I recently wrote an article on moving to predictive analytics as an issue of my column "Rules, Analytics, Decisions" for the Business Rules Community. Membership is free and if you have an interest in business rules and decision management it is well worth joining.
This article discusses how predictive analytic techniques analyze current and historical data to make predictions about future events. Note that these are rarely absolute statements ("Customer X will not renew at the end of this contract period") but are more likely to be odds of a particular event taking place in the future ("Segment X is those customers twice as likely to cancel as renew"). Using these techniques allows us to turn uncertainty into probability — from not knowing who is a retention risk to being able to estimate roughly how likely someone is to be a retention risk for example.
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James is one the leading experts in enterprise decision management, a published author and a principal of Smart (enough) Systems LLC. His blog discusses the use of decision management technologies like predictive analytics and business rules to deliver agility, improve business processes and bring intelligent automation to SOA.
James Taylor
James Taylor blogs on decision technologies for ebizQ, and is also a consultant on business analytics, decision management, rules, and process management. He works with clients to identify and bring to market advanced decision management solutions that will better solve their business needs. Taylor is widely considered a leading expert and visionary in enterprise decision management, and has recently authored a book, available here. For more information please contact Mr. Taylor at james@smartenoughsystems.com.
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