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| Excerpt: Organizations of all types and sizes are enhancing their business intelligence (BI) strategies with predictive analytics. In fact, analyst firm IDC estimated that the business analytics market- which includes predictive modeling tools-would expand by at least 6.1 percent. A similar report issued by Forrester Research named business analytics as the fastest-growing segment of global IT software, with close to 70 percent of companies polled expressing a strong interest. Traditional reporting and analysis provide you with a rear-view perspective of events that have already occurred. To make forecasts and predictions, you have to rely on the experience, instinct, and intuition of your analysts. Predictive analytics, on the other hand, fosters a more proactive approach to decision-making. It applies sophisticated data mining and statistical analysis techniques to large volumes of both current and historical data, which helps not only your analysts, but also your business users to distinguish the patterns, trends, and outliers that can serve as clear indicators of what events, actions, and conditions may occur in the future. |