For years companies have been unable to leverage the full power of Big Data for predictive analytics.
Thanks to the popularity of social media, there has been huge growth in the amount of information that’s generated about a consumer in regards to their daily habits, activities and interests. These new external data resources will be combined with enterprise data to increase the predictive accuracy of the underlying models.
With the amount of information that’s compiled every day, it’s easier than ever for businesses to leverage and use this data to address their specific business needs. And the benefits go well beyond use in traditional marketing applications. For example, the last presidential election was essentially won as a result of leveraging predictive analytics and computer modeling. Further, the energy industry alone is anticipated to spend $3.8 Billion on analytics in 2014.
According to a Reuters News report, Big Data will grow by 45 percent annually to reach a $25 billion industry by next year. That means that this year, we will see a rapid growth in the use and application of predictive analytics in businesses. Here are emerging ways in which predictive analytics will evolve and be used, for this year and beyond.
Post by Chris Matty – CEO of Versium