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The Future of Business Intelligence Predictive Analytics

The Future of Business Intelligence Predictive Analytics

A colleague of mine recently reminded me of the similarities between business intelligence predictive analytics. According to him, predictive analytics business intelligence are one and the same. I didn’t necessarily disagree, but I suppose I have one or two reservations about saying that they’re one and the same simply because I operate in predictive analytics, and therefore am perhaps not what you’d call an authority figure on business intelligence. Still, I know that the essence of both business intelligence predictive analytics is the same, even if conclusions drawn and subsequent actions taken are different.

statistical data analysis schema

But there is the rub for me: the conclusions and subsequent actions are different. What you get out of predictive analytics you don’t get out of business intelligence.

Definitions: Predictive Analytics Business Intelligence

The simple way of differentiating the terms predictive analytics business intelligence is by saying that business intelligence is retrospective in the sense that it looks at what has happened and what is presently happening. Predictive analytics, conversely, is pretty much self-explanatory – it looks at the future. It seeks to make predictions.

Predictive analytics the future of business intelligence because it is an important way of looking at business data analysis that more businesses should be embraced. This is not to say that it is here to replace business intelligence altogether; the two methods can compliment one another, working in harmony to help a business improve and strengthen further. Rather than negatively dismiss predictive analytics the future of business intelligence – as companies seem to be doing – more businesses should embrace this method of mining data and using it to predict future events such as:

  • Product sales
  • Future campagins
  • Consumer behaviour

Business intelligence is certainly a wide open field, but predictive analytics is much more specialised. It seeks to uncover hidden patterns in the data and it unravels and analyses them via sophisticated mathematical models, before predicting future events.

Predictive Analytics: The Future of Business Intelligence

Predictive analytics is kinda based on business intelligence. They’re siblings, to a certain extent. You can look at them in this way: business intelligence is the staid, unadventurous older brother who is happy to stay rooted in the present. He isn’t all that ambitious.

Predictive analytics, on the other hand, is the forward-thinking younger brother who always has one eye on the future. He has his brother’s maturity but wants more out of life.

Therefore, any business who doesn’t use bother predictive analytics and business intelligence is missing out on the kind of opportunities that predictive analytics could bring them. Business intelligence can only do so much. It answers questions about your customers to a certain extent. Indeed, it answers everything to a certain extent.

Predictive analytics – the future of business intelligence – conversely goes beyond this certain extent.

Business intelligence can tell you how long someone has been a customer of yours. Predictive analytics can tell you how many times they’ll return to you over a certain period – for example, Christmas. It allows you to optimise your businesses performance. It doesn’t settle for what has happen but peers into the future and gives you glimpses of what is likely to happen.

Not quite a crystal ball, but still very good.

In short, predictive analytics grew out of business intelligence. It’s taken things from its younger sibling and is heading out into the big wide world all by itself, ready to gobble up opportunities and provide people with answers. 

Learn about predictive analytics the future of business intelligence today!