Predictive Analytics
Predictive Analytics is the capability to use data, statistical algorithms, and machine learning to identify future outcomes based on historical data. In the context of Business Intelligence/Data Analysis, it allows businesses to move beyond raw data analysis and forecast future possibilities. This capability has the potential to drive efficient decision-making, risk minimisation, and opportunity maximisation.
Level 1: Emerging
At a foundational level you are aware of how predictive analytics can help anticipate business trends and outcomes using historical data. You understand basic concepts and can interpret simple forecasts or model results created by others. This knowledge helps you support informed decisions within your team and recognize opportunities for further analysis.
Level 2: Proficient
At a developing level you are able to use straightforward predictive analytics tools to identify basic trends and patterns in business data. You work with guidance to apply statistical methods or simple models, using historical information to forecast general outcomes. Your contributed insights help your team begin to consider future possibilities beyond the current data.
Level 3: Advanced
At a proficient level you are able to build, validate, and interpret predictive models using historical business data, selecting suitable methods for different scenarios. You independently apply predictive analytics to uncover trends and forecast outcomes that support business planning. Your work helps your team make better decisions by reliably identifying risks and opportunities ahead of time.
