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: Predictive Analytic Strategies to Out-Predict the Competition
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Decision Management > Predictive Analytic Strategies to Out-Predict the Competition
AnalyticsBig DataDecision ManagementModelingPredictive Analytics

Predictive Analytic Strategies to Out-Predict the Competition

Paige Roberts
Paige Roberts
6 Min Read
SHARE

Predictive analytics is a method to study the past and, using a combination of sophisticated math and creative visual communication, predict the future.

Predictive analytics is a method to study the past and, using a combination of sophisticated math and creative visual communication, predict the future.  The goal of predictive analytics strategies in a business is to predict future trends that will affect the company’s bottom line, and use that information to make better decisions. The business that can do this better than their competitors wins cost reductions, revenue increases and happy stock holders. So, in this race for knowledge, how does one company get the checkered flag?

Prediction Checkered Flag

With all the talk about big data, you’d think the answer would be, “analyze huge amounts of data,” but no. You can analyze Twitter from the beginning, all the sensor data from every meter in the world, and the genome of every human being in Europe, and not get ahead in business. You might make a lot of data geeks go, “Wow!” but big data is, in the end, just data. No matter how big or small it is, analysis of data is only important if it’s relevant to the decisions you need to make.

One thing that gets lost in the excitement over the huge deposits of untapped data, “the new oil,” is that many companies aren’t getting full value out of the data they already have.  Still, these new data sources do have hidden value for businesses trying to get ahead. And because of that, a massive technology effort has gone into creating new ways to process data. Strategies developed to tap into massive data sources can also be used to improve predictive analytics success on data sets that we don’t generally think of as “big data.” This technology is like a turbo-charger or a nitrous oxide boost for predictive analytics processes.

More Read

big data can help protect infrastructure
Here’s How Big Data Can Help Protect Infrastructure
How Understanding Data Can Improve Your Marketing Efforts
Statistical Learning Papers
The Data Is In: Finding Affordable Car Loans
The Amazing Big Data World of Kaggle and the Crowd-Sourced Data Scientist

Data science is no different from any other science in many ways. There are a few ways to make leaps forward. Lucky accidents happen. If a sharp mind interprets anomalies accurately, that can give us some amazing advances. Sometimes, new insights are simply a new way of thinking about something that is already known. But in the vast majority of cases, most advances in any knowledge area come from focused experimentation and iteration, repeated many times.

“I have not failed. I’ve just found 10,000 ways that won’t work.“

– Thomas Edison

The key to better predictive analytics lies in facilitating that natural course of knowledge advancement. Any strategy that lets data analysts design predictive analytic models faster, test them faster, tweak them faster, iterate and refine them faster, will give them an edge over their slower moving colleagues. The data scientists who can test 100 or 1000 predictive models in the time that it takes a competitor to test 10 will win clearer, more accurate forecasts for their company.

Predictive Analytics Race

People forget that standard analytic data sets are far from “small.” For years, data analysts have been making compromises to keep getting as much business value as they can with their limited technology resources. Most analytic algorithms are applied to a sample of an aggregate of a sample, a tiny percentage of the actual data available. Instead of working with tiny samples, and having to figure out which columns or aggregations of data they might need before even beginning to work, that processing power can let analysts look at the entire data set, truly see the big picture in normal data sets that may not qualify as “big data.” Multiple data sets combined together can give even more valuable business insights. The ensemble modeling that many data analysts dream of could now be within reach, thanks to advances in processing motivated by the big data revolution.

The mental shift that needs to be made is to realize that big data analytics strategies don’t have to only apply to Google- or Facebook-sized data sets. Using the same technology, data sets that used to seem huge, become far more manageable. Technology that allows you to crunch through a billion rows in 10 seconds, can make analytics algorithms scream on your mere 100 million row data set. Big data technologies applied to normal analytics workloads become predictive analytics accelerators that can zoom a business right past competitors.

Winning Predictive Analytic Strategy

Mike Hoskins, the GM of the Pervasive Big Data & Analytics division, did a quick lightning talk on the subject of strategies for out-predicting the competition. Here’s what he had to say about it:

How to Out-Predict the Competition

 

(Originally posted on Pervasive Big Data Blog)

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

ways to protect yourself online
Big DataExclusiveSecurity

Big Data: Important Ways To Protect Yourself Online

6 Min Read

Data Quality: Opinions and Impressions Matter the Most

3 Min Read

Will Data Drive Decision Improvement?

6 Min Read

TDWI World Conference Chicago 2009

14 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 chatbot
The Art of Conversation: Enhancing Chatbots with Advanced AI Prompts
Chatbots
AI chatbots
AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!
Chatbots

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?