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5 predictions about the future of predictive analytics

Per Bauer, Director of International Services, TeamQuest | Jan. 15, 2016
Per Bauer, Director of International Services at TeamQuest shares five predictions about what the future of predictive analytics will look like.

This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.

2015 saw more analytics across business networks - from trends like big data, outsourcing, and hybrid IT. Analytics is helping optimise processes in both internal and external operating framework. More so, it is becoming sophisticated. TeamQuest expects predictive analytics to be a priority for most organisations in 2016.

Predictive analytics is becoming one of the most powerful tools at a company's disposal. This software transforms raw data into concrete intelligence on which a company can base its decisions, then uses that information to extrapolate what might happen in the future and when problems might occur.

Looking ahead, this powerful data-crunching tool will only continue to expand its influence in the world of business. TeamQuest shares five predictions about what the future of predictive analytics will look like.

1. From Predictive to Prescriptive

Most companies use descriptive analytics to help them process immediate, incoming data. Predictive analytics shouldn't be seen as the end goal for your organisation, but as a single step in a longer journey. It can be seen as the next logical step, allowing companies to apply that data to make predictions about when something might go wrong and why. Of course, the job isn't over once you've made this forecast - by building the predictive data into concrete solutions for future problems, your predictive analytics become prescriptive.

2. Predictive Analytics Will Become More Important

Predictive analytics is only going to become more essential to the work of everyone in IT as time goes on. Crucial time, money, and other resources are wasted trying to solve the problems that you fail to predict, and your reputation for high-quality, consistent service also suffers from these failures. When everyone in the IT department is prepared for the challenges ahead, consistently optimised service becomes the status quo. Predictive analytics can prove to value-add to a number of industries - from online shopping to healthcare and even telecommunications service providers. It is set to become an integral aspect of business operations: Gartner predicts that by 2016, 70% of high-performing companies will manage their business processes using real-time predictive analytics tools.

3. More Automated Tools

Any form of analytics requires highly complex mathematical equations that you need years of training in order to understand, design, and implement. IT I&O has become so complex that this kind of training is no longer a realistic prospect for most IT departments - in response, analytics tools have become more and more automated. The process is set to be so streamlined that anyone in the IT department will be able to input the necessary parameters and let the automated tools do the rest.

 

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