Businesses today generate billions of events or 100s of TBs of data in a month. These data contain valuable insights into customer behavior, key trends, buying patterns, etc. If these are successfully mined, they can lead to successful decision-making to maximize revenue and traffic for the business. Successfully driving a business is only partly about understanding what happened; the other part lies in knowing what’s going to happen next.
In order to use past data and predict future events, there needs to be sufficient technology that is not merely extrapolating events. Powerful machine learning algorithms in association with combinatorial and graph algorithms are imperative to make accurate predictions about future events based on cross-dimensional correlations within the data, time-event correlations and recognizing patterns that would not be identified or understood using standard statistical, AI or Bayesian techniques. Handling the scale and the complex relationships within the data requires purpose-built algorithms that are specially designed to handle the needs of online businesses.