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Predictive Analysis

What is Predictive Analysis

In this article, we will learn what predictive analytics is and how it is changing future.

What is Predictive Analytics?

Predictive analytics are used to determine the probable future outcome of an event or the likelihood of a situation occurring. It is the branch of data mining concerned with the prediction of future probabilities and trends.

What is Predective Analysis

Four Types of Analytics:

What is Predective Analysis

  1. Descriptive Analytics - What is happening now based on incoming data. To mine the analytics, you typically use a real-time dashboard and/or email reports.
  2. Diagnostic Analytics- A look at past performance to determine what happened and why. The result of the analysis is often an analytic dashboard.
  3. Predictive Analytics - An analysis of likely scenarios of what might happen. The deliverables are usually a predictive forecast.
  4. Prescriptive Analytics - This type of analysis reveals what actions should be taken. This is the most valuable kind of analysis and usually results in rules and recommendations for next steps.

Out of all the 4 analytics mentioned above, Predictive Analysis is most on-demand now-a-days.

Predictive analytics use big data to identify past patterns to predict the future. For example, some companies are using predictive analytics for sales lead scoring. Some companies have gone one step further use predictive analytics for the entire sales process, analyzing lead source, number of communications, types of communications, social media, documents, CRM data, etc. Properly tuned predictive analytics can be used to support sales, marketing, or for other types of complex forecasts.

A real life example - How Facebook may predict your love story

Facebook may look at its user's posting patterns and moods in order to predict their future romantic relationships.
As per a blog - "During the 100 days before the relationship starts, Facebook observes a slow but steady increase in the number of timeline posts shared between the future couple. When the relationship starts (day 0), posts begin to decrease."

What is Predective Analysis
To put it another way, Facebook knows before you do when you are going to become a couple. It certainly knows long before you announce it on your relationship status.
What's more, Facebook can tell when the physical part of your relationship begins because your online activity decreases.

What's next?

Implementing Predictive Analysis is a piece of cake in HANA. With the Predictive Analysis Library (PAL) you can easily implement and see the result.
In next article, we will learn how to use HANA's Predictive Analysis capabilities with a real time example.

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