Can Predictive Analytics Forecast FIFA World Cup Results?
With the upsurge of predictive statistical models, projections of the 2014 Mondial results seem less like fortune telling and much more like science. The popular games gave rise to all sorts of scientifically based statistical analytics attempting to predict the final results, so far, with pretty good success.
While predicting World Cup results can be fun and entertaining (Fantasy Soccer anyone?), cutting edge companies specializing in business analytics use powerful, state-of-the-art machine learning algorithms and data processing tools to predict business trends and directions to make educated decisions. Business users using predictive analytic solutions today can uncover meaningful patterns and correlations otherwise hidden with standard analysis and reporting. Sophisticated, advanced analytics such as time series forecasting help plan for future outcomes based on a better understanding of prior business performance.
How does predictive business analytic actually work? Well, it doesn’t attempt to predict exactly what’s in store for your business, but rather to substantially narrow down the spectrum of unknown. Say you are in Pharma sales and are trying to identify which prescribers will make your top target list. Predictive analytics will not tell you which physician will prescribe your drug most but will facilitate a winning choice of the most likely top ten list. In other words, it helps you zoom in on winning business decisions, making your outcome much more likely to succeed.
A great advantage to using predictive analytics in your business is time saving. A lot of tedious, repetitive compilation of long lists and reports is no longer necessary, as the algorithms take you straight to the ‘A’ list. Enjoy the free time! Grab the chips and nuts, sit back and watch the next World Cup match.