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On Wednesday, March 13, at 11 a.m. PST/2 p.m. EST/7 p.m. GMT, @eWEEKNews will host its monthly #eWEEKChat. The topic will be “Getting Relevance Out of Corporate Data.” It will be moderated by Chris Preimesberger, eWEEK’s editor in chief.
Some quick facts:
Topic: “Getting Relevance Out of Corporate Data”
Date/time: March 13, 2019 @11a.m. PST/2 p.m. EST/7 p.m. GMT
Hosted by: @eWEEKNews
Moderator: Chris Preimesberger: @editingwhiz
Special expert guest: Oracle Senior Data Strategist @PaulSonderegger will discuss what predictive analytics entails with @editingwhiz in this #eWEEKchat on @eWEEKNews.
Tweetchat handle: You can use #eWEEKChat to follow/participate via Twitter itself, but it’s easier and more efficient to use the real-time chat room link at CrowdChat. Instructions are on that page.
Enterprises Are Finding Out They Need Help
More and more enterprises are finding that they need big-time assistance in interpreting all the data that is pouring into their storage coffers from customers, partners, websites, subscription data services, sensors and other streams.
Thus, predictive analytics has emerged as one of the key tracks in this new-gen technology. These solutions—which typically encompass data mining, business intelligence and machine learning components—help organizations understand how to better focus research, development, marketing, maintenance, cybersecurity and numerous other tasks. Using statistical techniques and specialized algorithms, they provide insights and models that would otherwise fly beneath the radar, thus helping an enterprise understand conditions and allocate resources more effectively.
According to research firm MarketsandMarkets, the global predictive analytics market is expected to grow from $4.56 billion in 2017 to $12.41 billion by 2022. It noted that, among other things, predictive analytics helps companies spot anomalies, anticipate events, use what-if-simulations and understand customer behavior. These tools are now used to address an array of diverse challenges revolving around financial matters, human behavior, supply chains and cybersecurity.
Typically, predictive analytics involves a number of discrete steps: defining a project, assembling the relevant data, conducting the data analysis, applying statistics and modeling, deploying the predictive model and monitoring and validating the model to ensure that it is accurate and producing usable results. In the past, organizations often used separate tools for each of these tasks. However, the lines between different types of data science solutions has blurred.
Why Taking a ‘Platform Approach’ to Analytics is a Hot Trend
Yellowfin is an example of a young analytics provider that is taking a platform approach to automating data discovery and bringing out information that can be used to create insights. Those insights can improve the quality of analytics and surface the most relevant data to dashboards and reports, preventing businesses from making decisions based upon faulty premises.
Businesses are also facing the challenge of how to interpret critical data and bring forth percent actionable insights. Many businesses have turned to external consultants, data scientists, and other high-dollar sources to navigate through all of the noise created by multiple data sets.
Platforms like Yellowfin Signals can reduce the need for high-powered consultants by automatically reducing the incidence of data misinterpretation, making the analytical data gathering process more reliable.
There are a number of other solutions in the market that warrant attention. eWEEK has been covering this sector for years; here is a list of articles on this topic.
Oracle Sr. Data Strategist @PaulSonderegger will join us to discuss and define predictive analytics.
Some of the questions we will ask on March 13 include:
- Is your company currently using analytics to sift through business data and come up with relevant trends for management to consider?
- Explain a use case deploying analytics that your company is currently using on a regular basis.
- Where would you like to see analytics used in your business, where it currently is not being used?
Join us March 13 at 11 a.m. Pacific/2 p.m. Eastern/7 p.m. GMT for 30 to 40 minutes. Chances are good that you’ll learn something valuable.
#eWEEKchat 2019 Schedule: All Tweetchats start at 11 a.m. PT / 2 p.m. ET
March 13: Getting Relevance out of Corporate Data
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Aug. 14: Is Low- and No-Code Application Development Still Trendy?
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