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.