What is the Role of Predictive Analytics in Present world?
What is the Role of Predictive Analytics in Present world?
Predictive analytics is often associated with big data
and data science. Companies today are swimming in data that resides across
transactional databases, equipment log files, images, video, sensors or other
data sources. To gain insights from this data, data scientists use deep
learning and machine
learning algorithms to find patterns and make predictions about future
events. These include linear and nonlinear regression, neural networks, support
vector machines and decision trees. Learning obtained through predictive
analytics can then be used further within prescriptive analytics to drive
actions based on predictive insights.
Predictive
analytics is an area of statistics that deals with extracting
information from data and using it to predict trends and behaviour
patterns. The enhancement of predictive web analytics calculates statistical probabilities of
future events online. Predictive analytics statistical techniques include data
modelling, machine learning, Artificial Intelligence, deep learning algorithms
and data mining. Often the unknown event of interest is
in the future, but predictive analytics can be applied to any type of unknown
whether it be in the past, present or future. For example, identifying suspects
after a crime has been committed, or credit card fraud as it occurs. The
core of predictive analytics relies on capturing relationships between explanatory
variables and the predicted variables from past occurrences, and
exploiting them to predict the unknown outcome. It is important to note,
however, that the accuracy and usability of results will depend greatly on the
level of data analysis and the quality of assumptions.
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