There are many terms relating to this area such as advanced analytics, AI and machine learning. At Advectas we have chosen to use the collective term Data Science. Data Science entails extracting the potential from all types of data and identifying hidden patterns with the aim of optimizing the business enterprise and making forecasts of the future.
Statistics, business analysis and programming are the three fundamental elements of Data Science. We are increasingly leaving digital tracks in our everyday lives. If we search online, buy food or move around town with our mobile in our pocket, every step we take is registered. All data generated by connected units can be collected and analysed to predict events, which creates a good foundation for acting proactively and take action in advance. Data Science has become a hot field in the enormous digital revolution that is currently under way.
Predictive Analytics entails searching for patterns and links in historic data in order to predict the future. The data can come from internal sources, such as the company’s CRM system, and/or external sources such as online newspapers, product reviews or social media. A box of tools with techniques borrowed from statistics, machine learning and data mining is used to identify these patterns.
Predictive Analytics is a series of general methods with many applications. These methods are successfully deployed to predict inventory in the retail sector, compile customer feedback during product development, decide where to drill for oil, detect credit fraud and other deceptions, assess credit worthiness, trade in shares and manage risks, and they can be used to provide information for doctors to make decisions, for example.
Once links are found in data, this knowledge can then be used to predict how to act to achieve the best outcome in line with a predefined criterion. The actions often involve customer interaction, such as which product, recommendation or advertisement should be offered to a customer. The process can also indicate which customers you should phone with a special offer before they leave you for a competitor or how an offering should be shaped to achieve the maximum effect.
Who is your customer? What does the customer want and when? Where is the customer? How do you reach the customer? How can you differentiate yourself from your competitors the way the customer wants? Get the answers to these questions by using Advectas Customer Analysis.
Advectas can help you to optimize and streamline your enterprise by analysing sensor data, often referred to as IoT (Internet of Things). This is an effective method which, for example, enables organizations to optimize planned maintenance to reduce downtime costs and to analyse machinery, assets, vehicles and product development in real time.
Analytics has traditionally focused more on structured data and counted money, customers, products and business transactions, for example. However, a lot of information is hidden in text and today most companies have tremendous assets in the form of text. These might include surveys, customer service dialogues, manuals, handbooks, social media and web pages, etc. Analysing this text on a large scale can reveal new insights and create value. Advectas has both in-depth knowledge in the area and smart tools that enable you to perform the analysis yourself.