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Guidance and results for the data-rich, yet information-poor.

Category: Articles

Own The Holidays: Prepare Your Retail Business With Predictive Analytics

Own The Holidays: Prepare Your Retail Business with Predictive Analytics

Last holiday season, a mass of retailers collected a large volume of data from their customers. It is fairly typical to delay using this data during the holidays itself, but once the hectic days pass, preparations for the next year need to begin. You can gain a tremendous advantage over your competition by taking the lessons observed from analyzing past data collected.

When you combine and analyze different types of data, you can then realize actionable insights on how your business can provide an outstanding shopping experience that will delight existing customers and gain new loyal ones.

Take a look at some ways retail companies can make use of past holiday data to prepare for the upcoming season:

  1. Understand Past Trends And Adjust Operations Accordingly

Data collected from previous holiday seasons can significantly help retailers understand shopping trends and make the best adjustments for the coming season. One example is to analyze the flow of customers and how they move about the shop. With this, retailers are able to adjust displays and endcaps to boost sales. With the additional help of video and point-of-sale analytics, retailers are then able to understand which products sold best, which ones didn’t, and most importantly, how customers reacted to various sale offers.

  1. Optimize The Shopping Experience

With analytics, retailers aare able to compare the size of groups of people moving through a shop  to the amount of products sold. Using the insight gained from this analysis, companies can strategize on how to improve the destination experience for customers, leading to longer times spent inside the store and interacting with the items, and finally, boosting sales.

  1. Improve Employee Training Programs

The use of video analytics provides great insights into the interactions between customers and store employees. Human behavioral models work hand in hand with analytics in measuring satisfaction, motivation and sentiment for both associates and customers – all done in real-time. Aside from assisting management to helping in improving sales, the results of analysis can be used to improve training programs all around.

With the data collected during the holiday seasons, businesses can significantly boost sales and operations in leaps and bounds, greatly improving the retail shopping experience every day of the year.

A Data Savvy Company Doesn’t Need Data Scientists

A Data Savvy Company Doesn't Need Data Scientists

If you want your company to be more data savvy, forget about recruiting data scientists. Creating a data driven culture and training your current staff is more valuable than any data scientist. Data, its application and analysis, is becoming increasingly important in every department, from marketing to sales and from HR to research. Take a look at some tips to help encourage a culture shift in your organization to one that is more data focused:

  • Focus on learning how to ask the right questions:

One of the big misconceptions with data and analytics is that people think that the issue lies with the data itself. More often than not, it’s because people are asking the wrong questions. Learning how to ask the right questions can sometimes be more important than knowing how to write algorithms! For example, instead of beginning with all the data you currently have, you should ask which exact data points you need to get the answers that you require.

  • Embrace the ways that data can help people in their specifci role:

Someone in HR doesn’t have to learn about data collected from leads and sales. However, he can benefit from data related to proper workflow, employee productivity and efficient time management. Each role in your company can stand to benefit from different reports and information.

  • Understand that data is complemented by human analysis and insight:

It is normal for some employees to feel threatened by the possibility of added automation and data in the workplace. Reassure those involved that data also requires interpretation, analysis and proper implementation.

There are more opportunities to stand out and innovate today than ever before, but the organizations that will succeed are those that are open minded about their data assets and encourage new developments in analytics. Data scientists aren’t a requirement! A data savvy culture can empower each individual employee to see the big picture and be able to do something to improve it as well.

Online Analytics Training With The Modeling Agency

Online Analytics Training With The Modeling Agency

Taking data analytics training courses with The Modeling Agency can now be done without leaving the comfort of your office or home. Our vendor-neutral courses covering analytics, predictive modeling and data mining help you understand how organizational analytics truly works, and how managers from all industries and analytic practitioners can stand out from the competition.

What Sets The Modeling Agency Apart?

How we conduct online training is unlike rigid, traditional courseware that you may be accustomed to. We offer an experiential web-based course that combines the best of both worlds, offering nearly all the benefits of physical courses to an interactive online platform.

If you’ve had prior experience with a pre-recorded online course or certificate program, you might have personally experienced how challenging it can be to come back to the program and complete the course. No matter how interesting a course or trainer can be, there’s no denying the facts: attrition is as high as 95%.

