Predictive analytics poised for growth

Businesses don’t need a crystal ball to know what the future holds. Software applications that can intelligently predict business trends and aid business decisions are the way to go, according to Joel Martin, vice-president of software and business alignment, IDC Canada Ltd.

Speaking at a recent business intelligence (BI) seminar in Toronto, Martin said predictive analytics will be the future of BI as larger markets start to consolidate.

Predictive analytics is a data mining capability that takes data and views it against a backdrop of other variables – financial, social, and industry-specific – to generate intelligent business predictions.

Compared with traditional or core analytics, which generally involves data analysis and report generation, predictive analytics provides “insight and relevance” to enterprise decision-makers, he said. At present, however, core analytics still occupies 80 per cent of the BI space.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

Featured Articles

Cybersecurity in 2024: Priorities and challenges for Canadian organizations 

By Derek Manky As predictions for 2024 point to the continued expansion...

Survey shows generative AI is a top priority for Canadian corporate leaders.

Leaders are devoting significant budget to generative AI for 2024 Canadian corporate...

Related Tech News

Tech Jobs

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Tech Companies Hiring Right Now