Predictive Analytics is having a massive impact on all the aspects of business globally. For example, Google is tweaking its Google Analytics platform and also a significant number of algorithms and search guidelines. This will definitely have a huge impact on the functions of all content creators this year. The current value of Predictive Analytics and its potential for the future is a subject of excitement and discussion within the IT industry.
James Fisher, VP, Marketing and Analytics, SAP, referred to the practice of predictive analytics as the most important enabler when it comes to Big Data analytics. This is due to the dual use of historical information and also insights sourced from the customers themselves. Companies cannot afford to waste the infinite potential of analytics. According to Fisher, if predictive analytics and the personnel to utilize it to its maximum potential are absent, then the whole effort will go to waste.
Fisher, in an interview with TechRadar, said that such paucity of trained resources will be one of the few factors which could bar businesses from making the most of predictive analytics. A large number of analytics software platforms can be much easily used and are better suited for business intelligence solutions than any other complementary factor.
The usefulness of predictive analytics, when seen in the context of cloud computing, only goes further in exemplifying its potential in 2014. The flexibility and scalability which is possible to achieve via the utilization of cloud platforms can be applied perfectly to predictive analytics functions.
SAP itself conducted a survey of businesses from all over the world to find out the use and benefits of predictive analytics. The overwhelmingly positive feedback from the companies only emboldened its views on the power of analytics.
The study also revealed that 75 percent of the total respondents believed that they could improve the analytics skills within their personnel group, but this is not seen as a notable impediment. A huge majority, about 85 percent, of the total surveyed claimed that they have gleaned significant benefits from predictive analytics and about 77 percent told the questioner that analytics helped them to get an edge over their competitors.