Predictive analytics is not a new phenomenon. It has been in existence for decades and finally coming of age. Businesses across the globe are looking to use this technology to predict trends and understand user behavior for enhanced performance and improved bottom-line results.
And with the advent of big data, this method is now growing at a rapid pace.
Businesses collect voluminous customer data and predictive analytics utilizes this historical data to predict future events or otherwise unknown events. Predictive analytics involves variety of statistical techniques such as modeling, machine learning, and data mining to enable organizations use big data (both stored and real-time) and move to a progressive path for customer.
Read more on Predictive Analytics: Big Data and Predictive Analytics: Hope or Hype?