In the past two decades, changes in technology have made computing power and data storage much more accessible for a corporation and other business entities. As a result, businesses are producing massive volumes of data that can be leveraged to achieve a competitive advantage. Organizations that can effectively capture data from their business operations have the opportunity to generate insights that can reveal hidden risks and opportunities.
Predictive analytics is a set of methods and technologies that can be used to analyze current and historical data with the goal of making predictions about future events. Predictive analytics includes a wide variety of mathematical modeling and computer science techniques with the common goal of using past events to indicate the probability or likelihood of a future event.
Businesses had used logs for insights long before big data became the next cool thing. But with the exponential growth of log files, log management and analysis have become so daunting to almost impossible.