With the development in the field of data analytics and Big data , everyone is trying to inculcate it for a beneficial outcome . Benefits can be in the form of social , enterprise , marketing , medical , technological and various others .
Before moving further I would like to define the concept of predictive analytics .
Predictive analytics is the practice of extracting information from existing data sets in order to determine patterns and predict future outcomes and trends. Predictive analytics does not tell you what will happen in the future. It forecasts what might happen in the future with an acceptable level of reliability, and includes what-if scenarios and risk assessment.
A very important point mentioned above is that “ you cant predict the future “ , but come to a reliable , acceptable , much precise , triggered result than normal analytics .
The steps involved in this methodology are simple :
Collect huge amount of Data–> Store it using various Big Data tools–>Analyse the data ( Machine learning / data analytics tools) –> Generating Real time models / Predictive Sets
This technology has been pretty much dominated by the IT , Consulting , investment and banking sectors . But with its diversified capability and profitability , the Pharma , healthcare , marketing departments are undertaking the power .
Now lets take in consideration how Social media acts as a key tool in this phenomenon. From the past 8-9 years social media has played a key role in expanding itself and the lifetime / profitability of thousands of companies . They use social media to market themselves , increase the sales or sometimes even the whole business resides on the social platform . So how come predictive analytics will be something of concern ? The answer is quiet simple , you use social media components or contents to describe a particular situation . Such as , comments , status , likes , posts , twitter handles , hash tags, etc. All these social media components can be analyzed to grab a situational predication .
Organizations like P&G , BBVA , SAP , Google etc. use the social media trends to either launch a product in the market or market the existing product . Taking into consideration of a situation , lets gather all the number of likes generated in one day on a Facebook page . With analyzing the number of likes ,the time when most of the likes are captured and the region . By such a real time analysis , a predictive model can be generated , when to post about a particular product and where .
Considering the individual benefits , data analytics have been procuring a large trend . Job search , interview search , networking , personality assessment , personal branding etc. are few take aways from this tool . Companies like LinkedIn and many more use predictive analysis to enhance their results .
Even though it has been only a decade since the advent of Big data and its recent attribute of predictive analysis . It is clear that large organizations across industries are joining the data economy and using such tools not only for better decisions and lowering costs , but also for new data-based products , service for customers and social benefits .
Its true that the value of big data comes not from the data in its raw form , but from the processing and analysis of it and the insights , products and services that emerge from analysis.
Thank you .