Predictive analytics is becoming more common in the technological vernacular. Even so, not everyone understands just what it is. Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. CIO brought this news to us in their article, “7 projects primed for predictive analytics.”
The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future. The power of predictive analytics is being injected into a wide range of not just revenue focused initiatives, but also population health management projects.
Predictive analytics differs from business intelligence. Whether you are looking forward or backwards with data, the emphasis with business intelligence is on reporting and visualization. With predictive analytics, you are no longer talking about descriptive analytics; the focus is on building a model for predictions.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.