The huge volume of data collected by companies does not always mean that it will result in better analyses. This has been a major difficulty for organizations in relation to Big Data : a lot of information, but no knowledge and critical analysis. Collecting data is not a problem most of the time. However, companies need to prepare to filter, consolidate, integrate and measure it according to the specific demands of the business.
This scenario reflects the reality of large companies, which seek support from predictive analysis, one of the specialties of Big Data that analyzes diverse data to predict what may happen in the future. An example of this type of technology is the navigation app Waze, which uses resources to predict travel times between one point and another, considering factors such as traffic, construction, etc.
Predictive analytics today focuses especially on five capabilities: identifying trends, predicting behaviors, understanding customers' real needs, promoting decision-making based on reliable data and improving business performance.
Data interpretation techniques are used that are difficult for human experts to understand. The predictive analysis process begins with identifying the problem to be solved. Then, it is determined canadian cell phone numbers what the company needs to know about the future to overcome challenges and act on the insights. Next, the company needs to gather the collected data and prepare it for analysis. With the creation of predictive models, the data is then refined and implemented.
Proof that predictive analytics is a competitive differentiator for companies are the results of a study by ABI Research . It showed that the Big Data market , which is directly related to predictive analytics, is expected to generate US$114 billion in 2018, with the strong trend of data generation by organizations. As for the predictive analytics segment, a study by IDC estimates growth of US$3 billion for this year.
Read also: 6 FACTORS THAT CAN LEAD YOUR BIG DATA STRATEGY TO FAILURE
To get the most value out of the data collected by your company, especially when it comes to digital strategies, check out the tips we have selected below:
Content
Clearly determine the objective to be followed
Raise hypotheses
Design models that represent reality
Be suspicious of the results
Always revisit previously analyzed data
Remember that it is impossible to be 100% accurate.
Clearly determine the objective to be followed
The abundance of information available to companies needs to stop being a problem and become a solution. Often, the large volume of data represents too many answers for the organization. As a result, it doesn't know where to look. Therefore, it is essential for the company to focus on the question. What does it need to observe? What results are it looking for? In this case, the question is more important than the answer. After all, it will guide the direction in which the company needs to look. To do so, it is necessary to ask the right questions.