Last updated on April 11th, 2024 at 09:17 am
If you are at a junction, deliberating future options and fields to pursue your career, specially, if you plan to advance in the field of IT, then read on to understand some approaches that could come across as life altering for you.As the recent trends suggest, to be of relevance in the field of IT over the coming years, it is imperative that you adopt a skill that adds value to the organisation and your role, more so in the times of the Big Data boom.
Predictive analytics is one such technique that is applied within most organisations and is quickly gaining popularity due to the positive business impact it creates.
Reporting, Optimizing and Predicting are three things that you can most often do with your data. hence at the essence of it, predictive analysis is not something new or of great complication. But, ‘Do you have a method through which you can capture and analyse data from the future?’ No, however, there are ways you can predict the future by using the data from the past.
Predictive Analysis thus is an organised technology with a scientific approach, which is used to make predictions about the unknown future events. Intelligent approaches like statistical algorithms, data mining statistics, modelling, machine learning etc…, are applied to analyse past and current data, to make predictions about the future.
In fact, the need for predictive analysis emerged from the desire to turn already available raw data into getting informative insights that can be used not only to understand the past patterns, but based on these patterns, to develop a model with the ability to predict future outcomes.
Predictive analytics can be adopted by any organisation with a defined business goal, like that of reducing risks, increasing productivity, and increasing revenue.
Some examples are,
Banks and Financial Services, to measure the likelihood of fraud, measure credit risk, among others.
Retail and E-commerce, to make inventory of products, plan promotional events,
Health Insurance, besides fraud to identify patients at risk for chronic illness,
Manufacturing to reduce quality and production issues, service distribution, optimize resources,
Government Sectors for campaigning, to better understand human behavior,
these are just a few areas amongst others that benefit from the right use of predictive analysis technique.
In recent times all businesses across industries understand the significance of predictive analytics, however, after a little research it is understood that a staggering 53% business feel there is a huge gap between, ‘what needs to be done?’ and ‘what is currently done?’, due to lack of accurately skilled and trained resources, the results derived from the analysis might not give very accurate and valuable insight. And interestingly 89% businesses understand the value of PI and feel the need to have a dedicated staff to perform Predictive Analysis, giving it a status of a separate team and not an extension of BI. Hence there is a sudden spike for skilled staff in the domain of big data with appropriate predictive analysis skill set.
Imarticus Learning offers a well-spanned program on Predictive Analytics, the course offers a comprehensive hands-on understanding of predictive analytics using SAS, the market leader in business analytics.
The course covers essential skills like SAS programming basics, Hypothesis Testing, Predictive Modelling Techniques, Regression Analysis, Multivariate Analysis and Forecasting.
The course teaches from live case studies to real-life business problems, offering an industry aligned curriculum, delivered by industry expert faculty, with a combination of self-paced online and classroom training methods, and offers Career Assistance Services, thus making you job ready from day one, helping you land your dream job.
To commence in the field of Big Data analytics choose the best, and learn from the best, explore your options with Imarticus Learning now!
