Predictive Analysis: The story continues…
In earlier Blogs posted on Predictive Analysis ( To predict or not to Predict) we explained the basics of Predictive Analysis (PA). Also the three PA Models (Descriptive, Predictive and Decision) are visualized and the fact that all of these have to be taken sequentially in order to mature your company within the area of Analytics. We’ve also provided some examples regarding how to apply it.
In this 3 rd part of our PA trilogy, the following questions will be answered:
- What technology solutions are available?
- How to deploy the required solution?
There are numerous solutions available which can help you with the execution of predictive analytics.
These solutions range from those that need very little user sophistication to those that are designed for the expert practitioner:
1. Open source predictive analytic tools include tools like:
KNIME, R, RapidMiner
2. Commercial predictive analytic tools include:
IBM SPSS Statistics and IBM SPSS Modeler, KXEN Modeler (Currently picked up by SAP), MATLAB, Oracle Data Mining (ODM), Predixion Software, SAP, SAS and SAS Enterprise Miner, TIBCO Spotfire
Depending on your IT Architecture and its corresponding principles, a profound decision can be made regarding the selection of the solution which serves your company best.
McCoy’s consultants are happy to assist you in applying the right category PA solution for your specific demand.
How to deploy the required solution?
Historically, using predictive analytics solutions —as well as understanding the results they deliver—requires advanced skills. However, modern predictive analytics solutions are no longer restricted to IT specialists. As more organizations adopt predictive analytics into their decision-making processes and integrate them into their (daily) operations, PA solutions are enabling a shift toward business users as the primary consumers.
Business users require solutions which are self-explanatory and vendors are responding by creating new software that removes the mathematical complexity, provides user-friendly graphic interfaces and provides intuitive out-of-the box models that, for example, can recognize the kind of data provided to it and suggest an appropriate predictive model.
Predictive analytics solutions have become sophisticated enough to adequately present and dissect data problems, enabling any data-savvy information worker to utilize its outcome.
During our Statistical oriented Data Warehouse Projects over the past few years we have learned that the theory differs from the practical world.
McCoy's consultants are specialized in Predictive Analytics and are more than happy to assist you on your road to Predictive Analytics
Want to know more? Please contact us at https://mccoy-partners.com/contact