What is predictive analytics? Put simply, predictive analytics is a method used to forecast and predict the future results and needs of an organization using historical data and a comprehensive set of data from across and outside the enterprise.
There are a myriad of predictive analytics techniques and predictive modeling algorithms and you can’t expect your business users to understand and use them. If you are taking on an advanced analytics initiative and you want to leverage data democratization to cascade data analytics and data literacy throughout the organization, you will need a data modeling solution that takes the guesswork out of the process.
Imagine a world where data science and predictive analytics tools are created for business users! That world exists today with the evolution of sophisticated, yet easy-to-use tools that include predictive analytics for business users, visual analytics software and tools, and self-serve data preparation.
Some people hear the term ‘assisted predictive modeling’ and their eyes cross. They immediately presume that we are talking about something complex and certainly NOT for them. Nothing could be further from the truth. This seemingly complex term actually describes a technique that is designed to be suitable for business users with average technical skills and, with these tools, the average user can enter the age of advanced analytics and make educated, confident business decisions about forecasts and predicted results.
When someone says ‘plug n’ play’, a lot of people think of the idea of plugging in an electrical appliance and having it run instantly. I think plug n’ play analysis should be that simple as well!
Predictive Analytics used to involve a crystal ball but, today, there are other options and they are more widely accepted in the business community! With the right predictive analytics tool, your business can hypothesize, test theories, discover the effects of a possible price increase, discover and address changing buying behavior and develop appropriate competitive strategies.
The process of predictive analytics has come far in the past decade. No longer is this process the sole responsibility of data scientists or IT staff. Today’s self-serve predictive analytics and forecasting tools are designed to support business users and data analysts alike.
This article provides a brief explanation of the Holt-Winters Forecasting model and its application in the business environment.
Even if you do not work in IT, you have probably heard the term ‘Big Data’. These days, Big Data can cause big problems. If you do not have a plan to manage all that data and to make it easily accessible to your users, the data may as well not exist. If you cannot use that data for predictive analytics, you cannot accurately forecast your business results, plan for growth or compete in the market.
Plug & Play Predictive Analytics is not an exotic process that is limited to data scientists or IT staff. Plug & play predictive analysis is so named because it really is a plug and play process. This type of predictive analytics tool is designed to be accessible and usable by business users.
