Data....there's more and more of it, but what can it do for your business?
Most businesses, large and small, create extraordinary masses of data from online shopping systems, customer feedback and even product development/maintenance. At the same time, the market has seen the introduction of data analysis tools that can leverage these masses of data in ever-more complex but useful ways.
If you're not leveraging your existing data assets to propel your business to new heights, you're behind the times. Almost all Fortune 500 companies have seen their investment in data science increase exponentially, and you can be sure your competitors are at least investigating the benefits provided by sophisticated, but easy to understand data insights.
...but how do you leverage your data?
The skills required to use these data assets to their full potential are not 'run-of-the-mill', or even things that typically support-based IT departments are staffed to do or develop. You need professional help to turn these incredible data assets into actionable information that you can use to improve your bottom line by an order of magnitude!
The easiest way to understand Data Science is to understand its historic progression from earlier efforts to analyse data:
|Analysis stage||Description||What you get|
|Business/Data analysis||Extraction of data from transactional (eg. sales) data stores, and use of simple statistics like averages, variance and distributions to examine historic performance||Data summarisation|
|Data Insights||Trend analysis over time, basic forecasting using existing models only||Identification of useful information from data stores eg. simple forecasting from time-series analysis|
|Data Science||Predictive Analytics ie. model development using advanced statistical and forecasting techniques (learning algorithms eg. genetic/machine, unstructured textual analysis for sentiment identification)||Model-based forecasting of the future ie. prediction, including behavioural forecasting|
Blad can help...
We've long been using data insights to assist businesses grow and prosper, and can provide short-term contract work to solve your problems today. It's a quick, efficient, and most importantly, cost-effective way to leverage your data to answer a single question, or many, and 'dig for gold' in your data leading to actionable insights.
What do we use?
Blad uses the latest, standard tools to perform data insights and predictive insights. Most jobs start with a data extraction and 'cleansing' step achieved through the use of Python scripts in conjunction with the PANDAS library. Once your data has been converted into a readily 'analysable' format, the real predictive insights work can begin. For this step, we use industry-standard RapidMiner software. With stunning accolades, RapidMiner excels at designing, testing and implementing insight modelling using a variety of sophisticated statistical techniques such as machine learning, genetic algorithms and decision tree analysis.
The next step...
Getting to know Data Insights and Predictive Analytics.
If you're interested in seeing a worked example of data insights and predictive analytics in action, check out this short article.