PREDICTIVE ANALYTICS IS THE FUTURE. WHY?
In this cut
throat competitive environment the only chance of any business to optimize its
operations and maximize its profits is to choose data driven solutions. Every
business or organization generates enormous amounts of data with every
transaction it makes. Understanding the patterns of this data and developing
new insights would unlock the doors for exponential growth of the business
activities. With the availability of fast and cheap computing power data
analytics has been a dream come true. Data analytics is a powerful tool which
can be applied to almost any known areas of business facets.
My
fascination towards the power and the opportunities that can be unleashed by
its application to enrich human life is the sole purpose of my interest in this
area. I believe that any business would grow rapidly and can make huge profits
if only its core idea is to add value to the people. That’s the only reason why
some startups are expanding like an oak and some startups are crumbling under
the feet of merciless business competition. Add value to the people, give back
to the society, enrich human life must be the vision and mission statements of
today’s organizations.
Now
in the recent years there is a huge buzzing of these words about big data,
hadoop, data analytics, business analytics, business intelligence, and
predictive analytics. And people have started using these words synonymously. Even
though it’s all about data but they do differ slightly as per their applications.
Let us look at it this way, there is actually two parts of this data analytics.
One the statistical tools applied and the interpretation of the results. Second
the algorithms and the software part of it which makes this process of analysis
easy and even applicable to huge volumes of data. And let’s get to the coolest
part of it that is its application to solve the problems that we face at all
arenas of human life. How does it all works? Pretty simple with all the data
that we generate, a suitable statistical model is applied to predict a future
pattern of the data and this helps to take informed decisions by business
leaders, governments etc., but when this statistical model is empowered with
technology it becomes a cutting edge tool of prediction. Here are few
applications of predictive analytics which would change the world that we see
it today Health care, education, employment, environment, transportation and many more.