why now?
- The proliferation of the internet and mobile phones has resulted in increased amounts and types of data, that can produce valuable insights
- Computers have now become faster and better
- The cost of collecting data has drastically reduced
- The competition in most business verticals has increased
All of this has made predictive analytics more relevant than before. It is now shaping the world, with application in every vertical imaginable. What’s more, predictive analytics is an exciting way to add more insight and clarity into your decisions!
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