The technology landscape is full of solutions that can parse historical data, but modern businesses increasingly want to predict the future. What are the risks? What are the opportunities? Where will the market – and revenue – be five years from now? Using predictive analytics, organizations can take steps toward answering these future-focused questions.
Predictive analytics is a statistical technique that analyzes current and historical data to produce forecasting results. For instance, data analysis can determine associations between various behavior factors. From these associations, a variety of models can then be designed. Using a specific set of conditions for each model, businesses can gain valuable insights that lead to better decision-making.
How can predictive analytics be leveraged in healthcare?
The healthcare sector has a long history of keeping one eye on the horizon. Considering recent advancements in Artificial Intelligence (AI), many people have wondered how predictive analysis can benefit the medical space. With big-data analytics, AI and machine-learning models can be a key resource to improve healthcare services in high-risk areas. For example, a combination of AI and predictive analytics can help data scientists gain deeper insights into disparate factors affecting human health.