On Predictive Analytics
What is predictive analytics?
Predictive analytics is an umbrella term that groups techniques from data mining, machine learning, and statistics. Predictive analytics is used to process trends, historical data, and current data to make informed predictions about future events.
What is the market size for predictive analytics?
According to IDC the revenues for predictive analytics reached US$ 1,244 Millions in 2006.
Which firms are major users of analytics services?
The list is big but some of the major users of analytics are:
Wal- Mart, Dell, Amazon, Capital One, Boston Red Sox, Honda, Intel, Verizon, Novartis, Marriot, Netflix, Monster Canada, Scotiabank, ConocoPhillips Norway, and Environment Canada.
Who are the major players in analytics?
SAS, SPSS, Visual Numerics Inc., Oracle, Teradata, Microsoft, Insightful Corp., IBM, Fair Isaac, Unica Corp.
In which application areas are analytics services commonly used?
Some of the areas in which analytics are used are:
Supply chain management, research and development, customer selection, pricing, quality assurance, financial performance, and recruitment.
What are some of the popular tools used for analytics?
Three of the most popular are: SAS Enterprise Miner, SPSS Clementine, and Oracle Data Miner
What training is available on predictive analytics?
Some universities offer training on data mining, statistics, and machine learning. You might want to check with your local universities. Most of the vendors mentioned above also offer good training programs. You can also find small companies such as AranduCorp that offer training in particular areas (machine learning and data mining in AranduCorp’s case).
Where can I learn more?
For a high level picture on the use of analytics you can have a look at the book:
Competing on Analytics: The New Science of Winning
by Thomas H. Davenport and Jeanne G. Harris