Society has always been fascinated by imagining and predicting the future, but we know that we will never find the answers in crystal balls. This mystical object is now relegated to movie sets or theatre stages. In the real world, it takes the form of sophisticated tools capable of predicting trends.
So is it possible to predict the future? Yes! At least in the business world. This can be done with advanced analytics. A significant amount of data is analysed – often using artificial intelligence – to find patterns or trends that generate insights and establish predictions.
According to Gartner, graphical, semantic and sentiment analysis, network and grouping analysis, multivariate statistics, data or text mining, machine learning, complex event processing and neural networks are some of the most common techniques found in advanced analytics.
Each one of these techniques examines different data types and formats that will support predictive analyses and that are explored by the most diverse market segments, such as insurance and other financial services, medical and pharmaceutical products, telecom, supply industries, retail and consumer goods, etc. The list is endless but the common denominator among these sectors is the abundant amount of data available and a data-driven mindset.