Machine Learning for Predictive Analysis
Most everyone will agree that big data is a virtual untapped resource of intelligence that can both help support business decisions in addition to enhancing operations. As data continues to change and diversify, businesses are beginning to understand the value of embracing predictive analytics.
If you’re not familiar with what predictive analytics is, we’ll take a minute to explain it.
First, you should start by knowing that predictive analytics and machine learning are not the same thing. Yes, they do overlap in some cases, but we’ll get into that later.
Ultimately, predictive analytics consists of a wide range of statistical techniques, which can include things like data mining, predictive modeling and machine learning. This, when combined with the use of statistics for current and historical data, can help predict future outcomes. In some cases, this can be used to predict potential changes in the marketplace. In some cases, it can help predict behaviors that a customer may exhibit in the future.
Machine learning in a nutshell
The nut of machine learning is wrapped up in a subfield of computer science in which machines (namely, computers) are able to learn without needing to be programmed. It’s widely accepted that algorithms are able to learn from data and thus, make predictions from it. In some cases, when the algorithm starts to be come increasingly “intelligent” they sometimes override a machine’s program instructions.
Combining the two
If your organization has an overwhelming amount of data but you’re still struggling to find ways to turn that data into useful insights, when you combine predictive analytics along with machine learning, this may be the solution you’re looking for.
Remember, if your organization has an overflow of data but you’re not using it to enhance both external and internal processes and/or you’re not using it to meet your company’s objectives, the data is essentially useless. At Pathways International, we can help you understand how tap this unused resource, so you can maximize productivity and increase revenue.
Have questions? Call Pathways International today
Pathways International was founded in 2012 and since that time we’ve developed more than 200 business intelligence solutions for our clients. We pride ourselves on being a boutique business intelligence firm that focuses on innovation, quality and speed.