Know what Predictive Analysis is all about

03:47 Amoeba Technologies 0 Comments

Predictive Analysis

Can we know our future? Well, an interesting field to discuss. An enthusiastic reply would be may be or a yes. But clearly relying on such prediction for our daily needs? Can we think of the level of uncertainty and still proceed?

With an emphasis on the past data, upon rapid analyzing gives future predictive results which can be useful for business interests. Not just in for Business interests, we have been following these predictions in our daily activities without even thinking about it. And hence thereby we can influence the future simply from the data. Listening to data gives the best clues for our future.

“Will you get Diabetes as a heredity?”

“Will your company run in future with effective profits considering the inflation rates?”

“Stock prices to rise or fall”

Well the process is simply to get an insight into the data but cannot confirm anything for sure.

Where and how can we use it?

Predictive Analytics and data mining solutions for the enterprise are currently available from a number of companies including SAS (Predictive Analytics Suite), IBM (SPSS) and Microsoft (Dynamic CRM Analytics). Predictive analytics software can be deployed on premises for users or in cloud platform for team based initiatives.

How it works?

Predictive Analysis basically involves combining capabilities of predictive modeling, Big Data mining, Real-time Business Intelligence (BI), Data visualization and more to check emerging trends. These disciplines also involve rigorous data analysis, and are widely used in business for segmentation and decision making, but different purposes and the statistical techniques underlying them vary. We can detect and prevent threats to guide frontline decisions with future insights.

Can group of predictions make the future?

There have been many more interesting improvements in the core technology of predictive analytics. Persuasion modeling, which predicts influence - in order to do influence. The Obama campaign used it for 2012 presidential election; marketing uses it to persuade customers; and medicine uses it for selecting better patient treatments. Like the collective intelligence that spawns the wisdom of a crowd of people, we see the same effect with a crowd of predictive models. Each model alone may be totally primitive as of a few simple rules, so it might get prediction wrong a lot, as an individual person trying to predict also does. But having them come together as a group and there emerges a new level of predictive performance.