Summary: True prescriptive analytics requires the use of real optimization techniques that very few applications actually use. Here’s a refresher on optimization with examples of where and how they’re best used.
Data scientists and predictive modelers often use 1-D and 2-D aggregate statistics for exploratory analysis, data cleaning, and feature creation. Higher dimensional aggregations, i.e., 3 dimensional and above, are more difficult to visualize and understand. High density regions are one example of these N-dimensional statistics. High density regions can be useful for summarizing common characteristics across multiple variables. Another use case is to validate a forecast prediction’s…Continue
Added by Rohan Kotwani on January 3, 2019 at 4:00pm — No Comments
Fish schools, bird flocks, and bee swarms. These combinations of real-time biological systems can blend knowledge, exploration, and exploitation to unify intelligence and solve problems more efficiently. There’s no centralized control. These simple agents interact locally, within their environment, and new behaviors emerge from the group as a whole. In the world of…Continue
Sales prediction is an important part of modern business intelligence. First approaches one can apply to predict sales time series are such conventional methods of forecasting as ARIMA and Holt-Winters. But there are several challenges while using these methods. They are: multilevel daily/weekly/monthly/yearly seasonality, many exogenous factors which impact sales, complex trends in different time periods. In such cases, it is not easy to apply conventional methods. Of course, there is…Continue
Accurate multichannel campaign attribution has stumped the online marketing industry for years. But what if the solution is to stop worrying about attribution, and move to an optimization-driven approach?
You know those photo mosaic images, which suddenly became terribly popular a few years back? They cleverly use lots of individual tiny images to make up one large image. If you look closely you can make out the…Continue
Added by Ian Thomas on January 27, 2017 at 9:30am — No Comments
In this blog, I will be considering theory developments from changes in methodology. But first I want to express an opinion on the significance of using numbers. A "number" represents an amplitude or magnitude: 5 pencils; 13 paperclips; 50 sheets of paper. The purpose of these numbers is to facilitate the counting of things that are presumably the same in a specific way: e.g. all 5 pencils are in fact pencils - for if 1 were an eraser, there would be 4 pencils and 1 eraser. The use of…Continue
Added by Don Philip Faithful on August 20, 2016 at 8:30am — No Comments
I sometimes ask myself while musing over the need for a particular service, "I wonder if this is commercially viable?" If the service is routine and the required software is rather inexpensive, perhaps there is little need for a company to outsource. I cannot think of any company that would routinely outsource work normally performed on a spreadsheet. I suspect that decades ago some companies hired specialists to handle spreadsheets; this seems much less likely today in light of the…Continue
Added by Don Philip Faithful on July 2, 2016 at 7:07am — No Comments
There has been a lot of activity recently around revenue attribution - marketers want to develop a better understanding of their customer acquisition funnel and be able to measure progress against it. Most of this attention has been focused on the B2C space. However, less work has been done measuring the performance of B2B marketing activities.
Certainly the marketing automation segment is very vibrant with a large number of vendors (both big and small) providing solutions that…Continue
Added by Gregory Thompson on May 23, 2016 at 4:33pm — No Comments
Marketing measurement has long been an arcane field - companies interested in understanding how their marketing programs impacted revenue (or brand value) would hire expensive consultants who labored long and hard to deliver complex models at great cost to help their clients set high level marketing strategies and advertising budgets.
This worked well until the internet came along and changed the game - new digital channels and online marketing techniques were embraced by…Continue
Added by Gregory Thompson on May 19, 2016 at 11:00am — No Comments
It's me, Gomez! I've tried to be someone I'm not. I live in shame...and the suburbs!
Added by Jamie Lawson on December 30, 2015 at 11:00am — No Comments
"Half the money I spend on advertising is wasted; the trouble is I don't know which half."
John Wanamaker, a department store merchant and marketing pioneer in the late 19th and early 20th century (as well as Postmaster General from 1889 to 1893), is reputed to have made this statement and advertisers have been wrestling with the question ever since.
Enter the science of marketing measurement. In the early days the questions revolved around the…Continue
Added by Gregory Thompson on October 23, 2015 at 1:00pm — No Comments
Marc Andreessen famously said ‘software is eating the world’. This appetite for software is fed by the fact that software driven businesses are not only way more effective than traditional businesses; they can also leverage the software to accomplish things unheard of before, such as new business models. Companies such as Google, eBay, and Amazon are well-known examples of…Continue
Added by Martin Voorzanger on July 6, 2015 at 10:00am — No Comments
Your website’s search capabilities may be a potential customer’s first (or only) interaction with your website. Customers who can’t find relevant products based how they search are likely to abandon and go to competitor websites. For many retailers, 30% - 40% of search queries are under-performing. Underperforming search queries are costing you sales and customers.
Some examples of under performing search queries are:
Companies build or rent grid machines when data length doesn't fit into HDFS, or the latency of parallel interconnects is too slow in the cloud. This review explores the overlap of the two paradigms at the ends of the parallel processing latency spectrum. The comparison is almost poetic and leads to many other comparisons in languages, interfaces, formats, and hardware, but there is amazingly little overlap.
Your Laptop Is A Supercomputer
To put things in perspective,…
Added by Peter Higdon on November 24, 2014 at 4:35am — No Comments
Thermometers and scales to measure weight appeared in retail outlets long ago. Blood pressure monitors perhaps came later. Pedometers and heart-rate monitors seem more recent - possibly closer to my time. I saw several devices while doing this blog intended to electronically record among other things hours of sleep; these are designed to be worn on the body all the time. A couple of weeks ago, I bought something to give the heart rate and blood oxygen saturation level. I consider it a real…Continue
Added by Don Philip Faithful on November 8, 2014 at 9:18am — No Comments
Many years ago, I attended a vocational college to learn skilled trade. I was taught about the behaviour of systems. I learned that after renovations to a house, the furnace might cycle on and off more frequently; this can leave some parts of the house too cold. A wood-burning stove or fireplace should be treated as a part of a system. Open doors and windows in the dwelling can cause exhaust from such appliances to enter living spaces. I realize that these particular examples of systems…Continue
Added by Don Philip Faithful on August 16, 2014 at 8:31am — No Comments
Managing performance of enterprise applications and achieving high levels of Performance with minimum resources is topic of discussion in today’s large enterprises. Resolving performance issues is essential for database administrators (DBAs) when it happens however it is best to react to the problems proactively. Proactive management requires very high level of attention and to help make sense of the overwhelming data provided by the database engine.
In database management being…Continue
Added by Muhammad Saeed on April 21, 2014 at 3:43am — No Comments
Business analytics comes in three (3) general flavors: descriptive, predictive and prescriptive. See: …Continue
Added by Michael Walker on August 27, 2013 at 2:00pm — No Comments
There is no question that the USA (in fact, most of the world) would be well-served with more quantitatively capable people to work in business and government. However, the current hysteria over the shortage of data scientists is overblown. To illustrate why, I am going to use an example from air travel.
On a recent trip from Santa Fe, NM to Phoenix, AZ, I tracked the various times:
Added by Neil Raden on June 27, 2012 at 10:00am — No Comments