Predictive Analytics: Four Attributes
Predictive and prescriptive analytics are new territory to most companies working in big data today. According to Gartner Group, Predictive analytics describes any approach to data mining with four attributes:
This blog was originally published by IT Business on February 8, 2014.
In the first post of this series, I defined the differences between business intelligence, big data, and predictive analytics. In the second entry, I looked at the benefits of predictive analytics. In this third and final entry to the series, I’m summarizing why predictive analytics is important to the future of business. In the words of Newton’s Third Law, “For every action there is an equal and opposite reaction.”
This post was originally published by ITBusiness on February 6, 2014. It can be accessed here.
I must admit, I can get easily confused in discussing predictive analytics, or business intelligence, then adding the term big data in the mix, the sense-making becomes more challenging. With this market being so enormous and promising claims of unparalleled competitive edge, a few simple insights to decipher what’s in the market playbook – can only help us all learn more rapidly.