Corporate Intuition – Predictive Analytics
In today’s organizations, there is an urgent need of the information to be delivered in minutes from around the world which helps to shape the everyday business decision and to implement the strategy and hence, predictive analytics is what each organization needs.
Predictive Analytics helps to discover hidden meaning out of data on which some mathematical functions are applied. This is very tedious for the human being working with large data sets and organizations today accumulating Gigabytes of data every day and using it for predictions. Every industry is using predictive analytics to devise and implement a strategy that benefits them. For example – In retail industry, the company can decide which sales promotion offer to maximize the sales, whereas in manufacturing industry – they can decide how much to produce and to maintain the inventory levels.
Predictive analytics needs to have suitable BI systems in place, so as to ensure that the quality of data is good, so that it can yield valuable results. Predictive analytics was previously only used by large corporations, but due to its widespread popularity and rise in use of data warehousing systems. Predictive Analytics is being greatly adopted by Small and Medium Enterprises (SME) and the cost-effective data warehousing in the cloud by Amazon Redshift is just a step towards it.
Companies are increasingly using or gearing up for using predictive analytics, since the competition in this segment is getting hotter. With the advent of many firms offering predictive analytics solutions, it is very important to understand the priorities of a business and which metrics or KPI’s to track. The predictive analytics needs a solid base and hence needs care while implementation.