A tool for predicting the future

MIT researchers created a tool that enables people to make highly accurate predictions using multiple time-series data with just a few keystrokes. The powerful algorithm at the heart of their tool can transform multiple time series into a tensor, which is a multi-dimensional array of numbers (pictured). Credits: Figure courtesy of the researchers Source: MIT

Whether someone is trying to predict tomorrow’s weather, forecast future stock prices, identify missed opportunities for sales in retail, or estimate a patient’s risk of developing a disease, they will likely need to interpret time-series data, which are a collection of observations recorded over time.

Making predictions using time-series data typically requires several data-processing steps and the use of complex machine-learning algorithms, which have such a steep learning curve they aren’t readily accessible to nonexperts.

To make these powerful tools more user-friendly, MIT researchers developed a system that directly integrates prediction functionality on top of an existing time-series database. Their simplified interface, which they call tspDB (time series predict database), does all the complex modeling behind the scenes so a nonexpert can easily generate a prediction in only a few seconds.

The new system is more accurate and more efficient than state-of-the-art deep learning methods when performing two tasks: predicting future values and filling in missing data points.