Seeing into the future used to be the stuff of fantasy and science fiction, but as we become more adept at collecting and analyzing data, it’s starting to look a lot less fantastical and a lot more scientific. For years now, marketers have been honing their skills at forecasting what products and services an individual is likely to buy based on income, age, gender and cultural background, as well as personal interests and past purchases — all of it gleaned from data already out there in the digital universe. You’ve no doubt seen more posts appearing on your social media accounts that are directed at you personally. Who knew that you were into cooking or favored a particular genre of TV show or were a big fan of country music? Companies of all kinds are tracking that information and then betting that by crafting messages based on it, you will open your wallets to whatever it is they’re promoting.
Of course, predictive analytics holds much promise beyond just the purely commercial. For instance, some child welfare agencies are using data to identify kids at high risk of abuse so that they can keep a close eye on them and intervene if necessary.
And, as we reported last April, combining predictive and prescriptive analytics holds enormous potential for health care providers to improve efficiency and quality of care, and even save lives.
By tracking historical patterns and emerging trends, hospitals can predict disease outbreaks in their communities and brace for an influx of patients. Doing so before or in the earliest stages of the outbreak allows hospitals to be fully prepared by ensuring there are enough medications and staff on hand.
