Advances in predictive analytics and rise of Big Data are changing how businesses, governments and individuals make decisions
FICO (NYSE: FICO), a leading predictive analytics and decision management software company, today published an analytics infographic from FICO Labs that shows how a “big bang” effect in predictive analytics is changing modern life. The infographic illustrates how innovations over the past 70+ years have led to a new era that will revolutionise research and development, touch every type of business, fundamentally change the way individuals make personal decisions, and enable governments to reinvent the way they operate.
“The Analytics Big Bang” traces predictive analytics from the dawn of the computer age in the 1940s through the present day, and cites compelling evidence indicating that the analytics industry is at an inflection point:
- Sales of analytics software grew from $11 billion to $35 billion between 2000 and 2012.
- The number of data scientist job posts jumped 15,000% from 2011 to 2012, according to statistics compiled by global job site Indeed.com.
- 2.5 quintillion bytes of so-called Big Data are being created each day, enabling analytics to become more insightful, precise and predictive than at any point in history.
“Predictive analytics is becoming the defining technology of the early 21st century,” said Dr. Andrew Jennings, FICO’s chief analytics officer and head of FICO Labs. “You can trace the evolution over the past few decades, but we’ve now reached a tipping point where the convergence of Big Data, cloud computing and analytic technology is leading to massive innovation and market disruption. We foresee predictive analytics being used to solve previously unsolvable problems, and bringing enormous value to businesses, governments and people.”
“Predictive analytics has clearly become one of the make-or-break capabilities for consumer-facing businesses,” said Dan Vesset, program vice president of business analytics research at independent analyst firm IDC. “By combining individual-level behavior forecasts with optimization analytics that determine the right action for each context, organizations can create the kind of relevant, positive experience that builds revenue and customer loyalty. As these technologies move to the cloud, every business can learn to compete on analytics.”
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption — such as the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™. Learn more at www.fico.com
FICO: Make every decision count™.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company’s Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2012 and its last quarterly report on Form 10-Q for the period ended March 31, 2013. If any of these risks or uncertainties materializes, FICO’s results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
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