Social Media today has taken over our lifes by storm,Suddenly it looks like everybody is connected to each other like never before thanks to tools like Facebook and twitter.These social networking applications generate tremendous amount of data every minute.While there are data mining tools available in the market that analyze historical data in forms of data marts but there is no industry tools that takes the analysis done by various data warehousing tools and feed it to a predictive engine to faorecast what will happen in future based on the historical trends.
I believe that there is a lot of potential for such a market to grow in the future.More about how to develop this idea and integrate with existing applications in my next posts.
What are you planning to do with the data you collect, I think that is the key question.
ReplyDeleteMain aim of predictive analysis is to forecast what is going to happen in future with the trends of historical data that we have.For example in a eCommerce store we can forecast inventory,top 10 categories and products,top brands based on festival events etc.
ReplyDeleteIt just helps to prepare us plan better for upcoming events.
My husband has a IT company so the main aim for me is to help him build a product where he can add value to the customers.We have a lot of customers for whom we build eCommerce store and application and we are going to integrate those websites with various analytics engine to collect data and then based on that data provide customer specific reports for helping them understand customer behavior.
ReplyDeleteMindsets & Lifestyles have to change....or it will keep passing on to all generations...Praying that change will come....
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