Explained: How Predictive Analytics and Data Mining Fit Together
Predictive analytics and data mining are often used interchangeably, but they address very different parts of the same process We’ll explain how each technique works, why you need them, and how they work together. Predictive Analytics Explained Predictive analytics prepare you for what’s on the horizon. While total accuracy is impossible, the best predictive analytics and modeling platforms provide an informed, insightful picture. They do this by interpreting past and current data from as many sources as possible to identify patterns and build models that can project these trends into the future. By combining descriptive and diagnostic analytics, predictive analytics algorithms gain a good sense of what happened and why, in order to pinpoint similar conditions in the future. Real-Life Uses of Predictive Analytics Every business wants to reduce risk and plan efficiently for the future, so it’s hardly surprising that predictive analytics has been embraced by companies across a wide range...