An older blog post by Deepak Kanakaraju on hot topic of predictive analytics. As technology impacts every aspect of our lives, it is also creating an impact in predicting the future, with reasonable accuracy.
In this article, he looks at how much predictive analytics has evolved and if it has a role to play in the field of digital marketing.
Until 100 years back, prediction of the future with the use of data was impossible. There were no devices or instruments to store data, let alone process it. One of the basic things to remember when it comes to prediction with data is that your prediction accuracy becomes higher with the size of the data.
The article explains:
- How big data helps in prediction
- The roll of a dice – understanding “regression to mean” with coin toss
- Regression to the mean in nature
- Predicting clicks, leads and sales in a funnel
- Micro and macro predictive analytics
- Predictive analytics in fraud detection systems
… and more. This article should made you realize that predictive analytics is a subject that you cannot ignore anymore. However, Predictive analytics is a double edged sword. It can raise a lot of privacy concerns especially when the prediction is done on a micro level. Very detailed!
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