Is Big Data the Missing Link in Predictive Analytics?

8:45 pm BI Theory

Most companies do not suffer from lack of data. They suffer from how to extract insight from data in a timely manner. As most organisations are still struggling with how to get value from their dashboards, they are now being overwhelmed with the sheer volume of data and the rapidly changing market trends.

Predictive analytics relies on certain underlying market assumptions either remaining constant or being predictable in their change. To date, we have been winging it on a wide range of assumptions in terms of where market opinion will move next.  However, Big Data has the ability to change that. Where we once relied on somewhat unreliable market surveys to predict changes in consumer attitudes, Big Data provides us with real insight into changes, as they happen. Using social data to create  ‘market state correlations’ and we can start to build up a library of more reliable assumptions that may be reused.

Mining Big Data brings us one step closer to the level of customer intimacy that really starts to work for both sides of the market. Businesses can be more targeted in their product development and market messaging, and consumers get exactly what they want in terms of product features and convenient sales channels.

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