The Analytics Roadmap – a quick primer
Analytics and big data are moving toward destinations that are beyond the greatest dreams of the first database builders of the 1960s and 1970s (RDBMS). Simply put, predictive analytics is about uncovering hidden value in your data. It involves the analysis of structured and unstructured information with mining, predictive modeling, and “what-if” scenario analysis. It helps your organisation anticipate change, so that you can plan better and improve outcomes. Having the insight to predict what will happen in a few days, weeks or even years from now, can determine one successful organisation from the next.
iOCO helps companies improve performance throughout the organisation by becoming analytics-driven. We promote a step-by-step approach that lets you see immediate results in the area that is causing you the most pain, while laying the foundation for expansion into, not only other critical areas of the company, but also to higher levels of analytic sophistication. Once you are successfully using your initial application, we take you along the analytics roadmap and move you to the next level: from understanding how your data is managed and stored; to coming to grips with what has happened, through business intelligence technologies; and gaining insights into what could happen in the future, through our predictive analytics solution.
With this forward-looking solution in place in your organisation, we take you up another notch where we help you translate your forecasts, predictions and business information into actionable, feasible plans, through prescriptive analytics. But that’s not the end of the story. We pump it up another level and show you the real meaning of “the sky is the limit”, by introducing cognitive computing. Here, machine learning algorithms applied to your data will mine the data for historical trends, real-time behaviours, predicted outcomes and optimal responses, and provide a platform for data-driven discovery and decision-making.
Using data you already have, your organisation can uncover unexpected patterns and associations, and develop models to guide front-line interactions. This means you can prevent high-value clients from leaving, sell additional services to current clients, develop successful products more efficiently, or identify and minimise fraud and risk. Predictive analytics gives you the knowledge to predict – and the power to act.
By using the powerful analytics engines from IBM SPSS, alongside an organisation’s data sources, new variables and measures are provided and can then be used to enrich the organisation’s existing processes with additional insights. This data is then made available, easily visible, and actionable through standard reporting mechanisms available in the IBM SPSS technology.
The key to our success in an implementation of predictive analytics projects, is our integrated approach, which is not limited to the information technology arena, but encompasses a deep and thorough understanding of the overall business, the business drivers and the business strategies that need to be supported to maximise return on investment.
How do we assist?
At iOCO, our diverse team draws on their extensive domain expertise, vertical knowledge, and best practices from both business and research, to provide the depth and the breadth needed to deliver outstanding analytic projects across industry verticals.
Our approach can thus be applied to organisations across all types of industries. Each client’s situation is unique, and we design targeted analytic solutions that are tightly matched to each client’s business goals. Our focus is always on understanding the needs of our client first. We then select the most efficient combination of resources and methodologies that best meet the client needs.
Our partnership with the best-in-class technology provider enables us to deliver complete solutions. From consulting, planning and design to full scale project implementation, our robust and effective methodologies provide organisations with the knowledge they need to proactively predict and respond to opportunities and threats, manage risk while ensuring efficiency, and optimise business processes to capitalise on new sources of revenue.
Application feasibility study
We work with you to identify solution alternatives and determine system, data, and process requirements. We help you in the exploratory phase to set up quick POCs and demos at minimum cost.
We work with you to develop actionable project plans, with well-defined milestones, to assure project goals are met. Once you decide to implement a project, we help you with end-to-end project implementation.
Predictive model development
We serve as a comprehensive resource for all model development requirements, from single models to customised modeling solutions.
Should you already have an in-house team and are looking for additional resources, we can help by adding extra hands (and heads).