• This field is for validation purposes and should be left unchanged.
Guidance and results for the data-rich, yet information-poor.

Category: Articles

Which Business Problems Can Predictive Analytics Solve Best?


One of the most common questions that get asked about predictive analytics is, “Where do we begin?”. Before anything else – software, techniques, and even training – your business needs to decide on what kind of problem to solve first. What problem will provide the best ROI when predictive analytics is applied to it?

A solid area to focus on is in your organization’s daily operations. This kind of single transaction/interaction with a customer is also called an ‘operational decision’. Wondering what the best offer you could make to a customer in order to keep them or judging whether a claim is fraudulent falls under this type of decision. This is a practical area to begin with because single transactions make it easier to create effective predictive analytic models.

Ever single order, application or claim requires that a decision be made. Because of their simple and straightforward nature, there are fewer challenges to building predictive models based on these transactions. The high volume of transactions means there is a wealth of data available for analysts to work with. More often than not, there will be a significant amount of data for each customer, with every additional transaction contributing more data. Businesses that hope to gain insights on customer behavior over time will then greatly benefit from relying on predictive analytics.

With these transactions, only a set number of actions can be observed, making it easier to link outcomes or results to specific choices. This will then build a defined feedback loop that helps your business improve predictions as time passes.

The sheer volume of orders or transactions finally allows a lot of room for testing and experimentation. For example, it makes it easier to try variations of approaches to cross-selling with different orders to see which approaches are most effective. The resulting data collected also greatly improves the quality of succeeding predictions. Begin your journey to predictive analytics success by working on improving your day-to-day transactions!

3 Mistakes Leadership and Practitioners Make In Predictive Analytics


The buzz about Predictive Analytics has not died down, and the organizations who have experienced its potential all agree: the discipline is here to stay. Its mainstream adoption is due to the success experienced by organizations that have properly implemented projects, but many more have held back due to a preconceived complexity. Both leadership and practitioners alike have been guilty of making crucial mistakes, preventing their businesses from reaping the rewards from predictive analytics. Here are a few of them:

Learn more ...

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.