The most profitable form of BI involves modeling historical data to understand patterns and trends and applying these statistical models to new sets of data. Predictive analytics or data mining can yield tremendous benefits and insights to organizations that employ this practice. While some credit card companies and Wall Street firms may employ hundreds of statistical modelers to improve the ROI of core business processes, ordinary companies can also gain value from predictive analytics. All it takes is a savvy business analyst, substantial volumes of good quality data, a well-defined business opportunity, and executives who are willing to invest time and money into creating and disseminating the models.
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