Twice weekly articles to help SMB companies optimize business performance with data analytics and to improve their analytics expertise.
Can predictive analytics be used to forecast fashion trends? This might sound like black magic or worse snake oil. But design or fashion trend forecasting can be a real problem, and one that data may help to simplify.
This article was contributed by John Thiels.
Migrating stakeholders from a minor role to an increasingly major role is a challenge for all organizations. For example, a car company might be interested to know what it would take to move their entry-level car buyers, who are typically 20-somethings into their more upmarket products, as these customers mature.
In the Nordic mythology of Thor, which has recently been rendered into a series of Hollywood blockbusters, the hammer of Thor is an ultimate weapon which can break through any problem, but can only be effectively wielded by Thor. No one else can even so much as lift the hammer.
This article was contributed by Vaibhav Waghmare.
Every company looks for ways to save money, but it is important to remember that your company needs to drive increases in value at all times. Data analytics is a great discipline/tool to do both.
Recently on the Harvard Business Review blog there was an article on "Why Your Analytics are Failing you?" In the article, they talk about one business which claimed to deploy a wide range of real time analytics unimaginable 5 years ago, but without any tangible business returns. If this is the state of affairs for larger enterprises, what can you say about small and medium businesses that try to adopt and deploy analytics?
Sports analytics is set to become a driving force in the sports industry. Analytics is helping industry experts to take better decisions on a variety of issues ranging from selection of players during team formation to tactical plays during a game to increasing fan engagement. For example, in earlier article on Predictive analytics in cricket: from decision tree to random forest, it was explained how the possible outcome of a game could be predicted based on earlier data for similar events. The way fans consume sports data and how the game is played is changing the face of sports. The objective of analytics applied to sports data is to turn it into the value for both consumers as well as sports professionals.