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What do law enforcement, sports, healthcare, retail and agriculture all have in common? Thanks to big data and advanced analytics, these are just a few industries where predictive modeling is poised to change the playing field.
Big data keeps getting bigger. And continual advances in computing, warehousing and associated technologies make it ever more useful. We know more about the behaviors of people and the outcome of events than ever before. Cloud computing, SaaS and smart devices produce more and more data with the potential to create meaningful information all industries can use to improve their condition and predict future events.
Learning from the Past and Present to Predict the Future
Enter predictive modeling, a collection of mathematical techniques used to predict the probability of an outcome. Predictive modeling analyzes historical and current data to create a statistical model to predict future outcomes. The model is then validated or revised when additional data and experiences are introduced.
It's this validation and revision aspect that marries predictive modeling to big data. The greater the volume of relevant data that can be analyzed in a predictive model, the more accurate and meaningful the model becomes at creating useful information. Predictive modeling feeds on big data.
Predictive Modeling at Work and Play
Here are a number of industries leveraging predictive models to dive deep into big data and reap amazing insights into the way we work and live:
Thanks to the ever growing volume of big data, predictive modeling is increasingly valuable across industries to help improve customer relationships, shareholder value, business operations and patient care. The ability to predict future outcomes by analyzing the past and present have endless applications to improve human conditions.
Predictive modeling's innate ability to validate and revise itself as more experiences, outcomes and data points become available makes it an ongoing approach to business management that increases in value over time. Advanced analytic solutions such as predictive modeling enable organizations across industries to make faster and better informed decisions leading to improved market competitiveness and first-in-market opportunities.
As Director of Data Science at SoftServe, Inc., Sergii Shelpuk is a leading expert in deep learning neural networks, machine learning, artificial intelligence, and predictive analytics. A graduate of the Kyiv Polytechnic Institute and the Yaroslav Mudryi National Law Academy of the Ukraine, Sergii leads the development of innovative data science models for a wide spectrum of industries.