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Predictive analytics encompasses a variety of techniques from statistics, modeling, machine learning, and data mining that analyze current and historical facts to make predictions about future, or otherwise unknown possibilities for tomorrow.
The beauty of Big Data applications is that they can process Web-based text, digital images, and online video. They can also glean intelligence from the exploding social media sphere, whether it consists of online searches, blogs, news articles, chat forums, twitter, Facebook, google plus commentary. Big Data examines what people say about what they have done or will do. That’s in addition to tracking what people are actually doing about everything from crime to weather to shopping to brands. It is only Big Data’s capacity for dealing with vast quantities of real-time unstructured data that makes this possible.
The Age of Big Data has arrived — and, with it, the ability to predict the future is increasingly a part of a new business reality. Whatever your discipline, doing business today means immersing yourself, and your organization, in a wealth of messy, unstructured, real time data from customers, competitors, and markets — and finding ways to use such data visibility to see what’s coming.
But there is also the opportunity to deliver services and marketing with unprecedented precision and accuracy, meeting and exceeding customer expectations in preternatural ways at every turn. Knowing the right time to deliver the right message (or action) in the right place before the time has come will bestow extraordinary power to those who wield such intelligence with intelligence. Use prediction wisely, and Big Data has the potential to make the world small again. That is every marketer’s dream: getting closer to customers.
