Why do I need predictive analytics?
A competitive business always has an idea of what’s around the corner. Its people should feel in control, and the whole team has an eye to the future. Its business plan should never be static; it’s dynamic and it adapts as markets change.
Some businesses require a solution ahead of time, before the problem has occurred, like stock management and fraud detection. Some businesses might not be looking to avoid problems at all, but to identify new opportunities and react to trends and correlations in data. Businesses who use insights from predictive analytics know their data inside out and plan for the future because they have access to accurate forecasts.
Predictive Analytics on the Platform
You don’t need a Ph.D. in statistics either – the power of tools on the Consolidata Data Platform such as R and Azure Machine Learning make predictive analytics accessible to any business.
A data platform can provide you with the processing power and performance to analyse huge volumes of data in real-time, feed a predictive model, test it and react to potential problems before they have even arisen.
In the hands of a good analyst, predictive analyses can produce some real insights into a data set, but we live in a noisy world, and separating the noise from the real relationships is the key to making good predictions.
- Can a patient be diagnosed more accurately with specific combinations of symptoms?
- Can a warehouse predict when certain stock levels will begin to deplete, and only order in the stock it needs, and ultimately become more streamlined?
- Can you predict fraud in real-time with data streaming and a powerful analytics layer?
All noise and no insight?
Data patterns are not always immediately useful or predictable. There is randomness in the world, and with randomness there is noise that prevents us from listening into the most relevant and important information. It affects our ability to model data and make predictions.
Tools like R Server, Azure ML and Python are integrated into the Consolidata Data Platform, available to you to filter out the noise and build powerful predictive models. Maintaining the effectiveness of your predictive model with new training data allows you to adapt to change and stay ahead of the curve.