Vikash Kumar from custom application development company Tatvasoft published this post about predicitive analytics. Data and tons of data are found at the core of any organization’s success or failure. Businesses are going with all guns to create a better position in the marketplace by understanding their customer base, making constant improvements in their operations, outperforming their competitors and what not!
Data mining + Domain knowledge => predictive analytics => Business Value
Data mining – is an analytic process used to explore a large amount of data in regards to consistent patterns and systematic relationships between variables.
Predictive analyses, on the other hand, refine data resources, in particular, to extract hidden value from those newly discovered patterns.
Predictive analytics aims to identify the likelihood of future events based on historical data. By using data, mathematical algorithms and machine learning technology, predictive analytics has the potential to provide the best evaluation of what will happen.
Predictive analytics can offer:
- Valuable insight
- Increase competitive edge
- Predict trends
- Identify new business opportunities in time
Please visit original article to learn more. Nice and to the point definitions!
[Read More]