"Big Bang" of Analytics Is Changing Modern Life

    By: Mr. Adrian Bridgwater on Jun 22, 2013

    A leading predictive analytics and decision management software company, today published an analytics infographic that shows how a "big bang" effect in predictive analytics is changing modern life.

    The FICO infographic illustrates how innovations over the past 70+ years have led to a new era that will revolutionize research and development, touch every type of business, fundamentally change the way individuals make personal decisions, and enable governments to reinvent the way they operate.

    "The Analytics Big Bang" traces predictive analytics from the dawn of the computer age in the 1940s through the present day, and cites compelling evidence indicating that the analytics industry is at an inflection point:

    -- Sales of analytics software grew from $11 billion to $35 billion between 2000 and 2012.

    -- The number of data scientist job posts jumped 15,000% from 2011 to 2012, according to statistics compiled by global job site Indeed.com.

    -- 2.5 quintillion bytes of so-called Big Data are being created each day, enabling analytics to become more insightful, precise and predictive than at any point in history.

    "Predictive analytics is becoming the defining technology of the early 21st century," said Dr. Andrew Jennings, FICO's chief analytics officer and head of FICO Labs. "You can trace the evolution over the past few decades, but we've now reached a tipping point where the convergence of Big Data, cloud computing and analytic technology is leading to massive innovation and market disruption. We foresee predictive analytics being used to solve previously unsolvable problems, and bringing enormous value to businesses, governments and people."

    "Predictive analytics has clearly become one of the make-or-break capabilities for consumer-facing businesses," said Dan Vesset, program vice president of business analytics research at independent analyst firm IDC. "By combining individual-level behavior forecasts with optimization analytics that determine the right action for each context, organizations can create the kind of relevant, positive experience that builds revenue and customer loyalty. As these technologies move to the cloud, every business can learn to compete on analytics."

    Released: June 22, 2013, 12:12 am
    Keywords: Analytics News | Analytics




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