Predictive Analytics

What is Predictive Analytics?

Predictive analytics is a form of advanced analytics that uses both new and historical data to determine patterns and predict future outcomes and trends.

Predictive analytics uses many techniques such as statistical analysis techniques, analytical queries, data mining, predictive modeling, and automated machine learning algorithms to data sets to create predictive models that place a numerical value on the likelihood of a particular event happening and includes what-if scenarios and risk assessment. With predictive analytics, organizations can find and exploit patterns contained within data in order to detect risks and opportunities. Predictive analytics is usually associated with big data, Engineering data, for example, is retrieved from sensors, instruments, and other connected systems.