Data science news

Data Visualization Software Can Grow Any Business

The key to any busi­nesses suc­cess is the abil­ity to identi­fy and act on fresh leads con­sist­ently over time. Using data visu­al­iz­a­tion soft­ware can help solve the age old ques­tion of how to keep the flow of cus­tom­ers con­stant and grow­ing. The solu­tion is of­ten found with­in the data the busi­ness already gen­er­ates.

The prob­lem fa­cing small en­tre­pren­eurs and big busi­nesses alike is tak­ing the data gen­er­ated from all its vari­ous sources (em­ploy­ees, vendors and cus­tom­ers) and har­ness­ing it in­to a sales tool. Once a busi­ness has a bet­ter un­der­stand­ing of its cur­rent cus­tom­er base and ad­min­is­trat­ive struc­tures, identi­fy­ing new op­por­tun­it­ies and trim­ming waste is an easy pro­cess.

Predictive data ana­lyt­ics is sav­ing lives and tax­pay­er dol­lars in New York City

According to Flowers (dir­ect­or of ana­lyt­ics for the Office of Mayor of New York City), ap­ply­ing pre­dict­ive data ana­lyt­ics to­wards “pree­mpt­ive gov­ern­ment” in New York City has res­ul­ted in:

• A five-fold re­turn on the time of build­ing in­spect­ors look­ing for il­leg­al apart­ments

• An in­crease in the rate of de­tec­tion for dan­ger­ous build­ings that are highly likely to res­ult in fire­fight­er in­jury or death

• More than doub­ling the hit rate for dis­cov­er­ing stores selling boot­legged ci­gar­ettes

• A five-fold in­crease in the de­tec­tion of busi­ness li­censes be­ing flipped

• Fighting the pre­scrip­tion drug epi­dem­ic through de­tec­tion of the 21 phar­ma­cies (out of an es­tim­ated total of 2,150 in NYC) that ac­coun­ted for more than 60% of total Medicaid re­im­burse­ments for Oxycodone in the city.

Putting pre­dict­ive ana­lyt­ics to work

Perez’s(Anthony Perez, dir­ect­or of busi­ness strategy for the National Basketball Association fran­chise.) team began by us­ing ana­lyt­ic mod­els to pre­dict which games would over­sell and which would un­der­sell. The box of­fice then took that in­form­a­tion and ad­jus­ted prices to max­im­ize at­tend­ance — and profits. “This sea­son we had the largest tick­et rev­en­ue in the his­tory of our fran­chise, and we played only 34 games of the 45-game sea­son due to the lock­out,” he says.

P&G uses pre­dict­ive ana­lyt­ics for everything from pro­ject­ing the growth of mar­kets and mar­ket shares to pre­dict­ing when man­u­fac­tur­ing equip­ment will fail, and it uses visu­al­iz­a­tion to help ex­ec­ut­ives see which events are nor­mal busi­ness vari­ations and which re­quire in­ter­ven­tion. “We fo­cus the busi­ness on what really mat­ters,” Says Guy Peri, dir­ect­or of busi­ness in­tel­li­gence for P&G’s Global Business Services.

The Big Data Revolution un­folds now… 

Big Data has sud­denly caught everyone’s at­ten­tion which in turn has made it one of the hot­test de­bated top­ics nowadays in the en­ter­prise com­put­ing circle. The need to un­shackle this huge treas­ure trove is now be­gin­ning to dawn upon every CIO and they are real­iz­ing the sig­ni­fic­ance of how it can bring in busi­ness ef­fi­ciency and value.

The Data conun­drum is giv­ing rise to Analytics

How To Create Business Value with Analytics

MIT Sloan Management Review in­dic­ates that 58% of the 4,500 re­spond­ents (busi­ness ex­ec­ut­ives, man­agers and ana­lysts) say that their com­pan­ies gain com­pet­it­ive value as a res­ult of data ana­lyt­ics. The more com­pet­it­ive or­gan­iz­a­tions are ex­per­i­enced in ana­lyt­ics and go far bey­ond its tra­di­tion­al baseline use. Their lead­ers use ana­lyt­ics to guide stra­tegic and tac­tic­al de­cision mak­ing.

They are ad­ept at de­ploy­ing ana­lyt­ics tools (soft­ware for data visu­al­iz­a­tion, mod­el­ing, min­ing, and ana­lys­is) that pro­mote the use of data. The art­icle sug­gests that or­gan­iz­a­tions sup­port­ing and prac­ti­cing ana­lyt­ics of all this data are more com­pet­it­ive than com­pan­ies that don’t use data ana­lyt­ics in their day-to-day op­er­a­tions.

Big Data in­terest grow­ing among SMEs

A new poll done on be­half of SAP finds that small and mid­size en­ter­prises (SMEs) are real­iz­ing the com­pet­it­ive ad­vant­ages of us­ing and man­aging “big data” faster than their lar­ger com­pet­it­ors.

Top com­pet­it­ive ad­vant­ages gained by us­ing big data in­clude more ef­fi­cient busi­ness op­er­a­tions (59%); boost­ing sales (54%); lower­ing IT costs (50%); be­com­ing more agile (48%); and at­tract­ing and re­tain­ing cus­tom­ers (46%). In large part be­cause of these ad­vant­ages, 70% of those sur­veyed said they would ex­pect a re­turn on their big data in­vest­ments with­in one year.

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