Predictive analytics according to an article written by Biscobing and Ed Burns is a form of advanced analysis that uses new and historical data to estimate activity, behavior, and trends. Meanwhile, according to an article on the Valamis website, predictive analytics is a statistical method that uses algorithms and machine learning to identify trends in data and predict future behavior. In several previous articles, it has been explained that predictive analytics is one of the technologies that will benefit from the entry of the upcoming 5G technology.
How important is predictive analytics? If you don’t know yet, predictive analytics is very helpful in various industries such as finance, healthcare, and automotive. Examples of predictive analytics are in automotive (making new breakthroughs with autonomous vehicles), financial services (developing credit risk models), medical devices, and many more.
How Does It Work?
Continuing from the first paragraph, the term predictive analytics according to the Mathworks article describes the application of statistical techniques or machine learning to make quantitative predictions about the future. Starting with business goals, predictive analytics uses data to reduce waste, cut costs, and save time.
Utilizing heterogeneous data that is often massive in the process into the model, can produce clear and actionable results to support the achievement of these goals. Such as less material waste, manufactured products that meet specifications and less inventory.
Benefits of Predictive Analytics
According to the Riverlogic article citing information from Gartner, a significant percentage of organizations that invest in supply analytics achieve a high return on investment. The specific benefits are: businesses gain a competitive advantage by analyzing internal data to better understand customer needs and behavior, companies can reduce costs by better understanding future demand and adjusting production and inventory accordingly, and can reduce risk through a better understanding of their business environment and the factors that potentially affect the organization’s profitability.
Predictive Analytics in Network Monitoring
Is there a connection between predictive analytics in the world of network monitoring? In general, there are 3 uses of predictive analytics in network monitoring that you must know as follows.
Reducing Risk
The first use is that predictive analytics can reduce risk. What is meant by risk here is a credit score which is a number generated by a predictive model that combines all data relevant to a person’s creditworthiness. The most famous example of this analytical perspective is the credit score used to assess the likelihood of a buyer defaulting on a purchase.
Can Detect Threats
The next use is that predictive analytics can detect threats. This means that predictive analytics can protect you from cybersecurity. When security threats are your main concern, high-performance behavioral analytics examines all actions on the real-time network to find anomalies that could indicate fraud or threats.
Improve Operations
Last but not least, predictive analytics can improve operations. This predictive model is commonly used by many companies to estimate inventory and manage resources. In general, predictive analytics allows organizations to function more efficiently.
Some industries that use predictive analytics include banking and financial services, health insurance and not to mention network monitoring tools such as Netmonk. As we already know, network monitoring tools are tools used to monitor networks and network devices in companies that have branches such as banks and others.
Of course, there are many network monitoring tools offered by several vendors both from within and outside the country. Each has its own advantages and disadvantages such as the features it has, the price, and the services provided. Like one of the superior features of Netmonk Basic, an Indonesian network monitoring application, namely predictive analytics. Historical data is collected over a certain period of time, then it will be automatically analyzed which is used to predict future network usage.
Predictive Analytics in Netmonk
There are 3 predictive analytics features in Netmonk: link, memory, and storage. Predictive analytics link is used to find out bandwidth usage. NetMonk Basic will predict whether the bandwidth capacity used is still within reasonable usage or vice versa. Meanwhile, the predictive analytics memory and storage features are more used to find out server devices and the like. For example, when the memory and storage capacity will reach the threshold, Netmonk will predict when the storage and memory you have will run out in how many more days.
Of the three predictive analytics features in Netmonk above, they are very useful because you can make decisions regarding the issue. So, when Netmonk Basic finds information about how many more days your network device will reach its threshold, Netmonk Basic will immediately notify you via the Telegram application or email. That way you can find out before the network device in your company actually dies so you can fix it as quickly as possible.
Seeing the explanation in the paragraph above, of course it saves a lot of time, energy, money, and makes the work of the company’s network engineers easier because they don’t have to monitor in front of the screen 24 hours a day. So wherever you are, you can still monitor the network more easily, especially if you use Netmonk Basic.
Make sure you choose the right network monitoring application for your company’s monitoring needs, such as Netmonk. Not only does it have 3 superior features as we have mentioned above, you can also request custom according to your company’s needs and desires. If you have further questions regarding products or questions about promotions and others, please contact our marketing team here. You can also see our demo by requesting it on our main website page or click “try now” below this article.
References:
https://searchbusinessanalytics.techtarget.com/definition/predictive-analytics
https://www.valamis.com/hub/predictive-analytics
https://www.mathworks.com/discovery/predictive-analytics.html
https://www.riverlogic.com/blog/what-is-predictive-analytics-and-who-is-winning-with-it
https://www.sas.com/en_us/insights/analytics/predictive-analytics.hml
https://www.predictiveanalyticstoday.com/what-is-predictive-analytics/
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