Predictive analytics: What will happen next?
-
Control and manage “gut feeling” decisions
-
British philosopher Carveth Read said, “It is better to be vaguely right than exactly wrong.”
-
Increase probability of optimal results
-
Used nowadays to determine the next best actions to take by sales or customer service reps, which
-
Physical assets are likeliest to malfunction, or which candidates to hire.
What should be done about it?
-
Better decisions about what to do.
-
Take the inputs from prediction and combined with rules and constraint-based optimization
-
Example: send actions recommendation to user or initiates action in other systems.
-
Prescriptive functions: Business case building using numerous variables, complex business rules definition and possible analysis, and test, test, test.
-
Simulation of results, and power of defining new rules
-
Update inputs and iterate with new budget period. Never ending process
Process Mining?
“Process mining is designed to discover, monitor and improve real processes (not assumed processes) by extracting knowledge from event logs readily available in today’s information systems. “Gartner
History of Process Mining:
“Process mining” was first introduced by the Dutch computer scientist Wil van der Aalst (“Godfather of Process mining”). He began a new field of research that emerged under the umbrella of techniques related to data science and process science at the Eindhoven University in 1999.
