2015 Prediction: Prescriptive Analytics Will Make It
JeanFrancoisPuget 2700028FGP Visits (9166)
This is prediction season. I never played that game so far, but felt compelled to do so after reading quite a few predictions about what will happen in 2015 around Analytics and Big Data. I won't repeat what seems to be a consensus, and will refer to two specific lists that I found more interesting than others.
The first list is by Nathan Brixius, from Microsoft. Here are the top items, I'll let you read Nathan's blog to get the meat behind the titles.
The second list is by James Kobielus, from IBM. Again, I only list the top items and refer to his blog entry to learn more..
I like, and agree with, both lists. However, I do think there is something missing. Here is my 2 cent addition
We will see a surge in Prescriptive Analytics investment across all industries
We saw two industry waves over the last few years around big data and analytics. First, the realization that data has value. This led to ever increasing investment in data acquisition, data storage, data governance, and data monetization. We can call this wave "big data" if we insist on labeling it. The second wave is the realization that raw data in itself hasn't that much value. Additional value comes from analyzing that data in order to get insights. This wave is happening right now, and we can call it "analytics", or "machine learning", or "data science"; pick your favorite. Yes, I know these phrases aren't exactly synonyms, but this is good enough given the level of details we deal with here.
A third wave has started with the realization that insights themselves aren't of much value unless they are actionable. I've met analytics users that asked me: "the insights we are getting are quite interesting indeed, but what should we do with them?" This is a natural question to ask. Indeed, business value comes from the business decisions made from data and insights.
Key is to focus on actionable insights, then act upon them. Looking for non actionable insights is a waste of time in most cases. As Seth Godin put it,
Don't measure anything unless the data helps you make a better decision or change your actions.
If you're not prepared to change your diet or your workouts, don't get on the scale.
We saw this kind of messaging get traction in 2014. I'm predicting that this will become much more prevalent in 2015. This will result in launching projects to automate decision making based on data and insights. In other words, we will see a surge in pres
I welcome comments given this is a first for me. I wonder how I will feel when reading this a year from now