- It’s an exciting time to work with technology. Daily, it seems there’s a new tool or approach released that enables us, the people working with data, to do our jobs better. One of the powerful approaches we focus on is predictive analytics. This approach isn’t exactly new—we’ve been in the business for years. But, it has become more accessible. This, combined with the quest for optimization, creates a powerful duo for business analysts hoping for better results from their data.
- Just as a musical ensemble is a collection of different instruments contributing to a single tune, ensemble modeling is multiple models used together to outperform any one of the contributing models. It is based on the philosophy that “Together, we are better.”
An excellent example of this is the competition Netflix held a few years ago.
- Recently, the importance of customer churn, value, channel preference, and other behaviors have come to the forefront as criteria to consider when planning marketing segmentation and targeting. Providing support for the marketing team’s understanding of these metrics has become a key deliverable for IT departments. These metrics help decision makers define goals and strategies for organizations. As part of this, big data has increasingly become more important.
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