Predictive and Advanced Analytics
As greater volumes and types of data become available for analysts, effectively leveraging these data sources to derive insight is now more important than ever before. Advanced analytics are processes of analyzing data using technical tools and mathematical models that go beyond the more traditional business intelligence processes.
Amongst the different types of analytics used to produce insights, three stand out as the most relevant:
- Statistical analytics imply several disciplines, such as exploratory analysis, linear and non-linear regression and modeling. Cluster analysis is a tool of major interest to help organizations identify and understand their customers’ habits and usage.
- Spatial analytics leverage the power of GIS and external data sources to characterize and segment customer behaviors and geographic patterns.
- Predictive analytics examine the data to determine how the elements will react and evolve in the future.
To be able to go through all the steps, from identifying the objectives, interpreting the data, implementing the appropriate modeling methods and determining solutions out of the analytics performed, Korem utilizes numerous and continuously evolving tools evolve which allows us, combined with our statistical expertise, to achieve customers’ expectations.
Korem has been active in various projects where statistical modeling and predictive analytics were performed to provide solutions for customers. We can cite construction of optimization algorithms to maximize profits; model building to predict test results; analysis of markets and prediction of their evolution as a function of socio-economic, geospatial, and demographic data; segmentation and characterization of subjects having similar patterns.
Having a crystal ball to predict the future would assure the success for every business. While it can’t claim to be a crystal ball, advanced and predictive analytics rely on sound scientific principles to predict trends and deliver benefits to organizations.
- Reduce the complexity of making an informed decision based on multiple data sources available, by focusing on the most important factors;
- Differentiate yourself from the competition as it has been proven that organizations using analytics show an increased productivity and profitability;
- Maximize your profit margins by modeling how price changes can have a positive or negative influence on your products’ sales;
- Reduce customer churn by understanding patterns that lead to dissatisfaction and account termination;
- Minimize malfunctions and breakdowns that can reduce the efficiency of your organization and impact your profitability through optimizing maintenance schedules.