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Intelligencia.co

Predictive Analytics

Predictive analytics is an area of data mining that deals with extracting information from data and using it to predict trends and behavioral patterns. Often the unknown event of interest is in the future, but predictive analytics can be applied to any type of unknown, whether that is in the past, the present or the future.

Predictive analytics uses many techniques from data mining to analyze current data to make predictions about the future, including statistics, modeling, machine learning, and artificial intelligence. For example, logistic regression can be used to turn a market basket analysis into a predictor so that a casino can understand what items are usually purchased together. Of course, the old beer and diapers story market basket wouldn’t fit for a casino, but gleaning data from the casino floor could reveal second favorite games that patrons like to play. This could be useful information when a patron is having a run of bad luck on his or her favorite game. Perhaps a marketing offer for a game he or she sometimes plays would be appreciated rather than an offer on his or her favorite game, as that might not be seen in such a positive light while the patron is in the midst of a losing run.  

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