This has touched every type of business, and fundamentally changed the way individuals make personal decisions. Governments have also slowly begun to reinvent the way they operate.
FICO, has released an infographic that traces the evolutions of predictive analytics from the dawn of the Computer age in the 1940s to the foreseeable future. The infographic also sites evidences indicating that the analytics industry is at an inflection point. For example, the sales of analytics software grew from $11 billion to $35 billion between 2000 and 2012. 2.5 quintillion bytes of so-called Big Data are also being created each day, enabling analytics to become more insightful, precise and predictive than at any point in history.
In the future, analytics would become ubiquitious to the point whereby individuals use analytics to make everyday decisions. “The convergence of Big Data, cloud computing and analytic technology is leading to massive innovations and market disruptions. Predictive analytics can be used to solve previously unsolvable problems and bring enormous value to businesses, governments and people,” says Dr. Andrew Jennings, FICO’s chief analytics officer and head of FICO Labs.
In the future, predictive policing could help governments preempt many crimes, and even help the daily consumer anticipatory analytics such as making it nearly impossible to crash a car, or avoiding a burnt meal.