According to a recent survey by Zion Market Research, the predictive analysis industry (specific to the largest big data category) will reach global value of $ 7.8 billion by 2020. In the big data segment, it probably represents one of the most significant components for business, since with predictive analytics tools data becomes significant for building models and making predictions for the future.
These are therefore important to financial organizations, businesses in any sector, governments, and all institutions. A company, often a startup, developing analytics systems and doing it well, is today welcome virtually in any corporate and venture capital worldwide. The service is basically a “crystal ball”.
” Predictive Analysis is a revolutionary innovation in operations and risk management. – is the comment of Emanuele Angelidis, CEO at Breed Reply, the investor of the Reply, the Italian corporation that made its last investment in the English company We Predict – We Predict solution already enables the automotive industry to reduce warranty costs and improve efficiency and is also applicable to many other industries. We are impressed by the quality and track record of We Predict team that has determined its success to date. We are confident that our support can help to reach new achievement and milestones.”
We Predict provides automotive manufacturers and Suppliers of Automotive with its predictive analysis system to manage frequency and cost of malfunctions for vehicles under guarantee. Thanks to a team of mathematician, statisticians and computer experts led by James Davies, it developed a complex analytic software that matches mathematical and statistical principles with data analysis techniques to provide valuable information to save time and money to customers.
Born in 2009, We Predict has offices in the United States and the United Kingdom operating also in the healthcare sector, providing predictive analysis to support decision-making within the UK National Health System.
The health field is one of the most likely to benefit from predictive analytics: for example by providing tools to reduce waste and improve service by anticipating the possibility of an event (for example, a patient’s need to be hospitalized or the possibility to have an infection) and thus allowing the healthcare system to offer tailor-made treatments. These tools can be useful in follow-up of care, in monitoring pathologies, in the prevention of chronic diseases, etc.
According to a recent Harvard Business Review article, the US health system spends nearly a third of its resources – $ 750 billion a year – in unnecessary services and inefficient care, a wasting of resources that could be reduced through new tools of predictive analysis, which in fact begin to be available on the market.
So available, this is the paradox, to blur who should adopt them. From mobile to wearable, web-based, in-house or commercial solutions, the range of possibilities is so broad, says HBR, that for healthcare providers the choice itself becomes a problem, in addition to the fact that solutions are not understood in their immediate practical applications and often their adoption is not accepted by the entire organization, including clinical staff.