With the incredible increase in the data generation rate, predictive analytics is becoming more common. But what is predictive analytics? It’s an advanced data analytics technique for analyzing vast and diverse volumes of historical data to predict future outcomes. Companies use predictive analytics to identify opportunities and risks to find patterns in the accumulated data. Organizations using the predictive analytics technique deploy some predictive analytics software that uses various data mining techniques combined with statistical modeling and machine learning.
As companies are handling overwhelming data volumes, which are increasing at an incredible rate, predictive analysis is an integral part of data science and big data. As data sources keep multiplying fast, companies are trying their best to harness the power of data to gather insights for creating cutting-edge strategies for advancement and growth. For gathering insights from data, data scientists use software for predictive analytics based on machine learning algorithms and deep learning to find patterns that help make predictions about future events. Companies use data-based predictions for making important decisions.
Here are a few of the best predictive analytics software popular across industries and businesses.
Alteryx
The Alteryx platform puts process automation, data science, and analytics in one place. Companies that want to handle the data analytics tasks independently find the Alteryx Analytic Process Automation platform most suited for their needs. The platform allows repeatable workflows with building blocks that only use codes or low codes. The predictive analytics tools of the software use augmented machine learning to help build predictive models that are useful for decision making. The platform facilitates seamless sharing of workflows online via the company’s cloud platform, on-premises data centers, and the desktop level. Moreover, the platform features built-in integrations with modern applications within the cloud ecosystem.
Databricks Lakehouse
Databricks Lakehouse is a perfect combination of the functionality of a data lake and a data warehouse. Databricks provides a single data platform by aggregating the cloud deployments and unifies AI use cases and data warehousing on one platform. The open source technology Delta Lake provides the foundation of the warehouse that relies on the open format storage layer to ensure security, reliability, and performance for batch operations and streaming. It provides a single house for all kinds of data, structured, semi-structured, and unstructured. The high-performance query engine named Delta Engine is one of the tools for predictive analytics. Cloud partners of the Delta engine include Google Cloud, Azure, and AWS.
Azure Machine Learning
Azure Machine Learning platform from Microsoft, the popular software for predictive analytics, offers business analytics services encompassing the entire machine learning process. The software supports a wide range of data-related activities like data preparation and building and training models through proper validation and deployment besides monitoring and managing them. In addition, Azure Machine Learning also offers a support program PyTorch Enterprise for the open source DL framework.
Knowing what is predictive analytics should help companies leverage the data computing capabilities for faster growth.
