Predictive Analytics in the Real World

The field of predictive analytics is one of the most complex and challenging subsets of the Big Data and advanced analytic market. There is also a very wide gap between the practitioners of predictive analytics—most of whom are statisticians, scientific researchers and data scientists—and the people who most want to use predictive analytics for commercial and industrial applications. Bridging this gap with accurate information and clear communication is imperative if predictive applications are to satisfy business users’ expectations. The purpose of this report is to assist in building this bridge: first, by placing predictive analytics in a practical conceptual context for business people; then, by exploring several of the promising solutions that are coming to market.