Predictive analytics continues to evolve and offers new possibilities for predicting future events by studying past performance. With big data enabling data scientists to review massive amounts of data, the result can only be a higher degree of accuracy in future predictions. DATAVERSITY brought this news to us in their article, “Limitations of Predictive Analytics: Lessons for Data Scientists.”
Yet, actual field tests reveal a different story. The element of “surprise” is so high in predictive analytics that even the best of algorithms, computational models, and analytics tools can lead to complete failure in some cases. There are situations where even the best data scientists failed to take all the “unknown variables” into consideration, which ultimately led to incorrect data-driven predictions.
The ability to predict the impending course of actions or events by studying historical data is a huge advantage, and artificial intelligence technologies have the capability to enhance the power of data science in future years.
Melody K. Smith
Sponsored by Access Innovations, the world leader in taxonomies, metadata, and semantic enrichment to make your content findable.