Predictive analytics is being embraced at an increasing rate by organizations that need to gain actionable and forward-looking insight from their data. Why? Companies realize that simply looking in the rearview mirror to obtain insight and make decisions is not enough to remain competitive. Companies want to better understand what actions their customers might take. They want to better predict failures in their infrastructure. The uses for predictive analytics are extensive and growing. Some examples include customer churn analysis, predicting insurance fraud and finding patterns in health related data.
Recently, Hurwitz & Associates published its inaugural "Victory Index for Predictive Analytics." The Victory Index is a market research assessment tool developed by Hurwitz & Associates that analyzes vendors across four dimensions: vision, viability, validity and value. In the course of our research, we surfaced a number of trends in the predictive analytics market that have important implications for companies considering deploying the technology. Five of these trends are discussed in this article.
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