CGA Technology is aware of this trend and the team is aiming for it. CGA Technology will start by taking the analytics module of Flex Manager System to the next level, this improvement will include cross analytics through modules and customizable options.
Version 6 of the Flex Management System will be released during the first Q-2020. Predictive Analytics and Prescriptive will be on the loop as our long-term plan with this module.
What are we aiming for? What is Predictive Analytics?
Predictive analytics is the branch of advanced analytics which is used to make predictions about unknown future events. Predictive analytics uses many techniques from data mining, statistics, modeling, machine learning, and artificial intelligence to analyze current data.
Predictive analytics models capture relationships among many factors to assess risk with a set of conditions to assign a score or weight. By successfully applying predictive analytics the business can effectively interpret big data for their benefit.
The data mining and text analytics along with statistics, allows the business users to create predictive intelligence by uncovering patterns and relationships in both structured data (such as age, gender, income, status) and unstructured data (social media content, notes from call center notes, in other words, is open text which needs to be extracted).
Predictive analytics allows companies to look forward, become proactive and anticipate outcomes based on data and not on assumptions. Prescriptive analytics represents the next level and suggest actions from the prediction.
Predictive Analytics Process
Define Project: Scope the efforts, set up clear business objectives.
Data Collection: Overview of customers’ interactions from multiple sources.
Data Analysis: Is the process of selecting, transforming and modeling data with the objective of discovering useful information.
Statistics: Enables to validate assumptions, hypotheses and test them using standard statistical models.
Modeling: Ability to automatically create accurate predictive models about the future.
Deployment: Predictive model deployment, deploys the analytics results into the everyday decision-making process to get results, reports, and output by automating the decisions based on the modeling.
Model Monitoring: Ensure to monitor the performance to ensure that it is providing the results expected.
Prescriptive Analytics automates complex decisions and trade-offs to make predictions and then proactively update recommendations based on changing events to take advantage of the prediction. Perform BI reporting and advanced analytics operations all from one integrated platform.
It’s relevant for CGA Technology to share our future plans, letting know the market that we got their backs when we talk about implementing the latest up to date technology of the industry.
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PAT RESEARCH: B2B Reviews, Buying Guides & Best Practices. Available at: https://www.predictiveanalyticstoday.com/what-is-predictive-analytics/ [Accessed 23 Oct. 2019].