It seems that almost every day we hear of new applications of technology that make it easier for customers to take action. This trend is picking up steam, and business intelligence companies are taking advantage. They are developing applications that use predictive analytics to help customers make better financial decisions.
"Business intelligence" is a term used to describe the information being collected by the right people at the right time. Customers use such applications to gain insight on how they can improve their business. Whether it's a credit card application or a restaurant management system, it all starts with getting the data in front of the right people. That data becomes the foundation for prediction.
The most common terms to describe predictive analytics are "analysing"prediction." Analyzing is the process of applying scientific methods to analyze huge volumes of data in order to build up statistical models. Prediction uses mathematical formulas to predict what the future will bring.
Currently, the largest economic centre in the world is India. In fact, if you look at how many daily transactions go on within the country, it makes sense to view India as one of the leading markets in the world.
It also has ancillary businesses like retail, hotels, airlines, the economy, etc. The kind of business intelligence that businesses need today is able to leverage data to improve its analytical capabilities.
It's not unusual to see predictive analytics being used to predict these kinds of similar applications. Predictive analytics makes use of mathematical formulas to predict which companies' prices will increase and which ones will decrease.
Gee uses its predictive analytics to determine what data sets should be used in its predictive analytics packages. With this kind of understanding, companies can focus their efforts on the sets of data that need the most attention.
Gee's predictive analytics focuses on trends. When a company wants to make sure it makes the right moves, it can make use of the analytical tools that are available. These tools use big data in order to provide predictions.
Gee's approach to predictive analytics differs from some of the others on the market. The company doesn't make use of the traditional statistical methods to make predictions. Instead, it focuses on observation, trial and error, and modeling to improve predictions.
Another company, Alteryx, has developed software that focuses on predictive analytics. Alteryx also uses the big data approach to improve its predictive analytics. It includes elements of game theory and mathematics in its predictive analytics, which is useful because they are both used in economics.
Gee's next step is to expand its financial analysis platform to include the markets beyond Asia. The company plans to launch an international platform that will be a significant leap forward in its analytical business.
With Gee's latest launch, financial market analysts have a tool that can be used by anyone looking to expand their analytics application. And, even though the technology is still a work in progress, it shows that there's plenty of room for growth in analytics.