"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.
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