Predictive Analytics is the method of predicting the future using data. This is a standard method used by CFOs and investors in deciding how to move their money.
Predictive Analytics has no one set method and can be achieved through the use of many different avenues:
- Data mining
- Machine Learning
- Data patterns
- Expert Analysis
- Data modeling
- Big data
- And more
Any chance to learn about the future is a benefit. To know the future only means you must lay the right pieces down in the present, which for businesses is a phenomenally powerful tool when performed correctly.
Risk can be minimized, sales can be forecasted, and the market can be harnessed.
From gaining money to protecting assets against change and sabotage, predictive analytics should be a part of every business using any of the above methods. At least until we can start harnessing Doctor Who tech or chaining a pattern screamer.