It’s been a big year for Big Data. What started out as a buzzword has become a valuable asset for businesses of all sizes across the globe. Forbes even ran a story recently called “Big Data: It’s Not a Buzzword, It’s a Movement.” The acceptance of big data has allowed it to evolve as companies use big data for different purposes. Some use it to identify risks, some use it for a competitive advantage, while some use it to have a better understanding of their customers. The bottom line is that big data is being used to help organizations make better business decisions. Now as we approach 2014, a new big data technology trend is building buzz and looking to break out: Predictive Analytics.
Predictive analytics takes current and historical data and repurposes that information to make predictions about future events.
The availability of predictive analytics not to just large corporations, but to companies of all sizes has not gone unnoticed. A recent survey by Decision Management Systems found that more than 90% of companies surveyed have plans to implement predictive analytics “within the next several years.” Of those already using predictive analytics, 43% said it has “delivered either a transformative or significant impact to their organizations.”
In Forrester’s “Top Technology Trends for 2014 and Beyond,” the research firm points to a predictive approach as a means for an organization to be able to “sense their environment and respond in real-time, anticipate user action, and meet users in their moment of need.”
Here at Brinqa, we’ve implemented predictive analytics into our core services. Our users can utilize predictive analytics to help identify potential risks by running simulations and “what if” scenarios. By leveraging that past and current data, we help our users better manage their risk and predict what risks may occur in the future. The end result is a company that is more informed and capable of making better decisions on risk no matter what the future holds in store.
To learn more about how Brinqa can help your business, take a product tour today.