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You too go by your instinctive decisions? Over the years, firms have been making intuitive decisions for their business processes. That might have a consistent rate of success at some level But…
Facing bad consequences: Last thing you need! More often than not these decisions doesn’t turn out the way they expect it to be. And thus decision makers have to face its consequences In the present competitive business scenario firms can’t rely on their ‘gut-feeling’ to make important decisions
Data you holding is no scrap!! Companies have to understand that its high time to dust off those piled up data and make some sense of it….. ……And use it to make liable decisions
Big question But the main question that boggles the managers is…..how to use the customer information to derive the useful insights??
Analytics to your rescue! It has a analytical solution i.e. Use Modak Analytics solution to analyze the data and draw out insights thereby designing a ‘Predictive model’
What will Modak Analytics do?We help you in figuring out, •Better ways to hook new customers •What products needs to be revamped •Which existing customers should be worked on •Rate customers on risk factor •How to reduce fraud •If your campaign was a success •The factors costing your customers
What exactly is it? A Predictive model is a combination of data and mathematical process, where the learned data is transformed into a guiding model
Profitable investment Predictive analysis is widely used technology in the business arena today by the companies to make profitable decisions
How do we design a Predictive model? We are glutted with different types of methods to carry out Predictive modeling process. Some of them are, •Clustering •Decision tree •Linear and logistics regression •Scorecard, etc.,
Clustering:•A loose definition of clustering couldbe “the process of organizingobjects into groups whose membersare similar in some way”.•A cluster is therefore a collection ofobjects which are “similar” betweenthem and are “dissimilar” to theobjects belonging to other clusters
How will clustering help you? Helps you in, Segmenting the market Ranking your products Developing new product/services Predicting which customer will respond positively to your offering Recommends most appropriate step to take
Decision Tree•Excellent tools for helping you tochoose between several courses ofaction.• Provides a highly effectivestructure within whichyou can, lay out options investigate the possible outcomesof choosing those options.• Helps you to form a balancedpicture of the risks and rewardsassociated with each possible courseof action.
Linear and Logistic Regression:•Linear regression produces amathematical equation (or "model")for a "best fit" line to describe therelation.•Logistic regression creates a modelto describe the impact of multiplepredictors on a single responsevariable.•Linear and logistic regressionsimply differ in the type of outcomeand predictor variables they employ,and the type of results they produce.
Scorecard:•It articulates the linksbetween leading inputs(human and physical),processes, and laggingoutcomes•Focuses on the importance ofmanaging these components toachieve the organizationsstrategic priorities.•It is a strategic performancemanagement tool - a semi-standard structured report.
Confused what method to choose? Predictive models can also benefit from different modeling techniques at the same time. Modak Analytics provides customized solutions Then, the output of the ensemble leverages the different set of strengths inherent to different models and techniques.
Predictive Analytics enables advanced and beneficialdecision making Predictive models are already shaping our experiences wherever we go and whatever we do. They recommend products and services based on our habits. It is one of the methods of keeping your business in pace with competing world