Share with your friends










Submit

Analytics Magazine

Prediction for 2016: prescriptive analytics to take center stage

Headlines

Scott Zoldi, chief analytics officer at FICO, predicts that prescriptive analytics will take center stage as the ultimate destination on the analytics journeyScott Zoldi, chief analytics officer at FICO, predicts that prescriptive analytics will take center stage as the ultimate destination on the analytics journey.

“Despite incredible advances over the past few years, we’ve barely scratched the surface on the full potential of analytics,” said Zoldi.

Following are Zoldi’s predictions about the role of prescriptive analytics and where he sees things heading in 2016:

1. Streaming isn’t just for movies and music, it’s for analytics too.

From the Internet of Things to healthcare to cyber terrorism, it’s no longer just about gathering and analyzing data. It’s about gathering, analyzing and acting on data as it happens. With hardware commoditized (or bypassed entirely in favor of the cloud) and open source software (e.g., Apache Ignite, Spark streaming, Storm) coming into its own, it is now economically feasible to squeeze even more value out of data in real time. A cornerstone of prescriptive analytics, streaming analytics will come of age in 2016.

2. It’s not quite Spielberg’s “Minority Report,” but predicting cyber crime is a reality.

Antivirus is great. But it’s not bulletproof. Ditto for firewalls and countless other defensive technologies. This is a huge problem that has remained unsolved for years that one cannot build strong enough defenses. Prescriptive analytics is emerging as “The Next Big Thing” in cyber security. Identifying anomalous behavior and recognizing patterns as they are developing enable analytics to sound the alarm before attackers can harm the organization. Prescriptive analytics will become a must-have security technology.

3. Lifestyle analytics becomes part of daily life.

In 2016, the Internet of Things will go even more mainstream. From home appliances to cars to automated shopping, “lifestyle analytics” is poised for explosive growth. Groceries delivered without an order having to be placed. Doctors monitoring patients remotely 24/7/52. Biometric security. It’s all coming together thanks to the cloud and all the devices and sensors that surround us. In 2016, lifestyle analytics will be integrating prescriptive analytics into our lives.

4. The Big Data belly ache – rethinking what’s really important.

It seems as though major data breaches are happening daily. From banks to retailers to government agencies, bad guys are accessing personal data at a staggering rate – millions of records at a time. In the upcoming year, businesses that have been collecting Big Data without putting thought into what they really want to collect – what is useful, what is superfluous, what is risky to store – will start to suffer from Big Data indigestion. Businesses need to put greater care into governance or face serious consequences due to the cost, liability, dangers and headaches involved in storing so much sensitive-yet-unnecessary data spread across the organization.

5. Beware of wolves in data scientist clothing.

A growing number of crowd-sourced and open-sourced algorithms available today have bugs in them or offer questionable value. Many companies are storing too much data and using iffy algorithms and hiring practitioners with limited expertise who may apply these resources without knowing where the deficiencies are. This will result in negative impacts to businesses as they rely on the results of the computation. We need to understand, test and harden our algorithms, and develop more consistent expertise in applying them. In 2016, I see the industry having to deal with challenges created by the flood of open source algorithms and a dearth of qualified analytic scientist practitioners.

 

Headlines

Using machine learning and optimization to improve refugee integration

Andrew C. Trapp, a professor at the Foisie Business School at Worcester Polytechnic Institute (WPI), received a $320,000 National Science Foundation (NSF) grant to develop a computational tool to help humanitarian aid organizations significantly improve refugees’ chances of successfully resettling and integrating into a new country. Built upon ongoing work with an international team of computer scientists and economists, the tool integrates machine learning and optimization algorithms, along with complex computation of data, to match refugees to communities where they will find appropriate resources, including employment opportunities. Read more →

Gartner releases Healthcare Supply Chain Top 25 rankings

Gartner, Inc. has released its 10th annual Healthcare Supply Chain Top 25 ranking. The rankings recognize organizations across the healthcare value chain that demonstrate leadership in improving human life at sustainable costs. “Healthcare supply chains today face a multitude of challenges: increasing cost pressures and patient expectations, as well as the need to keep up with rapid technology advancement, to name just a few,” says Stephen Meyer, senior director at Gartner. Read more →

Meet CIMON, the first AI-powered astronaut assistant

CIMON, the world’s first artificial intelligence-enabled astronaut assistant, made its debut aboard the International Space Station. The ISS’s newest crew member, developed and built in Germany, was called into action on Nov. 15 with the command, “Wake up, CIMON!,” by German ESA astronaut Alexander Gerst, who has been living and working on the ISS since June 8. Read more →

UPCOMING ANALYTICS EVENTS

INFORMS-SPONSORED EVENTS

INFORMS Computing Society Conference
Jan. 6-8, 2019; Knoxville, Tenn.

INFORMS Conference on Business Analytics & Operations Research
April 14-16, 2019; Austin, Texas

INFORMS International Conference
June 9-12, 2019; Cancun, Mexico

INFORMS Marketing Science Conference
June 20-22; Rome, Italy

INFORMS Applied Probability Conference
July 2-4, 2019; Brisbane, Australia

INFORMS Healthcare Conference
July 27-29, 2019; Boston, Mass.

2019 INFORMS Annual Meeting
Oct. 20-23, 2019; Seattle, Wash.

Winter Simulation Conference
Dec. 8-11, 2019: National Harbor, Md.

OTHER EVENTS

Advancing the Analytics-Driven Organization
Jan. 28–31, 2019, 1 p.m.– 5 p.m. (live online)

CAP® EXAM SCHEDULE

CAP® Exam computer-based testing sites are available in 700 locations worldwide. Take the exam close to home and on your schedule:


 
For more information, go to 
https://www.certifiedanalytics.org.