Predictive analytics is an
enabler of big data: Businesses
collect vast amounts of real-time customer data and predictive analytics uses
this historical data, combined with customer insight, to predict future events.
Predictive analytics enable organizations to use big data (both stored and
real-time) to move from a historical view to a forward-looking perspective of
the customer.
For example, historical
preferences of consumer can be analyzed from their usage patterns and
promotional offers can be planned accordingly. The historical data can help
predict which promotional offer would be most useful.
There
are a few solutions available that help achieve this. They combine the
capabilities of data mining solutions and predictive analysis to provide a
single solution for predictive analysis. Vendors
may offer proprietary solutions or solutions based on open source technologies.
Predictive analytics software can be deployed on-premises for enterprise users
or in the cloud for small businesses or for project or team based initiatives.
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