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

Category: Articles

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.

Descriptive, Predictive and Prescriptive Analytics 101

Descriptive, Predictive and Prescriptive Analytics 101

Due to the endless flow of data made available to organizations, businesses look to analytics solutions to draw conclusions and to help their decision making process. As evidenced by the organizations that have lowered operating expenses, boosted customer service, increased revenue and improved their processes, a significant return on investment can be enjoyed by those who employ analytics.

With all of the available choices for analytics solutions, determining which ones can help your business can be a difficult task. While one is not necessarily better than another, these analytic options can definitely complement each other when used properly. They can be categorized into three specific types:

Predictive Analytics
Forecasts and predictive models are used here to provide insight on what could happen in the future.

This form of analytics is all about understanding the future and its ability to forecast what could happen. Companies are able to gain actionable insights based on collected data from various sources. While no algorithm can completely predict future outcomes, predictive analytics is able to provide estimates about their likelihood of occurring. Whenever you need to fill information that you lack or to know something about the future, predictive analytics is the key.

Prescriptive Analytics
Advice on how to optimize processes to handle possible outcomes is gained by using simulation algorithms and optimization techniques.

The newest of the three forms of analytics, prescriptive analytics provides different possible actions that a user can take, and guides them towards the best solution. This analytics solution aims to quantify the effect of a decision and advising on possible outcomes before the choice is actually made. This form of analytics is ideal for times when you need to provide users with advice on what choice is best.

Descriptive Analytics
This type of analytics uses both data mining and data aggregation techniques to provide insight into what has happened.

With descriptive analytics, raw data is summarized and “described” or made into data that can be interpreted by humans. Whether the data comes from a second ago or several years ago, this analytic option can describe the past and allow us to glean valuable information from past behaviors, and find out how these behaviors can influence possible future outcomes.

Boost Mobile App Marketing with Predictive Analytics

Boost Mobile App Marketing with Predictive Analytics

Smartphone users spend the majority of their time on apps, so it’s the perfect time for your organization to build one. A study has shown that 90% of a customer’s time is spent on a mobile app than on a browser, so it’s important to branch out and refrain from sticking to mobile optimized websites.

Marketers need to collaborate closely with app developers to create and implement strategies that will help acquire and retain the mobile majority. While getting users can be challenging, keeping them is even more difficult. Several articles have talked about how to retain mobile app users, and the most convenient way is to prioritize mobile app marketing with the help of Predictive Analytics.

Mobile app teams spend thousands on acquiring users, in the hopes of monetizing them. But getting users is only half the battle. Retaining users and maximizing their value is essential to staying competitive. If the cost of getting users is higher than their lifetime value, you won’t see any profits soon.

Predictive Analytics To Increase Mobile User Retention

Analytics can provide valuable insight to what users are doing within a certain app and why they’re doing it. To better understand why some mobile users stay while others leave, predictive analysts compare the retention of groups of similar users who do different actions within your app. Your high-value users might be doing a specific action or using a certain feature that could be leading to a better retention compared to others.

Understanding how cohorts of retained users act in the long term can help you create the right product and marketing changes that will improve overall retention. The challenge lies in knowing which behaviors to look into and forming theories about which users are more likely to churn or to be retained. This is where Predictive Analytics is used best.

Predictive Analytics features are able to tell you which users are more likely to convert or to leave. They can utilize push notifications or targeted email campaigns to keep “high risk” users engaged. Some features can even tell you the correlation between a certain user behavior and customer retention, as well as the user behaviors that are highly correlated with overall retention. With tools like these, you will now have a sound start to creating hypotheses about how users use your product.