David Bernstein, head of eQuest's Big Data for HR/Predictive Analytics Division, discusses the marriage between big data the predictive analytics, the impact they are having on how we do business and everyday life:
There’s hardly an article, news story, webinar, or whitepaper these days that talks about Big Data that doesn’t also talk about predictive analytics. In fact, I contribute to that body of work through my own talks and writings.
So, why is there such hype and curiosity about these topics? Even though the topics may seem complicated, the answer is actually very straightforward. As a rule of thumb, being surprised is rarely a good thing in business. What’s important is the increase in accuracy in what can now be achieved in the business models and forecasts using Big Data. Predictive analytics is the methodology that makes that last statement true. Predictive analytics takes “historical” data into consideration – using data mining and statistics – to try to predict what will happen in the future. Now enter the concept of Big Data. Predictive analytics techniques performed on the vast stores of very recently collected “historical” data creates the opportunity to develop those more accurate models and forecasts in a near-real-time mode. In essence, the timeframe of the “historical data” being analyzed has now changed. Companies now have the ability to make business decisions based on these real-time forecasts. This is why there is such hype and interest: who wants to drive looking out of their rear view mirror?
Continue reading here
anil kumar said:
See also my very-similarly entitled article from last August, "The Greatest Power of Big Data: Predictive Analytics" - http://www.predictiveanalyticsworld.com/patimes/the-greatest-power-of-big-data-predictive-analytics/