Predictive Analytics Times
Predictive Analytics Times
Breaking News
Wise Practitioner – Predictive Analytics Interview Series: Sarah Holder of Duke Energy
  To view this content OR subscribe for free...
Infographic – Predictive Analytics World by the Numbers
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Mohamad Khatib of Nielsen
  To view this content OR subscribe for free...
A Critical Step Toward Organizational Data Maturity: Thinking in Terms of Distributions!
  To view this content OR subscribe for free...
It is a Mistake to…. Answer Every Inquiry
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Dominic Fortin of TD Insurance
  To view this content OR subscribe for free...
5 Ways Retail Predictive Analytics helps Fashion Retailers Maximize Gross Margin
  To view this content OR subscribe for free...
Wise Practitioner – Workforce Predictive Analytics Interview Series: Pasha Roberts at Talent Analytics
  To view this content OR subscribe for free...
Predictive Modeling Skills: Expect to be Surprised
  To view this content OR subscribe for free...
Big Data: To Analyze or Not to Analyze
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Bryan Guenther of RightShip
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Aaron Lanzen of Cisco
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: David Schey of Digitas
  To view this content OR subscribe for free...
It is a Mistake to…. Extrapolate
  To view this content OR subscribe for free...
Wise Practitioner – Workforce Predictive Analytics Interview Series: Carl Schleyer of 3D Results
  To view this content OR subscribe for free...
The Trouble with Numbers
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Josh Hemann of Activision
  To view this content OR subscribe for free...
Practical Predictive Modeling: Quick Variable Selection
  To view this content OR subscribe for free...
It is a Mistake to…. Discount Pesky Cases
  To view this content OR subscribe for free...
Wise Practitioner – Workforce Predictive Analytics Interview Series: Scott Gillespie, Managing Partner of tClara
  To view this content OR subscribe for free...
Want to Improve Your Prototype-to-Production Analytics Process? Embrace Thinking Inside the Box
  To view this content OR subscribe for free...
Using Decision Trees in Variable Creation: Minimizing Information Loss-Part 1
  To view this content OR subscribe for free...
Predictive Analytics turns Multi Channel Retailing into Omni Channel Retailing.
  To view this content OR subscribe for free...
Eric Siegel Discusses Predictive Analytics and Civil Liberties on KCRW’s Radio Show
  Last week on “To the Point,” an NPR-syndicated...
Wise Practitioner – Predictive Analytics Interview Series: Dean Abbott, Smarter Remarketer
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Elpida Ormanidou of Walmart
  To view this content OR subscribe for free...
Future of Analytics: Big Data Integration, Transforming Organizations and Processes, Providing Speed and Foresight
  With Analytics being a buzzword, most business executives...
Haystacks and Needles: Anomaly Detection
  To view this content OR subscribe for free...
Auditing the Data When Deploying Predictive Analytics Solutions
  To view this content OR subscribe for free...
Leveraging Dark Data: Q&A with Melissa McCormack
  Melissa McCormack,Research Manager at predictive analytics research firm...
Wise Practitioner – Predictive Analytics Interview Series: Nephi Walton, M.D., Washington University/University of Utah
  To view this content OR subscribe for free...
Using Predictive Modeling Algorithms for Non-Modeling Tasks
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Greta Roberts of Talent Analytics
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: George Savage, M.D., Proteus Digital
  To view this content OR subscribe for free...
From Human Screen to Machine: Predictive Analytics Helps Avoid a Major Point of Hiring Failure
  To view this content OR subscribe for free...
Predictive Analytics in Health Care: Helping to Navigate Uncertainties and Change
  To view this content OR subscribe for free...
The Power of Predictive Analytics for Retail Replenishment
  To view this content OR subscribe for free...
Voice of the HR Profession: “Charts and Graphs are Hard to Follow”
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: John Cromwell, M.D., University of Iowa Hospitals & Clinics
  To view this content OR subscribe for free...
Creating the All-important Analytical File-The Key Step in Building Successful Predictive Analytics Solutions
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Linda Miner, Ph.D., Southern Nazerene University
  To view this content OR subscribe for free...
It is a Mistake to…. Accept Leaks from the Future
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Marty Kohn, M.D. of Jointly Health
  To view this content OR subscribe for free...
What’s the Government’s Role in Big Data Surveillance?
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: John Foreman of MailChimp
  To view this content OR subscribe for free...
Is Predictive Analytics Insidious? National Radio Interview
  To view this content OR subscribe for free...
5 Reasons Predictive Analytics World for Workforce is Different – And Better
  If you follow the workforce analytics space, you...
Should Employee Analytics “Go Fishing” or Solve Business Problems?
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Sameer Chopra of Orbitz
  To view this content OR subscribe for free...
Wise Practitioner – Predictive Analytics Interview Series: Jack Levis of UPS
  To view this content OR subscribe for free...
Connecting the Experts with the Data Scientists
  To view this content OR subscribe for free...
Why analysts should master public speaking
  Industry leader and consultant Geert Verstraeten serves as...
Defining the Target Variable in Predictive Analytics- A Not so Easy Process
  To view this content OR subscribe for free...
Book Review of “Applied Predictive Analytics” by Dean Abbott
  Industry leader and author Dean Abbott will be...
Recognizing and Avoiding Overfitting, Part 1
