You can call it a “crystal ball” or “Paul – the Octopus”, Big data is here to be the Oracle.
Data which had been always around has now attained a new level of importance. The abundance of data due to the increase in social interaction has fuelled the necessity of effective usage of this data.
Sir Francis Bacon, an 18th-century founder of the modern scientific method, famously argued that “Knowledge is power.” With all due respect to this great scientist, in the 21st century, “knowledge is profit” for those firms that deploy big data predictive analytics solutions to reduce risks, make smart decisions, and create differentiated, more personal customer experiences.
Predictive Analytics is going main stream in 2013, thanks to Big Data. With the rise of big data, the predictive analytics market has woken up; firms now understand the opportunity to use big data to increase their knowledge of their business, their competitors, and their customers. Firms can use predictive analytics models to reduce risks, make better decisions, and deliver more personal customer experiences. Only way one can derive full benefits out of Big Data is by using predictive analytics and this is forcing large and medium companies to make necessary investments in building analytics infrastructure and reporting capabilities.
Predictive analytics has a range of applications, from fraud detection to customer interest, predicting user behavior to security risks, there are endless possibilities. The best thing about it is the more the data the better the prediction.
London 2012 Olympics was the first big data Olympics. Columbus, Ohio-based data sciences company Farsite built an Oscar-prediction model based on past Academy Award winners and as a matter of fact correctly predicted the 213 Oscar for all major categories except Best Director and Best Supporting Actor.
I am sure in the coming football world cup Paul the octopus will be replaced by Big Data predictive analytics.