Win with Advanced Business Analytics: Creating Business Value from Your Data

PREDICTIVE BECOMES THE NEW STANDARD

We provided an overview of predictive analytics and its importance in Chapter 10. We believe that as we progress toward the future, predictive analytics will become more widespread and will evolve into the norm for all analytics. Analytical techniques will need to have a predictive component in order to be considered business relevant or effective. This will require more sophisticated statistical and machine-learning techniques and more computational power, both of which are becoming possible. It will also require the expertise of people who can develop predictive models effectively and who understand how to learn, test, and optimize using predictive analytical techniques. There are certainly many examples of predictive analytics applied to the business world, especially across Internet-based businesses, and we expect to see it become the standard across all industries in the future.