Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: Past, Present, and Future of Predictive Analytics: Our Analysis & Findings
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Analytics > Predictive Analytics > Past, Present, and Future of Predictive Analytics: Our Analysis & Findings
Predictive Analytics

Past, Present, and Future of Predictive Analytics: Our Analysis & Findings

algolytics
algolytics
4 Min Read
Image
SHARE

Today we would like to share our short analysis on how the idea of Predictive Analytics & Big Data have changed over time and how we see the future of it. We focused on sectors interested in data, available software and skills needed to effectively analyze the data.

  

Image

Today we would like to share our short analysis on how the idea of Predictive Analytics & Big Data have changed over time and how we see the future of it. We focused on sectors interested in data, available software and skills needed to effectively analyze the data.

More Read

Webinar Putting Predictive Analytics to Work Using Decision Management
Information Theory Betting
Twitter @ddata Discuss Data bot
Analytics Predictions 2013 by Alberto Roldan
Fraud Prediction – Decision Trees & Support Vector Machines

  

Image

The Past: Predictive Analytics & Big Data only in Big Companies

Mostly in telecoms & finance: companies were extracting knowledge from data by the means of predictive modeling to foreseen churn, credit defaults, optimize marketing.
Experts needed: Data scientist hired to do the job.
Programming skills: Most popular way of extracting knowledge from data was by programming interface – writing scripts in programming languages like 4GL, SQL or R.
Software solutions: were mainly provided by Big Companies like SAS Institute or SPSS (now IBM).

 

 

The Present: Predictive Analytics & Big Data get popular across many sectors

Predictive Analytics & Big Data gets popular in other sectors

– Applied by McDonalds, Starbucks, Spotify, Nordstorm (Dell report on Big Data use cases, 2013)
– Over the next year, companies will spend an average of $7,4M on Big data-related initiatives (IDG Enterprise, 2015)
– New players on the market offer graphical modeling 

Today’s tools are still for data scientists, not business users
– One still needs to create programs. The only difference is in replacing writing scripts with icon’s clicking and parameter’s settings
– One still needs to answer the same questions as before: Which variables should be used for modeling?, Are the discovered relationships statistically significant?
– Using those software tools still require expert knowledge

   

                     

The Future: New paradigm of interacting with user is needed

Trend to monetizing data becomes even more ubiquitues
– SME will start to extract knowledge from data
– New area of data sources will appear: Internet of Things, Wearables, Beacons
– Reports predict: SME organizations will invest $1,6M on data-driven initiatives (IDG Enterprise, 2015)
Data Science move from Data Mining Community to business users
– No expert knowledge required
– No need to answer questions about statistics & machine learning, but rather about business goals: What is a problem I need to solve? What kind of data I need for solving my problem? What percentage of my clients I need to choose for my marketing campaign?

                                                                

 

 Our answer for the future’s challenges is Automatic Business Modeler (ABM) system. ABM provides full automation of essential, yet time-consuming activities along model construction, like fast variable selection, interaction and transformations of variables or best model selection. The system allows for construction and update of predictive models even by beginners or intermediate analysts.

Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing
AI Document Verification for Legal Firms: Importance & Top Tools
AI Document Verification for Legal Firms: Importance & Top Tools
Artificial Intelligence Exclusive
AI supply chain
AI Tools Are Strengthening Global Supply Chains
Artificial Intelligence Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

energy data analytics
AnalyticsBig DataExclusivePredictive Analytics

IBM Emphasizes The Benefits Of Data Analytics For Renewable Energy

7 Min Read

Scenario Testing, Stress Testing and Decision Management

3 Min Read

Could You Be POTUS?

4 Min Read

Data Mining Combined With Predictive Modeling Equal 3D Data Visualization

3 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

AI chatbots
AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!
Chatbots
AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?