Predictive Analytics: Four Attributes
Predictive and prescriptive analytics are new territory to most companies working in big data today. According to Gartner Group, Predictive analytics describes any approach to data mining with four attributes:
Series 1: Brave ‘Now’ World Part
This is part three of a three part series. Today with so much data coming into organizations, the majority of companies are challenged to source new insights. Increasingly out world operates in near real time, and we expect our data and our patterns to unfold at the right point in time.
Series 1: Brave ‘Now’ World Part
As humans, we have an insatiable appetite for deriving insights from data. With the intensification of big data and the promise of connecting the dots, our hunger for meaningful insights is greater than ever.
We rely on data for daily tasks without a second thought. We scour the web and mobile apps for movie recommendations, gift purchases, climate patterns, transportation foresight, healthcare, fraud detection, consumer behaviour, future sales outcomes, and even for the ideal romantic companion.
This post was originally published by ITBusiness on February 6, 2014. It can be accessed here.
I must admit, I can get easily confused in discussing predictive analytics, or business intelligence, then adding the term big data in the mix, the sense-making becomes more challenging. With this market being so enormous and promising claims of unparalleled competitive edge, a few simple insights to decipher what’s in the market playbook – can only help us all learn more rapidly.