Predictive analysis is the analysis of big data to make predictions and determine the likelihood of future outcomes, trends, or events occurring. In the business field, it can be used to model various scenarios of how customers will react to new product offers or promotions and how the supply chain may be affected by adverse weather conditions or sudden increases in demand. Predictive analysis can include a variety of statistical techniques such as modeling, machine learning, and data mining.
The power of predictive analysis comes from a wide variety of methods and technologies — big data, data mining, statistical modeling, machine learning, various mathematical operations — that can be used in conjunction with parameters to extract from large volumes of data, both current and past, to make punctures on patterns and predict events and situations that may occur at a given time. This is particularly useful in helping companies find and exploit patterns in data by emphasizing risk and opportunities, behavioral relationships, or supply chain management.
Reliability and accuracy distinguish modern predictive analytics from the tools of the past used to forecast sales, inventory, programming, utilization, earnings, and numerous other important areas of business. Businesses in virtually any market can maximize a marketing campaign by using predictive analytics to support customer acquisition and feedback, and retain the most valuable customers with carefully targeted offers and promotions.
Data Mart is a slice of the data warehouse logical model that serves a narrow group of users. Many data subsets only need a subset of data from the full tables in the data warehouse.
Real-time data analytics is the process of analyzing data at the moment or within a very short period of time and making the results available immediately
Grok is a product of xAI, the artificial intelligence initiative founded under the leadership of Elon Musk, and aims to make complex data analysis more understandable. Adopting the concept of “Explainable AI”, Grok aims to provide a more transparent and traceable artificial intelligence system in the decision-making processes of companies.
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