Much is said about Big Data , and with good reason: in this connected world, the amount of digital information generated per minute is impressive. The study A Universe of Opportunities and Challenges , by the consultancy EMC, indicates that we could have around 40 trillion Gigabytes by the year 2020 ! And this is where predictive analysis comes in .
Do you already know what predictive analysis is, how it relates to Big Data, and how to use it strategically for your business? In this post, we will explain all of these items so that you can stay ahead of the competition and gain a competitive advantage. Stay tuned!
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What is predictive analytics?
What else can predictive analytics do?
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What is predictive analytics?
In short, we are talking about data analysis to understand patterns and behaviors, anticipate events and, thus, obtain more effective decision-making.
Predictive analysis directly clashes with Big Data for a simple reason: if we generate an impressive volume of data, at high speed, we need technology to structure, compile and evaluate the data created.
Want an example of how this process happens?
Let’s say your data shows a reduction in cancellations of canadian business email list your digital service by people who have been inactive for a certain period. This is a powerful insight that will help you understand the reasons for this and formulate new strategies to reduce the number of cancellations.
What else can predictive analytics do?
As you may have noticed, predictive analytics uses data, algorithms, and various techniques and technologies (such as Machine Learning ) to predict situations. The goal is not to learn from past results, but to anticipate them.
With that, we can use this business model to:
identify new patterns and trends;
predict your customer's behavior and create solutions in advance;
better understand the needs of the target audience;
practice decisions based on data, not guesses;
improve the performance of the company as a whole.
In this last aspect, it is worth highlighting the versatility with which we can apply Big Data and predictive analysis. Therefore, below we will highlight some segments that greatly benefit from this powerful combination: