Predictive modeling, also known as predictive analytics, uses the history of your data to analyze and forecast possible future performance. In Big Data, predictive analytics can give you insight on the future growth of your company in areas of opportunity, demand, risk and fraud. However, results can be sketchy at best without having IT professionals who know what they are doing. Many problems lie in the fact that analysts are trained differently as those people who are running businesses – the people who know the numbers, the background of the business. Without a solid connection between the two, the predictive models can be missing valuable information. All that ends up happening is that your company has lost capital and you’ve spent valuable time and resources unwisely. Useful predictive models change depending on the information you are trying to find answers to. This includes workable models that are scalable to the growth of your business.
Working with a company that knows the ins and outs of predictive analytics and has a staff with the skills to listen and take the time to really understand what a clients’ needs are is essential. Otherwise, you could get an analyst who has pitched you a line that he has used on the last 25 companies – a lot of time and money can be lost in producing a lot useless information, or ending up with a model that is so complicated no one can figure it out.
In any modeling situation, these steps should be followed:
- Define the Objective
- Gather the Data
- Preparing the Data for Modeling
- Selecting and Transforming the Variables
- Processing and Evaluating the Model
- Validating the Models
- Implementing and Maintaining the Models
Why BrickRed Systems?
At BrickRed Systems, our predictive modeling technicians combine strong intellectual knowledge of different industries with various approaches such as regression, statistics, neural networks, decision trees and other data mining tools. We exploit patterns of current and historic facts to make predictions about the future. We listen to your current needs and your future goals, so that your results work, specifically, for you.