Predictive analytics, data mining lead new analytics software charge

Predictive analytics, data mining lead new analytics software charge

Justin Aucoin, Associate Site Editor

 Predictive analytics, data mining lead new analytics software charge

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According to survey respondents, predictive analytics, data mining and customer data analytics are the most common types of analytics technologies that their organizations planned to begin using over the course of the next year. More than one-third of companies with analytics tools or deployment plans – 38% – were already using data mining software, while another 40% said they planned to add it soon. The same percentage of respondents had plans to start using customer data analytics tools. A relatively small number of participating businesses – 16% – were using predictive analytics technology at the time of the survey. But 48% were looking to implement it, putting predictive analytics at the top of the analytics technology adoption list.

And predictive analytics could be the next big battleground for business intelligence (BI) vendors, according to industry analysts who noted that more and more BI and data warehousing software companies are working to incorporate predictive analytics technology into their core platforms. But there are still a number of predictive analytics obstacles that BI vendors need to overcome to enable widespread use of the technology, the analysts said. That includes better visualization support and simplified processes for building the predictive models that users run against the tools.

Predictive analytics and data mining resources:

  • Many predictive analytics projects are narrowly focused on customer behavior. Read about Target and other predictive analytics early adopters that are using the technology to tailor marketing campaigns and up-sell offers to individual customers. And see how in-database predictive analytics is helping a marketing services company do the same thing.   
  • Get an overview of data mining and predictive analytics trends, plus insight on the technology’s potential benefits and challenges, in an email Q&A with Forrester Research analyst James Kobielus.  
  • Check out a book excerpt that explains how law enforcement agencies are using data mining and predictive analytics to find patterns and help solve crimes by proving or disproving hypotheses. Also, if you aren’t sure where to start with data mining (or just want to brush up on it), we have some simple data mining examples to help get you started, courtesy of the book Data Mining: Know It All.
  • Predictive analytics technology is still used primarily by organizations with sophisticated data-driven processes in place, says consultant Rick Sherman. Get his advice on selecting and using predictive analytics tools, including tips on building predictive models.

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This was first published in December 2010

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