Wednesday, December 18, 2019

Predictive Analytics the Future of Business Intelligence

Predictive Analytics: the Future of Business Intelligence Introduction By M. Zaman The market is witnessing an unprecedented shift in business intelligence (BI), largely because of technological innovation and increasing business needs. The latest shift in the BI market is the move from traditional analytics to predictive analytics. Although predictive analytics belongs to the BI family, it is emerging as a distinct new software sector. Analytical tools enable greater transparency, and can find and analyze past and present trends, as well as the hidden nature of data. However, past and present insight and trend information are not enough to be competitive in business. Business organizations need to know more about the future, and in†¦show more content†¦Credit card companies try to retain their existing customers through loyalty programs. The challenge is predicting the loss of customer. In an ideal world, a company can look into the future and take appropriate action before customers switch to competitor companies. In this case, one can build a predictive model employing three predictors: frequency of use, personal financial situations, and lower annual percentage rate (APR) offered by competitors. The combination of these predictors creates a predictive model, which works to find patterns and associations. This predictive model can be applied to customers who are start using their cards less frequently. Predictive analytics would classify these less frequent users differently than the regular users. It would then find the pattern of card usage for this group and predict a probable outcome. The predictive model could identify patterns between card usage; changes in one’s personal financial situation; and the lower APR offered by competitors. In this situation, the predictive analytics model can help the company to identify who are those unsatisfied customers. As a result, company’s can respond in a timely manner to keep those clients loyal by offering them attractive promotional services to sway them away from switching to a competitor. Predictive analytics could also help organizations, such as government agencies, banks, immigrationShow MoreRelatedPredictive Analytics : A Gold Mine1554 Words   |  7 PagesPredictive Analytics: A Gold-Mine Yet To Be Exploited To Its Zen ith Akanksha Pandey Information Technology Department, VESIT, Mumbai-74, India. Abstract 1. Introduction The proliferation, ubiquity and increasing power of computer technology has increased the volume of data oday`s mobile technologies and social media have collection and it`s storage manifold. This led to unleashed an exponential increaseRead MoreBusiness Intelligence Vs. Business Analytics Essay1660 Words   |  7 PagesBusiness Intelligence VS Business Analytics â€Å"Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.† – Geoffrey Moore, author and consultant. Introduction Business intelligence and analytics (BIA), a term coined in 1989, has gained much reaction in the IT practitioner community and academia over the past two decades. BIA refers to: (1) the technologies, systems, practices, and applications that (2) analyze critical business data to (3) help anRead MoreIntroduction. Predictive Analytics Is Quantitative Analysis1371 Words   |  6 PagesIntroduction Predictive Analytics is quantitative analysis to support predictions. Predictions of for example - product sales, costs, headcount, metrics; customer churn; credit scoring; cross sell / up sell opportunities; market campaign response; anomalies, fraud. SAP Predictive Analytics is business intelligence software from SAP that is designed to enable organizations to analyze large data sets and predict future outcomes and behaviors. For example, SAP Predictive Analytics can help make senseRead MoreBusiness Intelligence And Marketing Analytics Essay1321 Words   |  6 PagesBI and BA Business intelligence and business analytics†¦ aren’t they the same thing?Or are they describing opposite processes?There are a lot of big words that get thrown around in the world of BI, and it’s easy to get lost in a whirlwind of interpretation.The diversity of opinion reflects the fluidity of how we understand the defining language of the field.It also demonstrates that in business intelligence, one term can mean different things to different people, depending on their business focus andRead MoreRole Of Predictive Analytics For Asset Optimization Of Oil And Gas Industry Essay980 Words   |  4 PagesRole of Predictive analytics in Asset Optimization in Oil and Gas Industry In recent times, Predictive analytics has started to play an important role in asset optimization in various industries. One such industry which is highly asset intensive is the oil and gas industry, a capital intensive and equipment heavy industry with lot of scope for improvement in asset management, supply chain network optimization, and operational management with its multiple assets ranging from drilling rigs, wells inRead MoreBusiness Intelligence, Business, And Data Mining1544 Words   |  7 Pages1. Introduction to Business Intelligence, Business Analytics and Data Mining Business Intelligence Business Intelligence is a process which includes different technologies and methods process for analysing data and presenting information which is helpful for top level management.BI includes various tools, application, and methodologies that enable organizations to collect data from internal and external sources, prepare that for analysis develop and run queries against the data and generate differentRead MorePredictive Analytics, Data And Data1194 Words   |  5 PagesPredicting future with being able to access and store real time data is the future of BI and big data analytics (Jamack, 2012). When BI reports are run using the data and queries, information is retrieved and it is called Descriptive Analytics. When the dataset is further analyzed and drawn inferences using statistical methods like correlation or regression then it is called Diagnostic Analysis. Based on this information when the possible outcomes are predicted it is called Predictive Analytics. FinallyRead MorePers onal Statement : Marketing And Finance804 Words   |  4 PagesPersonal Statement Growing up in a business background where my family had been in the international trade business for the last hundred years, I was always amazed to see how data science gradually involved in our family business. I have also gained insight into the data science tools and how data science improved our business decision-making and performance. During the past three years, I have found my post-graduation in Marketing and Finance comes out to support my success on my professional careerRead MoreBusiness Intelligence ( Bi ) And Business Analytics1308 Words   |  6 PagesBusiness intelligence (BI) and business analytics (BA) (sometimes used interchangeably) has revolutionized the way businesses use data and can be contrasted, for the purpose of this essay, in the following way: BI is raw data that has been transformed into meaningful information that provides historical, current, and predictive views of business operations and environment, and BA uses data and statistical methods to provi de actionable information for decision makers. BI explains what is happeningRead MoreImpact Of Big Data On Businesses1298 Words   |  6 Pages The impact of big data to businesses CIS 5681 Research Project Big Data Solution for Businesses Summer 2015 06/24/2015 Sai Kireety Kokkiligadda Sxk77140@ucmo.edu â€Æ' Abstract Big data is buzzword in every field of business as well as research. Organizations have found its application across various sectors from Sports to Security, from Healthcare to e-Commerce. Information when rightly put in use can cease the market. For instance, with the rise of smart phone purchases, transactions through

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.