Predictive analytics involves the use of data mining, mathematical modeling, and statistical analysis to provide actionable predictions and help drive the decision-making process. Traditionally, business intelligence has dealt with data access, reporting and limited analysis.
It has been helpful in answering questions about the past and to a certain extent in explaining current events, but traditional BI doesn’t provide any insight into the future. Historically, BI has helped businesses answer questions such as what happened, why did it happen, what was the problem and what actions are needed. Predictive analytics goes beyond this and helps the business with what is happening in real-time and what will happen next.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access