Predictive Analytics for the Modern Enterprise

Chapter 1. Data Analytics in the Modern Enterprise

When you were growing up, did you ever wonder why you had to study history in school? I did. But it wasn’t until I was much older that I realized history’s importance. Understanding how things were in the past and where they are now allows us to build on them and anticipate what is to come next—and, in some cases, to also influence what is to come next. As I’m writing this, there is a lot of buzz about AI and machine learning (ML). But how did we go from simple calculations to chatbots conversing coherently with humans?

From statistical extrapolation of sales figures to planning stocks based on predicted sales, enterprises have come a long way. This journey from data producing to data consuming and finally data driven is what I explore in this chapter. First, I will delve into the details of how data analytics has evolved over time, what predictive analytics is at its roots, and what its place is in the analytical world. Then, I will discuss its role in data modeling and ML and the tools available today that can help you with data modeling and ML.

The Evolution of Data Analytics

If you still like shopping in person, you know that shopping is as much about the experience as it is about the actual purchase. Experienced sales professionals understand this. What separates the good salespeople from the great ones is their ability to effectively read customers, ask them questions, and understand and direct them toward a successful ...