These days nearly every enterprise wants to have predictive analytics capabilities to better understand their historical data. This enterprise expectation corresponds with a growing interest in Big Data and artificial intelligence solutions. Show
Should You Use Predictive Analytics?In recent surveys, over 90 percent of organizations say they believe predictive analytics will be important to their future data analysis success. But far fewer respondents have put predictive analytics software into production or fully integrated the software into their business models. Part of the problem may be the difficulties involved in choosing the right technology for your needs. Rushing to make a purchase in order to keep up with the data analytics trends is a sure way to end up with an expensive tool that disappoints expectations. Learn more about how to select the best predictive analytics software and some of the top players in the predictive analytics market here: Also read: Data Analytics Market Review How To Choose A Predictive Analytics ToolHow do you choose predictive analytics tools with predictive models that fit your needs? Experts suggest that organizations begin the selection process by defining their exact data analytics and data source needs. Asking the following questions may help:
Also read: The Pros and Cons of Edge Computing Top 8 Predictive Analytics ToolsBecause every organization has a different answer to the questions above, there is no one best predictive analytics tool. Here is a list of eight predictive analytics software solutions worth considering as you begin your selection process: IBM SPSS StatisticsYou really can’t go wrong with IBM’s predictive analytics tool. It’s been around for a long time and offers a robust list of capabilities, including the SPSS modeler. Another plus is that IBM offers easy-to-understand pricing. However, while its user interface has gotten a recent facelift, it still may be too complicated for most business users who don’t have a lot of experience in analytics and data science. Explore our in-depth look at IBM predictive analytics solutions SAS Advanced AnalyticsSAS is the leader in various analytics markets and offers an incredibly long list of different predictive analytics and other advanced analytics products. In fact, that list is so long that it might be difficult to figure out which tool(s) you need for your historical data management purposes. The company also doesn’t provide upfront pricing, making it tougher to compare with other solutions directly. Still, with so many different tools available, chances are good that SAS has exactly what you need. Explore our in-depth look at SAS for predictive analytics SAP Predictive AnalyticsIf you will primarily be using your predictive analytics solution to analyze data that resides in SAP software or the SAP Analytics Cloud, such as your ERP data, the SAP solution might be a good fit for you. The company has quite a few different options available when it comes to features, but like SAS and several others, it does not disclose pricing. It also does not have a public cloud deployment option. On the positive side, it does have advanced machine learning and security features for its predictive models. Explore our in-depth look at SAP solutions for predictive analytics TIBCO StatisticaTIBCO puts the emphasis on usability, with a lot of collaboration and workflow features built into the tool to make business intelligence possible across an organization. This makes it a good choice for your company if you expect lesser trained staff will use the tool. It also integrates with a wide range of other analytics tools, making it easy to extend its capabilities. This is also the only tool on the list that emphasizes its IoT/embedded capabilities. Explore our in-depth look at TIBCO for predictive analytics H2OIf you are interested in an open-source predictive analytics tool with data mining features, put H2O at the top of your list. It offers fast performance, affordability, advanced capabilities, and extreme flexibility. The dashboard for H2O offers a veritable smorgasbord of actionable insights. However, this tool is more for the expert data science crowd than for citizen data scientists. If you’ve invested in trained staff, this could be your tool. Explore our in-depth look at H2O Oracle DataScienceOracle got into the predictive analytics market when they purchased a highly regarded startup called DataScience, and they have since expanded and matured their portfolio. This solution is most useful for organizations using Oracle’s database and cloud services. Explore our in-depth look at Oracle DataScience Q ResearchQ Research focuses on one market: market research. If you need a predictive analytics solution only for market research and marketing analytics, this application has all the capabilities you could ever want. This highly automated platform streamlines the predictive analytics process so that users can spend less time running the tool and more time strategizing for the next marketing campaign. On the downside, it doesn’t have the capabilities to do other types of predictive analytics. Not looking for a marketing-only solution? Qlik Sense might be a better platform for you. WebFOCUS by TIBCOWebFOCUS was previously owned by Information Builders before it was acquired by TIBCO. TIBCO offers a complete suite of BI analytics, and data management tools that include predictive analytics capabilities. If an end-to-end data solution is on your shopping list, this might be a good option. Also, it offers tools for both the expert data scientist and business users. It’s an appropriate all-around option for a company whose staff has various levels of data expertise. Like many of the others on the list, however, pricing is available only upon request. Explore our in-depth look at Information Builders WebFOCUS Predictive Analytics Tool Honorable MentionsIn addition to our top picks, there are a number of other promising predictive analytics tools out there. Here are some others to consider: RapidMiner StudioRapidMiner is another solid tool to consider that has won accolades from analysts, including Gartner, which named it a leader in its Magic Quadrant for data science and machine learning platforms. Users tend to praise RapidMiner for its user interface, ease of use, and strong data mining strategies. KNIME Analytics PlatformKNIME provides both an open-source as well as a commercially supported version of its Analytics Platform product. The KNIME offering is often seen as easy to use, while still providing advanced capabilities including machine learning (ML) automation. It also offers prescriptive analytics capabilities, which makes it a good tool for future business roadmap planning. DataikuFor those looking for a platform that has strong collaboration and artificial intelligence, the Dataiku Data Science Studio (DSS) is another solid option. The offering has had some production scalability challenges in the past which are being improved. FICO Predictive AnalyticsThe FICO Predictive Analytics platform is a good choice for decision management-based capabilities, especially for organizations in the financial services sector. Halo Software by LogilityLogility’s Halo Software offers a business intelligence platform that is positioned for supply chain and other business analytics use cases in the manufacturing and distribution market verticals. Altair Datawatch KnowledgeAltair’s Datawatch offers Knowledge Studio to solve business problems and predict data outcomes, emphasizing an agile framework and strategy. Users frequently praise this tool for its intuitive interface. Read next: Top Data Analytics Tools & Data Analysis Software Predictive Analytics Comparison Table
What is the tool of predictive analytics?Predictive Analytics Software Tools have advanced analytical capabilities like Text Analysis, Real-Time Analysis, Statistical Analysis, Data Mining, Machine Learning modeling and Optimization, and many more to add.
Is Minitab a predictive analytics tool?Minitab's Predictive Analytics Solutions
Our proprietary, best-in-class machine learning algorithms have the power to provide deeper insights in your data.
Which of the following are types of predictive analytics?Predictive Analytics involves techniques such as regression analysis, forecasting, multivariate statistics, pattern matching, predictive modeling, and forecasting.
What are examples of predictive analytics?Real World Examples of Predictive Analytics in Business Intelligence. Identify customers that are likely to abandon a service or product. ... . Send marketing campaigns to customers who are most likely to buy. ... . Improve customer service by planning appropriately. ... . First, identify what you want to know based on past data.. |