It is amazing to note how Predictive Analytics is influencing every field- be it healthcare or marketing. In our recent blog post we unveiled “The big secret behind Narendra Modi’s win” in elections 2014- Analytics acted as a catalyst to Narendra Modi’s win.This technique of filtering users’ online interactions in order to deliver more information from a large pool of irrelevant data has become predominant. Implementation of Predictive Analytics was seen on a large scale in 2012 US elections in “Obama Campaign”. It was also in 2012 that Amazon had filed a patent for a system that would enable them to use this technique in preparing and shipping item long before their customers have clicked on the ‘buy’ button. Amazon used this technique to pace up their delivery in the most advanced way making it one of the fasted online retailer.
Editor’s note: Venturesity is organizing a 2-days Analytics Bootcamp themed around Predictive Analytics. In 16 hours, you will get to know what your customers want and how to retain them. Acquire new customers and predict marketing strategies based on their behaviour. Register for the bootcamp and get a hands-on training on ‘Customer Engagement-Predictive Modeling’.
In this blog we will discuss five tools enterprises can use for predictive analysis.
Actian– It provides a complete big data and analytics environment for enterprise analytics needs. Actain has been working quietly in the background to develop and acquire technology that is certainly way ahead of many big data analytics offerings. Actian has effectively solved the plumbing problem – connections to data sources, process flows and the infrastructure puzzle that currently accompanies big data efforts. They call it Big Data 2.0.
FICO– FICO provides a complete analytics environment, not only for model development and deployment, but also for monitoring and management. It gives customers access to solutions, frameworks and design patterns which encapsulate decades of experience. It also allows organizations to create their own apps or even create a service. This will undoubtedly be of great interest to many large organizations wanting to avoid the teething troubles associated with the adoption of these advanced technologies. FICO’s traditional customer base is found in banking, retail, government, health-care and insurance, but the technology and services have broad applicability.
Revolution Analytics– R is the most widely used, and arguably the most powerful analytics software on the planet. Revolution Analytics has turned this Open Source wild child into something the enterprise can use with relevant support, training and enhanced productivity. A community edition of Revolution R is available for free. It doesn’t come with the visual tools but it is faster than open source version.
Many large corporations use Revolution R Enterprise – it’s a bedrock of their analytical activity. The biggest advantages of R includes.
- You can run R on several operating systems and varied Software/Hardware. It is quite often used on Microsoft Windows (32-bit as well as 64-bit), Macintosh, GNU/Linux, UNIX and its derivatives such as Mac OS X, Darwin, FreeBSD, Solaris, etc. It also runs on some operating systems of Mainframes.
- R is one of the most advanced statistical programming language used worldwide by several statisticians to make their lives much easier and much more productive.
- R programmers can work on large complex objects (not limited to a small group of problems), exchange data in MS-Excel, ensure the accuracy of the code, keep a track of every computational step, preserve the history for later reference, work on advanced statistical analysis, do intricate visualizations and so on.
SAS– SAS is the foundation stone of analytics in many of the world’s large corporations. What is probably unique to SAS is the speed at which new techniques are adopted. Singular spectrum analysis is a glaring omission in many analytics packages, but it was incorporated into SAS.It focuses on the ‘analytical tools’ part of the equation and other technologies will be needed for ‘big data’ deployment into production systems.It provides a number of solutions for financial services (particularly fraud and financial crime), customer analytics, governance and compliance, supply chain intelligence, and many more. SAS has the advantages of a long history, commons usage by bio-statisticians and a wide range of statistical procedures. It’s data step is very powerful for manipulating data, but does have its limitation. Output quality from stat procedures is good.
TIBCO– TIBCO Spotfire provides self-service predictive analytics tools with which marketers can dig deeper into the data they have already collected. This helps them become more confident in their business decisions. The vendor provides companies with tools to anticipate emerging customer trends and information about which preemptive actions could help minimize risk. Sales teams can pinpoint underutilized customer segments, and they can create custom messages and promotions based on demographics. The result of these promotions can then be analyzed based on conversions or response rates. Spotfire offers a free trial and variable pricing.