Future holds an unflinching intrigue and fascination for everyone, from ordinary citizens to large business enterprises. The continuous proliferation of data is driving businesses to place data at the core of their business strategies. Businesses are trying their best to stay ahead of the pack by using predictive analytics and exploit various growth opportunities.
Challenges abound as enterprises tend to make sense of this astronomical amount of data. This is where Predictive analytics comes into the picture. literally means the process of making sense of the large amount of data, developing a model based on the gathered information from the data and predicting the probability of certain outcomes in the future. In this way it helps you to be ready for the future—whether it’s catering to the target audience or getting prepared for some misfortune or downturn in the near future.
A number of predictive modeling techniques are available in the market such as artificial intelligence, machine learning, and statistics to develop a relevant predictive model to suit the needs of an enterprise. Through testing, validation, and evaluation, businesses select the right model apropos to their business needs. Each model has its own strengths and weaknesses and they cater to specific needs. Integrated predictive analytics to understand the drivers of demand and tactical course correction is the way forward and this is where the future of predictive analytics lies.
The modeling techniques are playing pivotal role in building innovative applications across the industry verticals. Some of the use cases are discussed below:
Health Care: Predictive analytics helps in predicting the patterns in patients with chronic illnesses such as asthma, diabetes and other such diseases. It also helps in taking critical decisions at the time of care.