  To view this content OR subscribe for free...
Webinar: Towards Solving Employee Attrition: Cost Modeling
  Presented by: Pasha Roberts, Chief Scientist, Talent Analytics,...
It is a Mistake to…. Listen Only to the Data
  To view this content OR subscribe for free...
The Data Audit Process (Part 1)-The Initial Step in Building Successful Predictive Analytics Solutions
  To view this content OR subscribe for free...
10 Practical Actions that Could Improve Your Model
  To view this content OR subscribe for free...
The Great Analytical Divide: Data Scientist vs. Value Architect
  To view this content OR subscribe for free...
Employee Churn 202: Good and Bad Churn
  To view this content OR subscribe for free...
Why Overfitting is More Dangerous than Just Poor Accuracy, Part II
  To view this content OR subscribe for free...
Predictive Analytics is the Answer to Smart Fulfillment and Omni-Channel Retailing
  To view this content OR subscribe for free...
Employee Churn 201: Calculating Employee Value
  Much has been written about customer churn –...
Why Overfitting is More Dangerous than Just Poor Accuracy, Part I
  To view this content OR subscribe for free...
5 Ways to Become Extinct as Big Data Evolves
  To view this content OR subscribe for free...
It is a Mistake to…. Ask the Wrong Question
  To view this content OR subscribe for free...
What Role can Network Analysis play in Business Intelligence?
  To view this content OR subscribe for free...
The Data Behind Data Scientists: Top Kaggle Performers
  To view this content OR subscribe for free...
It’s Predictive Analytics, not Forecasting!
  To view this content OR subscribe for free...
A Good Business Objective Beats a Good Algorithm
  To view this content OR subscribe for free...
Retail Predictive Analytics for Price Optimization & Markdown Management
  To view this content OR subscribe for free...
It is a Mistake to…. Rely on One Technique
  To view this content OR subscribe for free...
The Musings of a (Young) Data Scientist
I quit my job as a Mathematical Statistician after...
Big Data Continued…
Big Data is not a singular concept but rather...
How to Calculate the Optimal Safety Stock using Retail Predictive Analytics.
In a perfect world, a retailer knows exactly how...
The Role of Analysts After Model Deployment
Last month I made the case for discussing model...
How predictive analytics will power the internet of things
Recently, Nissan Motor announced that they will
Prediction Isn’t Just About Stocks. Predictive Persuasion
Prediction isn’t just for the stock market. Trading is...
The Greatest Power of Big Data: Predictive Analytics
Every day’s a struggle. I’ve faced some tough challenges...
It is a Mistake to… Focus on Training Results
(Part 2 of 11 of the Top 10 Data...
7 Ways Predictive Analytics Helps Retailers Manage Suppliers
One of the most challenging aspects of the retail...
Why Don’t We Talk about Deployment?
The Cross Industry Standard Process for Data Mining...
Understanding Predictive Analytics: A Spotlight Q&A with Eric Siegel, author of Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die
This BeyeNETWORK spotlight features Ron Powell's interview with Eric...
Predictive Analytics: “Freakonomics” Meets Big Data
While writing my book, Predictive Analytics: The Power...
5 Reasons to Not Care About Predictive Analytics
Technology: complex and alienating, or promising and fascinating?...
Yet Another Big Data Article
It's like an irritating fly buzzing around your head...
Predictive Analytics Helps Solve Retail Allocation Challenges
We’ve already discussed why predictive analytics works so...
Why (some) Predictive Analytics will Move to the Cloud
A 2012 Gartner survey of over 1300...
Wise Practitioner – Predictive Analytics Interview Series: Philip O’Brien at Paychex
In anticipation of their upcoming conference presentation at Predictive...
Wise Practitioner – Predictive Analytics Interview Series: Vikash Singh
In anticipation of his upcoming conference presentation at Predictive...
Deathwatch: Five Reasons Organizations Predict When You Will Die
Who benefits by predicting your behavior? Organizations do—companies, government...
Wise Practitioner – Predictive Analytics Series: Brett Cohen of AOL
In anticipation of his upcoming conference presentation at
The NSA, Link Analysis and Fraud Detection
The recent leaks about the NSA's use data mining...
Top 10 Analytic Mistakes–Today #0: Lacking Relevant Data
Mining data to extract useful and enduring patterns remains...
How Predictive Analytics Has Transformed Inventory Management in Retail
Every retailer wishes to have the right product at...
Big Data is Not Enough
Big data is the big buzz word in the...
Predictive Analytics & Retail
Predictive analytics is a hot topic. It has certainly...
What do we see in Predictive Models?
Predictive Analytics is one of the hottest careers on...
The Computer Knows Who You Are
There's a surprising twist. While some question whether the...
Interview With Predictive Analytics Author Eric Siegel
We live in an era of Big Data and...
Do Predictive Modelers Need to Know Math?
Predictive analytics is just a bunch of math, isn’t...
Five Reasons Siegel’s Predictive Analytics Book Matters to Experts
My new book—Predictive Analytics: The Power to...
The Future of Prediction: Predictive Analytics in 2020
Good morning. It's January 2, 2020, the first workday...
The Future Directions for Text Analytics
At the Boston Text Analytics World, held on October...
How the Obama Camp Analytically Persuaded Millions of Voters
Elections hang by a thinner thread than you think...
What We Should Take Home From Predictive Analytics Conferences
Why should one go to a predictive analytics conference?...
Three Ways to Get Your Predictive Models Deployed
We all know that given reasonable data, a good...
Why Predictive Modelers Should be Suspicious of Statistical Tests
Well, the danger is really not the statistical test...
Inside the Secret World of the Data Crunchers Who Helped Obama Win
In late spring, the backroom number crunchers who...
SHARE THIS:

