The Growing Importance of Predictive Analytics
For almost a decade, forward-thinking companies have been banking on big data to gather valuable insights that help them structure their business and marketing plans. As a matter of fact, business intelligence tools have become essential in decision-making across the operational spectrum. Executives are making use of next-generation analytics tools to sieve through massive amounts of data and make predictions about their business’ future. That’s the theory behind predictive analytics—one of the fastest-growing fields in business IT today.
Different from descriptive analytics, which is helping in identifying data patterns based on past activities, predictive analytics merges the company’s existing data with publicly available data to forecast any future possibilities. According to industry experts, around 80 percent of high-performing enterprises use real-time predictive analytics to manage their business process. Most businesses gather these data through their robust CRM and ERP systems, and other trusted external sources to devise new ways to improve decision making, increase ROI on marketing campaigns, and strengthen business processes throughout the organization.
Industry experts also expect that advances in technology and increased growth in cloud-based solutions will make predictive analytics tools available to small and medium-sized businesses, allowing them to better compete with larger enterprise-level corporations.
By James Seevers, CIO & GM, Toyoda Gosei
By Bill Krivoshik, SVP & CIO, Time Warner Inc.
By Gregory Morrison, SVP & CIO, Cox Enterprises
By Alberto Ruocco, CIO, American Electric Power
By Bruce. D. Smith, SVP & CIO, Information Systems, Advocate...
By Adrian Mebane, VP-Global Ethics & Compliance, The Hershey...
By Graham Welch, Director-Cisco Security, Cisco
By Michael Watkins, Senior Product Director, Global Knowledge
By Bernd Schlotter, President of Services, Unify
By Patrick Hale, CIO, VITAS Healthcare
By Steve Bein, VP-GIS, Michael Baker International
By Jason Alan Snyder, CTO, Momentum Worldwide
By Mike Morris, CIO, Legends
By Louis Carr, Jr., CIO, Clark County
By Bill Dow, SVP and General Manager of Business Solutions,...
By Jim Whitehurst, CEO, Red Hat
By Darren Cockrel, CIO, Coyote Logistics, a UPS Company...
By Nathan Johnson, SVP and CIO, Werner Enterprises [NASDAQ:...
By David Tamayo, CIO, DCS Corporation
By Neil Hampshire, CIO, ModusLink Global Solutions, Inc....