What is Predictive Data?
As technology grows its roots into new areas of development, a specific branch of advanced analytics is catching the eye of many, predictive analytics. The idea of predictive analytics stems from the use of past data sets in order to make predictions of future events. But what exactly is predictive analytics, and what can it be used for? Let the data experts at EPIC Engineering & Consulting LLC explain what predictive analytics is, and how it can change the way you analyze data.
In short, predictive analytics is used to make accurate predictions of future events that are unknown. This is possible by use of gathered statistics, AI, and machine learning. Including data mining, this brings forth predictions of credible future events based on accurate data.
The following list explains the process of the creation and implementation of predictive analytics
- Identify The Project: Be as precise as possible on the desired outcomes of the project, and discover the data sets that will be used in your analytics.
- Collect Data: This is when data mining will come into play, gathering information from the database and other defined resources.
- Analyze Data: Once the data is collected from the previous step, it is then sanitized and inspected in order to discover information relevant to the desired outcome of the defined project.
- Analyze Statistics: In this step, assumptions and predictions made earlier will either be proved or disproved.
- Predictive Modeling: This step is known to be in association with forecasting weather reports. This gives the user the ability to view created predictive models with accurate information in regards to future events.
- Deploying Findings: This is where the decision-making process takes place. With the given predictive analytical results, decision-making based on analytics can be daily and accurate.
- Monitor Model: Once the model is created, it must be managed in order to keep performance at the desired result.
Predictive analytics allows for the accurate foresight of future events. This is possible with past data analyzation and statistical analysis. As front runners of business intelligence, EPIC strives to provide accurate dashboard solutions to our clients. To discover how EPIC may optimize your datasets, contact us at (407) 381-3742.