Before we delve into the topic, let us get the concepts clear.
What is Predictive Modelling?
Predictive modelling uses statistics in a process of data mining and comes up predictions or outcomes. Each model typically has predictors which are variable and thus can yield various results. With availability of additional data or new inputs, the model gets revised.
Whereas big data analytics is, the process looking at vast and varied data sets – the big data – to expose trends or patterns, unknown correlations, account for preferences and any other useful information. It helps an organization to make more informed decisions.
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Predictive analysis uses a statistical model to make projections. Big data is the voluminous information available at hand. Intelligent interpretation of big data or big data analytics of connecting and assimilating information. Big data is the quantity and predictive modelling is the application.
The variety, volume of big data and the velocity with which it is created makes it so important. Unstructured or poorly structured data sets are not very effective but with big data analytics in order, a lot of positive outcome can be expected.
Let us look at how can it help.
Gives you direction – Strategies and having roadmap for growth are the two important factors that guides any organization towards the future. Data coalition helps in producing and modifying relevant products and also gives product-related solutions. This gives the competitive edge to the organization.
Customization – Big data helps with real-time issues to have an effective and interactive need-based system. Once you are ahead with required attributes and preferences, you as an organization will have a better chance of success.
Operation management optimization – Once the difficulty is understood in areas of design or innovation, the operation management or resolving the challenges becomes easier. Continuous improvement gets integrated into the structure of the system.
Seamless experience is very engaging – Being proactive and responsive to industry needs helps in building strong organization. User, employee, customer all will reward you with loyalty if you can make their experience worthwhile by making necessary modifications and enhancing quality.
Working towards a model by using big data and constantly modifying the model according to new developments will not only sustain the model, but you will be rewarded with your very own system, truly apt for your organization. It will trigger the right response at the right time.