Predictive Analytics – from Big Data to Smart Customer Data
Dr Wolfgang Martin, Analyst
Smart Data beats Big Data. However, no one can look into the future or even know and/or analyse data from the future. But with certain methods you can predict future trends and developments from data of the past.
The statistical, mathematic and linguistic processes applied today not only enable analyses showing relationships in data, but also forecast what will happen in the future and what trends will develop, based on the history contained in existing data sets. They offer companies turnover and profit potential, particularly in customer experience management: Smart data beats big data. But no one can foresee data from the future, and data from the future certainly cannot be analysed. But there are methods for predicting future trends and developments from historic data. This is task and target of predictive analytics, one of the main challenges for those digital companies who understand that customer experience management is a critical success factor.