Business Intelligence enables greater transparency, and can find and analyze past and present trends, as well as the hidden nature of data. Business Intelligence tools analyze only historical data—data about what has already happened. However, past and present insight and trend information are not enough to be competitive in business. Business organizations need to know more about the future, and in particular, about future trends, patterns, and customer behavior in order to understand the market better.
Predictive analytics is used to determine the probable future outcome of an event or the likelihood of a situation occurring. Predictive analytics combines business knowledge and statistical analytical techniques that can be applied on business data to achieve insights. It is the branch of data mining concerned with the prediction of future probabilities and trends.
Prediction using Data Mining
Predictive analytical models are built by data mining tools and techniques. Data mining tools extract data by accessing massive databases and then they process the data with advance algorithms to find hidden patterns and predictive information. Data mining, also known as knowledge-discovery in databases, is the practice of automatically searching large stores of data for patterns.
Applications for Data Mining
Data mining is widely used in Banking and Insurance for Risk Estimation & Management, Retail & Consumer Product Goods (CPG) for Consumer behavior, Pharma science for drug testing and Six Sigma for Process Improvement
Tools which are widely used to data mining are:
[Adapted from ElegantJ BI White Paper]
Are your company’s decisions backed by solid Information? Do you have the means to derive key insights from the data gold mine you are sitting on? Are you equipped with the right technology to handle the ever growing data universe? How well do you understand your customer?
Analytics empowers decision makers with insights and foresights to make informed, timely and fact based business decisions. Powered by BI/Analytics CoE, Marlabs can transform your huge data into knowledge thereby helping you improve business outcomes and keeping you ahead of emerging trends. Our expertise in predictive analytics will provide you with the Business insights you need to make faster and smarter business decisions and stay ahead of your competition.
Our offerings are designed to help you understand your customer needs and cement a relationship that would stand the test of time. Be it customer sentiments or Campaign Analytics we have an offering that will cater to each of these needs.
Marlabs understands you well. Our programming and maintenance team will work with you to Design, Develop, Customize our offering as per your business needs using a variety of cutting edge technology tools like SAS, SPSS, R, OpenNLP, Minitab. Our maintenance team ensures business continuity at all times.
Ravindra Pilli is currently a Mobile Test Architect at MARLABS and has had an article published in June’s edition of the international journal, Testing Experience. An excerpt from the article is below,
“There is rapid growth in the development of new mobile applications and millions of mobile device users around the world are consuming them instantly on their smartphones and tablets. No wonder. Mobility is a key factor as companies rethink their business models, re-invent their workforces, and rewire their operations for tomorrow.
Building and testing mobile apps that work flawlessly and satisfy demanding users is not easy – or inexpensive. But what if testing team could:
Reduce test infrastructure costs and increase test quality: Centralized,software-based and efficient hardware introduction.
Deliver the fastest time-to-market: Dramatic improvement of new handsets, applications and content introduction time.
Automate mobile app and web testing: easy implementation of testing scripts on new devices and a significant reduction in testing time, along with a higher quality testing methodology.
Provide a highly scalable solution: Non-intrusive handset connectivity, and high-density, swappable devices.
Securely test 24/7 from anywhere: highly secure over Wi-Fi/cable. Cloud-based mobile testing is a solution that makes all this possible and can combine mobile test strategy with the benefits of cloud technology to enhance the quality and operations of your testing teams. "
To continue reading, go to http://www.testingexperience.com/ and download June’s edition of the journal for free.
Ravindra Pilli is currently a Mobile Test Architect at MARLABS and has more than 8 years of experience as a test engineer, senior test engineer, testing TL, and mobile test architect. Ravindra is part of the Testing CoE which works on functional, automation, compatibility, performance, network, and field testing.