Saturday, January 23, 2010

Predictive Analytics


I came across this article from Raj Nathan and Joydeep Das which gives a good overview into the world of Predictive Analytics and how it is becoming a game changer for many organisations and industries.

From the article:

...It is, however, an advanced analytics activity that differs from conventional analytics and BI activities in that it focuses not on what happened or how it happened, but what might happen or could happen. It's not simply about uncovering insights, but gaining foresight.

In short, predictive analytics is primarily about examining data through a future-facing lens in order to predict future trends, behavior patterns, external forces and other factors that will determine future business results. It is a natural extension of many analytic capabilities we now have, all of which are ultimately intended to help us design innovative business strategies that will lead to improvements in all the key metrics - revenue, profitability, customer retention, market share, etc. - that define success.

Also check out our ZT.Analytics page.