It’s All About Data: Understanding Predictive Analytics
Danielle R
With the rise of data-driven technologies, businesses today can no longer afford to just sit back and stick to old-fashioned marketing and business trends. These days, data is arguably one of the most valuable resources of any industry. Information is now easier to obtain; this makes our decision-making process more rational and logical.
Businesses now are slowly beginning to realize the value of data-based decisions. This is where predictive analytics come in. Predictive analytics allows us to transform data into valuable knowledge about the future and its possible outcomes. It takes data from current and past events and analyzes it to make predictions about future outcomes through patterns and trends. Mathematically speaking, predictive analytics uses statistics and machine learning in order to come up with quantitative predictions about the future in terms of a specific value or an estimated probability.
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