Yesterday I spoke with Predixion Software which also happened to coincide with the day of their product launch. Before going into some of my thoughts, since they are a new entrant to the market, let me give a brief intro of their product: Predixion Insight™ for ExcelÂ® and PowerPivot.
This cloud-based predictive analytics offering works by having end users download an add-in to Excel that adds two toolbars to Excel and allows users to apply predictive analytics to their data.Â With access to the Internet, users can develop models and interact with multiple sets of analytics in the cloud. In addition to making predictive analytics easy due to the use of a wizard driven approach (at least the video demo was easy to follow!), Predixion Softwareâ€™s price point entry of $99/user/month expands the potential for predictive analytics use.
Some of the benefits Predixion Software offers are as follows:
1)Â Â Â Access to cloud based analytics â€“ meaning that development and implementation require nothing more than downloading the software and accessing the Internet.
2)Â Â Â Low cost subscription based fees â€“ enabling any company or individual to take advantage of predictive analytics without having to set aside extra budget, which enables smaller companies the use of advanced analytics without large up-front costs.
3)Â Â Â Wizard driven and easy to follow predictive analytics applications within an Excel interface â€“ easy to apply without in-depth knowledge of statistical analysis all the while taking advantage of the familiarity of Excel .
Looking at predictive analytics a little more broadly, the fact is that many traditional applications of predictive analytics have been restricted to statisticians and super users, and have only been applied in a limited way across the organization.Â Although popularity of predictive analytics has grown due to the general maturity of BI applications within companies, the reality is that many businesses find it difficult to develop an integrated approach to BI because of the additional development and resources required to integrate various types of analytics within one environment.Â Consequently Software as a Service and cloud based offerings enable organizations to add niche offerings to their current BI environments without having to develop an additional framework.
Although not every solution will meet the requirements of every organization, Predixion Software is a good example of a software provider looking to disrupt the current predictive analytics market by providing software that is easily accessible with an entry cost accessible to any business.Â With the continued use of Excel as the main BI solution for many and with expert users at all levels of the organization, the ability to integrate predictive analytics functionality without having to change the way a person interacts with their analysis creates an added benefit when competing against potential vendors.
As for the actual uptake in adoption, it will be interesting to watch the adoption curve and how the competitive landscape shifts due to broader accessibility to predictive analytics.
Posted September 14, 2010 2:31 PM
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