The Analytical Process

The Analytical Process

A proper approach to analytics projects requires communication, preparation, and patience. This will 

Model

A model is a mathematical representation of a real-life process to be used for decision making or to yield insights. In the context of Analytical Advantage, it can be a financial model in which is an assessment of financial returns/effectiveness or an analytical model which is a mathematical representation of patterns found in data.

Examples: Return on marketing campaign. Optimization of products to yield higher revenue. Regression model to predict probability of default. Image recognition to identify cracks in object. Business rules that defines high valued customers.

Analytical Maturity Stages

 

Every company is at a stage in the analytical maturity model, but as technology changes and integration becomes less dependent on infrastructure, in some cases, reaching the chasm can occur simultaneously and if not prior to earlier stages. That is the value of Data Scientist and AutoAI. Here is a great depiction of the different stages of analytical maturity.

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AI vs. Machine Learning

 

Often enough these two terms are confused. Here are a few illustrations and links that helps clarify. Bernard Marr, a Forbes contributer, does a great job of explaining the difference and it's history. 

 
 
 

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