Predictive analytics has become one of the most powerful tools for businesses around the world. Initially, business focused on collecting data from their business and operational systems and building insightful reports. They were able to understand the past but were unable to predict the future. With the advent of Big Data, they were now able to process large amounts of data in a distributed architecture and gain deeper insights. Despite this fact, they were still making predictions poorly. Now, we live in the era of Analytics 3.0 where not only can you process large amounts of historical data but we can build and analyze models, apply complex machine learning algorithms and predict the future. This is the new horizon.
Imagine you are a sales associate at a high end retail chain, your ability to make the right recommendations to your clients increases your sales and drives greater loyalty and satisfaction towards your brand. A clientelling solution built using Predictive Analytics enables you to make the real time recommendations as soon as your customer walks through the door.
When making predictions and forecasting the future, the secret is in building the right model, training it and then applying the right algorithms. This is not a trivial task, smaller datasets may give you the wrong results and as you increase the sample size, the best algorithms might fail. Models produce different results, for example Decision Trees perform very well on larger data sets but are completely useless when it comes to smaller samples. You need to choose your algorithms depending on the size and nature of your dataset. At Xtream, we have worked on predicting opening week sales for movies and performed complex data analysis to sample the datasets, built the right models and applied the right evaluation strategies to make predictions to 95% accuracy.
It’s absolutely critical that the data scientist who creates the prediction the user needs to see, works closely with the UX designer and the engineers. At Xtream our data scientists, our UX designers and our engineers work collaboratively to make game changing recommendations.
When you need solutions that predict revenue potential and puts recommendations in front of the decision makers in the form of usable solutions that don’t look like and feel like rocket science, you come to Xtream. Our data scientists quickly decipher a particular data set and decide the right strategies. Our scientists come from the best mathematical background the world has to offer, mentored by the best Advisors the U.S. (and most specifically, the M.I.T. community) has to offer.
At its core, Predictive Analytics and Machine Learning is a disruptive trend, that is set to change the decision making landscape in every business. In the past, IT investments created efficiency, increased performance, but ultimately, were budgeted and defined by their ability to reduce the cost of doing business. Predictive Analytics changes the landscape, because now, IT initiatives can grow the topline and truly drive revenue. We at Xtream can help you exploit this disruption and stay ahead of the curve.