Benefits Of Using Predictive Analytics Software

These extremely large data sets may be analyzed computationally to reveal patterns, trends, and associations relating to human behavior and interaction. These analysesaffect us on day to day basis positively and negatively and the legality of how this information is collected and the laws that apply may be unclear. Both with or without users' knowledge, consumer personal data is collected from every daily, digital activity; from purchases, web searches, amazon searches, browsing history, and phone use. This data is generated, and then downloaded and stored. [15] Companies can then use this data to create "data sets" or large files of users' data to produce customer profiling. This data can also be used by police, the governmental bodies, scientists, businesses, military, and other industries where occasional breaches of data are expected .[16] Breaches and leaks of personal information including phone calls, credit card information, home address, and personal phone numbers are examples of information that is logged and stored by these corporations while making "data sets". Much of this information is being processed and sold to marketers for the purpose of marketing their products. This information is stored digitally and in some cases, regardless of the security of the information being stored, there are risks of unauthorized parties

“Predictive analytics uses technology to predict the future and influence it.” [27] It is predominantly being used to improve business processes, which is a great opportunity for entrepreneurs to achieve positive business outcomes [26]. The goal of this white paper is to discuss the impact of predictive analytics in today’s world and the various concerns that come along with it. The paper addresses key research questions like what are the legal and ethical concerns that rise from predictive analytics? And where can we use predictive analytics to get positive results? We have tried to analyze the current market situation in order to answer these questions, focusing on the key areas where predictive analytics has had positive and negative impact. After intense scrutiny of the facts and details encountered by us, we have come up with some recommendations and solutions to address the issues caused by the use of predictive analytics and how their effects can be balanced by organizations.

What is big data and how is it defined in today’s modern world? In 2001 Doug Laney Articulated what Big Data meant and this has become the industry standard for the idea. (SAS, 1) More accurately he described the three main attributes that defined Big Data. Laney articulated this idea during a period when Big Data was in its infancy. The amount of Data that could be stored did not allow for the level of analysis that is now common practice fourteen years later. This level of analysis is both changing the way we do business and changing the way we save lives. The amount of data collected from social media alone has completely revolutionized the marketing world allowing for targeted marketing campaigns at certain demographics. Laney described big data in three ways. (SAS, 1)

There are several positive uses of big data including the development of more accurate weather prediction systems, research and production of self-driving vehicles, making cities smarter, and collecting more data during exercise in order to train in the most efficient way. The essential item in keeping this straight is striving to develop policies that reflect our ideals and then implementing it. This falls on the shoulders of the government. Minimizing the gap between the implementation and policy can be achieved through various venues. Transparency is of paramount importance when dealing with surveillance and entrusting other entities with personal information. If any person is being spied on or having information collected, they should know about it and of course it should be legal. Google as a service is a good example. Although using Google’s services are “free” to use, it sells our personal information to other companies for surveillance capitalism and marketing. Google should have an agreement or make it clearly known that this is what is happening and then provide an option to pay for its services directly and not disclose user’s information. Additionally, companies that participate in such behaviors should be legally bound with well-defined terms and be regularly

The amount of data produced in the world is increasing exponentially, and we are a part of this phenomenon. We all use email, phones, social media, and credit cards. The new technologies that we are bringing home, such as smart cars and smart TVs, are collecting more and more data. Boyd and Crawford exposed the imperfections of the Big Data industry, and they have shown that we cannot assume that the industry will solve its own problems. By using all these technologies, we have given Big Data access to our finances, social interactions, homes, and minds. Big Data offers imperfect people tools that can be used for good and evil. If we are blind to how our data is being collected, the industry will continue misusing our data. But if we pay attention, and demand the technology companies respect our privacy, they will be forced to have higher standards. Currently, our society has ignored how our privacy is being jeopardized. As Boyd and Crawford noted, we don’t have the tools and access of researches, and our often unaware of the algorithms collecting our information (759,760). But we do have power. We can voice our concerns, or find alternatives to services that don’t respect us. We can use the tools we have access to for good, just like Big Data has been used

Big data describes large scale data sets which are analyzed, using algorithms, to determine and eventually predict patterns in human behavior, interactions and the environment (oed.com). Big data is used by government entities to protect against terrorism as well as commercial entities for marketing. Big data needs ethical standards to prevent violations of four central principles, which are privacy, confidentiality, transparency, and identity (Richards 395). Big data is awareness and empowers those who control it. This revolution in information enables companies to shape consumer identity by influencing every interaction the user has with their service. Due to its predictive and persuasive nature, restrictions are necessary for consumers to

