Predictive analytics: What businesses need to know

In an era when data is seen as an increasingly valuable commodity, the tools and techniques used to analyse that data gain extra importance. Historically analysis, even using computers, has been something of a labour intensive task because the raw data needed to be verified and complex models built to process it. But due to the growth of machine learning and data mining techniques we’re now seeing an increase in predictive analysis where machines can take historical and current information and apply it to a model to predict future trends. Whilst in business terms predictive analytics is primarily about looking to the future – spotting sales trends for example – it has other uses too. It can be used to spot trends that might indicate fraudulent credit card use for…


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