Definition - What does Predictive Technology mean?
Predictive technology refers to a set of tools used for forecasting patterns in data while keeping in perspective the previous records/data. Predictive technology has been hugely implemented in marketing and business for forecasting demand and supply patterns. Initially the tools were introduced to study weather, the stock exchange, human behavior and socioeconomic activities. The tools used are data mining, neural networks and system modeling and simulation.
Techopedia explains Predictive Technology
Predictive technology has been used for many decades by meteorologists chiefly for weather and climatic forecasting and prediction. With time, this concept came to be used to study customer behavior and forecast supply and demand in economic statistics. Data from previous studies is used to predict the patterns likely to occur in the future. Many business strategies are developed from this method, which in turn helps in business expansion and growth. A number of modern technologies and methods have been introduced to make the prediction more accurate for business, computing and weather forecasting. Data is analyzed and modeled into a system which is then further processed.
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