By: Chad Brooks, BusinessNewsDaily Contributor
Originally published at businessnewsdaily 

 

Every business has a treasure trove of data, from customer and transaction information to manufacturing and shipping statistics. The key is figuring out how to use past data to better the business’ future.

One strategy is for companies to use predictive analytics. This involves combing through past information to derive models and analyses that help project future outcomes. The goal is to learn from past mistakes and successes in order to know what to change and what to replicate.

Predictive analytics can be applied to all aspects of an organization. It can help in figuring out what customers want and don’t want, and also be applied to a business’ operations to maximize efficiency. It can help a business fend off problems before they even become an issue down the road.

Eric Siegel, a former Columbia University professor and founder of Predictive Analytics World, defines the data analysis method as The Power to Predict Who Will Click, Buy, Lie or Die.

“Predictive analytics is the technology that learns from data to make predictions about what each individual will do — from thriving and donating to stealing and crashing your car,” Siegel said in an interview earlier this year. “For business, it decreases risk, lowers cost, improves customer service, and decreases unwanted postal mail and spam.”

In order to harness this data, businesses have a number of predictive analytics tools and software at their disposal.

Predictive analytics tools and software

In order to actually apply predictive analytics to a business or organization, specialized software is needed. Offered by a wide variety of vendors, including IBM, SAP and SAS, predictive analytics software is what crunches the collected data to determine the specific answers a business is looking for.

While each software offering has different capabilities and user interfaces, the premise is the same. The software works by first analyzing all the information a company collects. This includes everything from sales and customer information to employee productivity and social media data.

The software then plugs that data into predictive models. Using specially created algorithms, the models are able to project future trends and problems, based on that past behavior.

For businesses, the models can help predict various consumer trends to help drive supply and marketing decisions, as well as employee productivity trends to help improve efficiency.

While predictive analytics software used to only be an option for larger organizations, recent developments to the software have made it more accessible to small businesses. These software options, which are available from vendors — such as Emanio and Angoss — are sold at a more affordable price and can be run from any personal computer or laptop computer, instead of needing to be installed directly to a company’s server.

Examples of predictive analytics

Originally used by large retailers and financial institutions, predictive analytics is being used today by businesses in every industry and of all sizes, with an eye on getting a jump on the competition.

According to IBM, businesses can use predictive analytics in a number of different ways, including:

  • Uncover hidden patterns and associations
  • Enhance customer retention
  • Improve cross-selling opportunities through personalized offers and experiences
  • Maximize productivity and profitability by aligning people, processes and assets
  • Reduce risk to minimize exposure and loss
  • Extend the useful life of equipment
  • Decrease the number of equipment failures and maintenance costs
  • Focus maintenance activities on high-value problems
  • Increase customer satisfaction

While researching how companies were using predictive analytics to improve their organization, consulting firm Accenture uncovered several specific examples, including how Best Buy figured out that less than 10 percent of its customers were responsible for nearly 45 percent of its sales. That led to a redesign of their stores to better suit buying habits of their customers.

Accenture also found that the Italian restaurant chain Olive Garden used predictive analytic models to project food and staffing needs, which has led to a more efficient business.

The popularity of predictive analytics with businesses has led to other types of organizations using the software. For examples, healthcare firms are using predictive analytics to predict how certain drugs and therapies will be received by patients, and help doctors better detect early warning signs for life threatening diseases and illnesses.

Other organizations using predictive analytics are governmental bodies. They are using the software to help prevent crime, deliver social services and overall better serve the needs of its residents. For example, the city of Chicago used predictive analytics to help curb a lost garbage receptacle problem. The city found that the lost and stolen cans directly correlated to when streetlights were out.

Moving forward businesses and organizations not using predictive analytic software to help drive their decisions are going to find themselves in the vast minority.

By: Chad Brooks, BusinessNewsDaily Contributor
Originally published at businessnewsdaily

Follow Chad Brooks on Twitter @cbrooks76 or BusinessNewsDaily @BNDarticles. We’re also on Facebook & Google+.

Leave a Reply