The march towards data democratization continues as vendor after vendor announces new tools and functionalities to enable business analysts to work directly with data. The latest is Lavastorm which has just announced a new functionality within its Lavastorm Analytics Engine that arms business analysts with predictive analytics.
TIBCO is all about infrastructure and BI; Lavastorm Analytics is all about agile data management and analytics. They just announced that together they're seriously busy extending their relationship and predictive analytics.
Now that the economy is recovering and employee retention, particularly of top talent, is a thing again, some companies are turning to predictive analytics to give employers a heads up on an employee preparing to jump ship. The goal, at least for now, is to enable the employer to intervene and do whatever it takes to hold onto that talent. But employees may soon see a downside to this use of analytics.
Heng Xu, associate professor of information sciences and technology at Penn State, is using big data to find hidden patterns to identify influences and influencers in fashion design in order to find emerging trends. The researchers, led by Xu, analyzed 6,629 runway reviews of 816 designers covering 30 fashion seasons over the past four years.
CenturyLink, the third largest telecommunications company in the U.S., announced that is has acquired Cognilytics, a big data and predictive analytics company based in San Jose.
Pratt & Whitney is using predictive analytics to expand its business model, specifically through new and enhanced services initiated through its many-sensored products. The move to predictive analytics "is really a paradigm shift in the way the business has to operate," CIO Larry Volz says in an interview with The Wall Street Journal.
Marketing people and business users: you now have free trial access to some very powerful cognitive, natural language-based predictive analytics and visual analytic tools. It's called Watson Analytics and yes, it's in beta--but my goodness, this is a great way to quickly master data and analytics in your daily work.
Predictive and prescriptive analytics are new territory to most companies working in big data today. For a better understanding of these and other types of analytics, and how to use them, see the FierceBigData Special Report: " How to get the most from descriptive, predictive and prescriptive analytics." But for today's post, let's take a look at their use in finance.
Human beings have a difficult time ascertaining the right method to apply when predicting the outcome of a problem. The company making that assertion demonstrated its own case in point.
Put all three types of analytics together and you get an entire picture of the situation and possible solutions.