Ace Data Corporate Film premieres at CIO Power List event in Lonavla.

https://www.youtube.com/watch?v=4GdVcTCwNBQ

Learn from your mistakes, analytically

As discussed in the previous blog, every business has a risk and needs to find how to decrease the risks. Each negative outcome that occurs presents an opportunity from which to learn new things. In a small scale business, these decisions could be easy and more mind driven being controlled by a set of managers only. As the businesses grow beyond a size, predicting the future course of action and avoiding the past mistakes becomes important. 

The enterprise integrates the predictive model’s scores in order to act upon what has been learned. At each step, the predictive scores foresee where a “blunder” may incur unnecessary risk, thereby guiding the organization to avoid it. In this way, predictive analytics delivers a complete data-driven system for risk management. 

Predictive modeling capabilities are scientifically proven and have benefited from decades of advancement. With a tenured track record of success, predictive analytics boasts mature software solutions that deliver this technology to – and integrate it with – the modern enterprise.

Predictive Analysis and Big Data

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.

Does Real-Time Analysis Help?

Many people ask the question that is there actually a need for real-time analysis. How would it help them in their business and is it worth the kind of investment it needs to get into real-time analysis?

You can analyse your business to see how you can use it for your business development. We can site a few small examples of different streams that organizations have used to see the benefits. Let us start with healthcare – a small device worn on the waist belt injects desired quantities of Insulin to a  diabetic patient while monitoring the sugar level through the device.

Imagine you enter a hotel and the person at reception knows your name, booking details and your preferences. While the second part is already in control through club memberships, the camera on the door takes your picture, searches for the record and by the time you reach the reception, your details are on the desk.

Someone walking near the store gets a message on additional offers on their favourite product for the next 30 minutes.  If you reject a product from the shelf, you get a message of additional offers on the product. Always get a win-win situation for both the store and the consumer.

How much Data is good for business?

When you talk of sources of data generation, there is an endless list. Any business stream would have a long list to show how data is getting generated and how much data is being generated. Often businesses get scared with so much of data as they think handling it is a mammoth task. Indeed it is a mammoth task as it needs good investments and infrastructure to handle it. However, if utilized properly, the benefits are much higher. The way businesses are competing, it would soon become inevitable to handle it carefully.

The more data you have, more opportunity you get to see how your products, services and customers behave. There are many examples of business being able to analyse their data patterns and offer more discounts or value added services to give their customer a delightful experience. The new databases handling this Big Data have come up with Multi Parallel Processing technologies and the new applications to handle unstructured data ensure that even if you have PetaBytes of data, you can still do real time analysis and produce results in nano seconds.

Let us enjoy this new revolution on the way technology and businesses are getting shaped up and reap the benefits of these.