Big Data is an expansive phrase for data sets so called big, large or complex that they are very difficult to process using traditional data processing applications. Challenges include analysis, capture, curation, search, sharing, storage, transfer, visualization, and information privacy. In common usage, the term big data has largely come to refer simply to the use of predictive analytics. Big data is a set of techniques and technologies that need or require new forms of integration to expose large invisible values from large datasets that are diverse, complex, and of a massive scale. When big data is effectively and efficiently captured, processed, and analyzed, companies

Technology companies are using big data to analyze millions of voice samples to deliver more reliable and accurate voice interfaces. Banks are using big data techniques to im- prove fraud detection. Health care providers are leveraging more detailed data to im- prove patient treatment. Big data is being used by manufacturers to improve warranty management and equipment monitoring, as well as to optimize the logistics of getting their products to market. Retailers are harnessing a wide range of customer interactions, both online and offline, in order to provide more tailored recommendations and optimal pricing.96

The emergence of big data has provided different avenues for organizations to use data to improve different aspects of their respective operations. Be it customer service, research and development, or market position, Big Data has the potential to be a significant driving force in all these areas. However, there’s still a significant gap between the ability of Big Data to produce insightful analytical information based on real-time data and the ability of organizations to capture and utilize this readily available tool. This is, in part, due to the fact that the systems and processes necessary to fully maximize the usefulness of Big Data is currently lacking in most organizations. This lack of a conducive habitat for Big Data is further magnified in new organizations without any knowledge of Big Data. For organizations that have that have little to no knowledge of Big Data, there must be a thorough assessment of the benefits of big data and how they could improve the organizations overall place in the market. There also needs to be steps taken towards the design of frameworks that will enable the organization to better capture and utilize Big Data.

Business thrive when they have the most accurate, up-to-date, and relevant information at their disposal. This information can be used for a plethora of pertinent markers in small and large businesses, relating to accounting, investments, consumer activity, and much more. Big data is a term used to describe the extremely large amounts of data that floods a business every day. For decades, big data has been a growing field, facing controversy on many levels, but as of late, it has been a major innovator in the challenge of making businesses more sustainable. Big data is often scrutinized for its over-generalization and inability to display meaningful results at times. When applied correctly, data analysis can bring earth-altering information to the table.

Big data is the present most-liked theme of today 's technology. These research goes through all description of techniques and technologies of extracting of the data, storing of data, distribution of data, analyzing of data, managing of data with high velocity and from the structured data and helps in the handling of the extreme data. Big data has the presentation the capacity to improve predictions, saving money and enhancing the decision making process in the fields of the traffic control, weather forecasting, disaster prevention, fraud control, business transaction, education system, health and the national security.

Big Data. What is big data? As it becomes a more relevant part of the business world, this report covers how to use it, what its benefits are, and what fields it works well in.

All in all, the notion of predictive analytics in a more advanced manner would probable change the way e-platforms work. Few of the currently implemented predictive analytics examples.

Big data analytics can help enterprises to better explore and understand the information contained within the data and will also help to recognize the data which becomes critical for future business decisions. Big data analysts basically depends on the knowledge of the analyzed data

The rise of big data analytics has affected the 21st century American economy and businesses in many positive ways. One area where it is lagging, however, is the healthcare industry. For years, America has paid more for healthcare than any other country on Earth. This can be attributed to a number of reasons, but a large factor among these is the inefficiency of the current healthcare system and its failure to adapt to cost-saving analytics like other industries have. That is where big data analytics can step in and serve a great purpose. Big data is the process of taking mass amount of information across different, but interrelated areas in order to derive deeper meanings, insights, trends, and analysis through the usage of high-speed, high-capacity algorithms. This can be huge when one considers that as of 2014, there are 44 petabytes of information on patients in the electronic health records system. (Raghupathi) This can include medical history, imagery from patient scans, lab results, and a vast array of other information. Couple this information with the push to integrate individual’s social media posts, personal DNA sequencing, and vital data collected by smartphones and wearables, just to name a few, and it becomes evident that we as a species will be generating exuberant amounts of medical data. There are some people, however, who feel that having this information integrated into any kind of database poses a risk to the privacy of their most personal,