The Modeling Agency challenges this by aiming for high engagement among participants and providing plenty of opportunities for hands-on applications, interaction, open discussion, demonstrations, and other exercises. You’ll achieve more with our learning programs over other online training courses available because of our dedication to actively engaging students throughout the whole program.

How Do I Make The Most Of My Training With TMA?

One of the biggest advantages that online training has over classroom courses is that it is less of a strain on a course-taker’s time and resources. It would be best to let peers and leadership know that you will be inaccessible during the course, to allow full focus and comprehension during training hours. But since each training day only takes up half a business day, with several breaks within, you’ll have plenty of time to respond to urgent messages and requests.

By taking a few simple steps to get set up for an immersive analytics training course online, you’ll soon feel as if you’re right with your other co-participants, receiving practically all benefits of our classroom training sessions, but with far more savings.

Interested in joining our next online training course? A TMA solution consultant is on hand ready to answer all your questions via email or through +1 (281) 667-4200 extension 3.

The Benefits of Online Data Analytics Training

The Benefits of Online Data Analytics Training

The importance of data mining, predictive modeling and data analytics training courses for organizations of all sizes in today’s highly competitive digital age cannot be stressed enough. Regardless of your industry, your business needs to unlock the hidden value of the data you currently have to be able to make better informed choices and stay ahead of the pack. Whether you wish to zero in on the perfect target market or create the optimal promotion strategy for a product that’s about to launch, data analytics is a force that will transform your organization.

Many businesses will attempt to sell the idea of hiring “Data Scientists” as a prerequisite for achieving data analytics success. Don’t fall for this expensive and unnecessary trap! There’s no need to expand your team and take on additional, long-term costs, when training your current  team members is more than enough. It comes with its own advantages as well, least of which is the fact that you will be strengthening the core of your organization.

When you’ve made the choice to pursue analytics training, you now have to decide between traditional physical training courses or online courses. Here are some of the benefits of taking an online analytics course:

  • Less Overhead and Expense
    • Traveling to training locations can put a big dent on your organization’s budget. By choosing an online training course, you have online access to all materials that are also given to members taking the classroom course, so you’re not missing out on any information.
  • Less Time-Consuming
    • Aside from traveling, you would have to be away from your office for a significant amount of time, making it difficult to continue with regular tasks. Most classroom courses take several full days to complete, and this timeframe might be unacceptable in some industries. Online courses usually take half a business day over several days, like in the case of The Modeling Agency courses, so it’s easy to check up on messages and get back to work.
  • Same Benefits As Physical Courses
    • Online courses also have the same benefits as classroom courses, such as professional, experienced trainers, great course material, peer interaction, interactive contributions and so much more, but at a cost-effective price.

Make the leap and join a The Modeling Agency online training course! Learn more and choose from our available courses here.

Prescriptive Analytics or Predictive Analytics? Your Biz Needs Both.

Prescriptive Analytics or Predictive Analytics

Your company is most likely already making use of Descriptive Analytics, which is often described as the simplest form of analytics as it is essentially your raw data in interpreted and summarized form. It is your sales counts, social engagement metrics, customer statistics and other data that lets you know what has happened in your organization.

The next two forms that will help transform your organization are predictive and prescriptive analytics. This will turn the data gained from descriptive analytics into optimal decisions and valuable insight. When used together, both analytic options can help your organization form the most robust and effective business strategy available.

In today’s increasingly fast-paced landscape, predictive analytics alone may not be enough to keep up with your competition. With prescriptive analytics, gain valuable recommendations for the best next steps for almost any business process in order to accelerate success or arrive at your desired outcome. While predictive analytics forecasts possible outcomes, prescriptive analytics can help you change it to your benefit.

Prescriptive analytics complements predictive by providing insight to key decision makers about varying available choices, and their forecasted impact on several KPIs (key performance indicators). A popular example is a traffic navigation app that allows you to pick a start point and end point, before presenting you with different available routes and the likeliest ETA for each.

Another example is how a nationwide clothing store might use both predictive and prescriptive analytics together to forecast that the sales of lighter clothing will increase as warmer weather slowly arrives. Based on this insight gained from predictive analytics alone, most companies might increase inventory for warm-weather clothing at every store. But the reality is that the spike in sales won’t happen at once all over the country—it will most likely begin in the southern parts of the country before moving upwards based on seasonal patterns. With prescriptive analytics, you can input sources like climate and weather data to implement a better action based on analytical recommendations.