Predictive Analytics is Becoming Essential for Businesses to Survive
Competition is what drives businesses to produce the best quality products, whether they're physical materials or intangible services. Today, companies are looking to stay ahead of their competitors by harnessing the capabilities of predictive analytics. Now more than ever, businesses are realizing that market trends, customer desires, and web behavior are hidden in Big Data.
According to Research and Markets, the United State's predictive analytics economy is expected to grow at a compound annual growth rate of 17.8 percent over the next 5 years. The software uses a number of statistics and modeling techniques, including data mining, business intelligent tools, and machine information to forecast market trends.
The interest in predictive analytics comes not so much from merely improving a business, but optimizing its functionality. Online magazine Smart Data Collective claimed that acclimating company executives to the jargon of predictive analytics will be the biggest challenge in that respect.
"The data scientist needs to take this output and transform it to output that is meaningful to the business end user," stated the report.
Supporting the system
An expected increase in demand for predictive analytics systems will be accompanied by a need for cloud hosting services capable of supporting the software. Infrastructure-as-a-service (IaaS) vendors provide businesses interested in using predictive analytics tools with such a platform. This kind of cloud service can also help IT personnel assist those invested on the market side of the company understand the data's language.
A cloud infrastructure gives business a customized operation capable of providing storage, hardware, servers, and other networking components. According to Tech Radar, one of the benefits of an IaaS solution is that it eliminates the need to constantly maintain a data center. The hosting company providing the infrastructure can implement a large, scalable storage environment. In turn, the cloud vendor eliminates the possibility of a company's system becoming overwhelmed with huge amounts of information.
"IaaS providers administer seemingly infinite cloud resources available in minutes on demand without the long procurement cycles of the past," Tech Radar reported.
The availability of a cloud infrastructure service company is what will give businesses the freedom to ingest as much data as they desire. Questioning whether or not the data center will be overwhelmed with information is no longer a concern for the IT department. Furthermore, a cloud infrastructure's customizability will provide companies with the option of implementing visualization tools that can help business leaders discern the complex language of Big Data.
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