So, this is the second step in my journey searching for some answers for the questions I had posted in my earlier post. An insight suddenly came up when I was talking to one of my seniors. I have been reading up on how predictive analysis algorithms can predict quite accurately the prices of stocks. Statistical algorithms can be fed the right parameters and they can accurately predict the stock movements. But unfortunately I am not a statistician and I am only just about aware of analytical models.
The thought I have is somewhat like this:
- I store data about my everyday activity in a database. Not everything can be stored, however with the advances in storage
technology, storing everyday data should not be a big problem
- I create my own star schema and create dimensions based on my everyday activities like spending, time management
- I create analytics, trends and KPIs on my everyday life.
- I process the data I have stored in the db and use statistical models.
- I build analytical trends and predict my future.
Though this is just an idea, it does seem possible. Software has always traditionally been focusing on the enterprise because of the obvious
gains from licensing. However, there the personal analytics can be used to predict how a particular employee might behave. Personal analytics can also be
used to figure out how a certain team might perform and what type of incentives to offer which team.
One of the emerging trends for 2014 is the disappearance of data scientists. Predictive analytics tools make it easier for everyone to build models and predict outcomes. I recently attended Teched at Bangalore and was amazed by the demo of SAP’s Predictive Analytics tool. The demonstrator displayed how past data for insurance data can accurately predict fraud cases.Statistical models can now be accurately created with just a few clicks. With the valued statisticians out of the way, business users can create their own statistical models. The ease of drag and drop to create statistical models can be really handy for anyone to create models for predicting their life.