When Sir Francis Bacon, coined the aphorism "Knowledge is power", he didn’t foresee a 21st century where technology and data science would more automatically and immediately turn knowledge into insight. Today, the phrase “Prediction is Power” may be more appropriate.
My colleague Mike Gualtieri works with applications developers and has been looking at the power that predictive analytics can infuse into a myriad of business applications these developers may encounter.
What I found fascinating about his recent research is that the example he chose a marketing example (Figure 1, subscription required) to demonstrate this power.
At Forrester, we define predictive analytics as:
Techniques, tools, and technologies that use data to find models — models that can anticipate outcomes with a significant probability of accuracy.Read more