What is Predictive Analytics?
A branch of advanced analytics, predictive analytics uses historical data, statistical modeling, data mining techniques, and machine learning to make future predictions. In view of this, it immensely benefits companies to identify opportunities and risks and make informed decisions.
Predictive analytics is closely associated with big data and data science. Recently, companies have seen an upsurge in data across transactional databases, images, videos, equipment log files, sensors, and other sources. However, the data is only usable when one can glean meaningful insights from it. Therefore, data scientists use deep learning and machine learning algorithms to recognize patterns and make accurate predictions. Regression analysis, neural networks, support vector machines, and decision trees are among the most commonly-used tools in this regard.
Why is Predictive Analytics Important?
In addition to significantly boosting a company's decision-making processes, predictive analytics also has certain salient features that make it an indispensable tool in a tech-driven business landscape. They are as follows:
- Scalability: Predictive analytics allows us to automate data science and tasks related to data engineering. We can train, test, and deploy models across a multitude of applications seamlessly. In doing so, you can extend common data science capabilities to hybrid, multi-cloud environments as well.
- Speed: Predictive analytics is a dynamic tool that offers considerable speed to the user while harnessing pre-built applications and pre-trained models. It not only fast-tracks operations but also allows us to utilize large datasets to their maximum potential.
- Simplicity: Predictive analytics offers a central platform to manage the entire lifecycle of data science. Using standardized development and deployment processes creates a single framework for data governance and security across a company.
Multiple departments and industries benefit from integrating predictive analytics into company operations. For example, employing predictive analytics in sectors like banking, healthcare, human resources (HR), marketing and sales, retail, and supply chain can go a long way in ensuring the stability and profitability of industries across the board.
Can I Learn about Predictive Analytics Online?
Online predictive analytics courses have seen tremendous demand in recent times. With a shift in mindset as well as operations towards a tech-driven world, companies, recruiters, and individuals alike realize the need to assimilate and upskill when it comes to data. These courses are affordable, flexible, and highly coveted, as they are offered by some of the most prestigious institutions worldwide. Most also include certification in predictive analytics, which significantly boosts one’s employability.
What Kind of Career Can I Get with a Background in Predictive Analytics?
The future of data is brighter than ever. Needless to say, having a solid background in predictive analytics is sure to skyrocket your chances of employment and career advancement. The US Bureau of Labor Statistics predicts a growth rate of 31% in data science-related jobs, making it one of the fastest-growing occupations.
Lucrative Predictive Analytics Careers are:
- Big Data Engineer
- Data Architect
- Data Security Analyst
- Data Scientist
Many professionals also opt for positions like database manager, business intelligence analyst, data modeler, and data analyst. With high salaries and immense scope for creativity, a stronghold on predictive analytics offers career opportunities that are fulfilling, profitable, and highly regarded.
Why Take an Online Course at Emeritus?
Each Emeritus online course is designed keeping key learning outcomes in mind by a team of experts. We use the backward design methodology to develop instruction for learners of all ages. This enables us to craft unique, interactive, learning experiences that include a combination of assessments, hands-on activities, skill application, and more.
Emeritus also collaborates with the best universities and faculty around the world to curate the course curriculum that can effectively tackle present challenges in the industry, while preparing you for the trends and risks in the future. Our courses consist of assignments, exams, capstone projects, networking opportunities, a fine balance of practical and theoretical concepts, and the opportunity to learn from top minds in the industry. This adds to the holistic experience we try to provide for each learner.
We are also focused on providing courses that are standardized in quality. This is done by adhering to standards set by a global organization called Quality Matters which is focused on providing quality standards for online and innovative digital teaching and learning environments. The rigorous criteria ensure all our learners invest in quality education that is easily accessible and affordable.