What Does Real-Time Predictive Analytics Mean?
Real-time predictive analytics is the process of extracting useful information from data sets in real time. This is done to determine and predict future outcomes. Real-time predictive analytics does not precisely predict what will happen in the future; instead, it forecasts what might happen on the basis of certain "if" scenarios.
Techopedia Explains Real-Time Predictive Analytics
Real-time predictive analytics is based on a predictive model which is
deployed to run in order to enable decision-making processes in real time.
A predictive model is built on the basis of large amounts of data. The
predictive model could be built in two ways: by a data scientist or
through a streaming operational data analytics platform. The whole
process involves rigorous experimentation, historical data and other similar processes. This whole process is iterative by nature. This model is
then made to predict run time when a continuous stream of data is fed to
it. Therefore, real-time predictive analytics enhances the customer experience and in turn helps
businesses to increase earnings.