- Category: Analytics
ANALYTICAL MODELING SERVICES
While large raw data, particularly Big Data, doesn't offer a lot of value in its unprocessed state,applying the right set of tools and processes, blocks of data can be deconstructed, analyzed and converted into powerful insights. In any Analytics setup, the first step is to capture germane data. The enterprise then has to decide which analytics model suits their requirements the best.
Our data scientists at Endeavour are adept at breaking down immensely complex mathematical algorithms to create and tweak models that suit your business needs. With our advanced analytics platform, we apply sophisticated statistical techniques to extract actionable information.
As a first step, our approach involves:
- Understanding and assessing the business problem
- Identifying the right techniques in the selection of data sets, algorithms and variables
Once the approach has been defined, Endeavour helps you navigate through your data to derive meaningful insights by using our proprietary DEPP(Descriptive,Exploratory,Predictive and Prescriptive) Model.
The last mile in the analytical modeling process involves communicating the results to business managers and decision makers. Endeavour analysts can help you understand the discoveries and how it can impact your business. Analytical models produce estimates or classify data in order to predict outcomes. However, without a clear understanding of how the models are designed, data models could very often be a challenge to interpret. Our panel of experts can help eliminate any ambiguity in the connections and insights that the models provide, which is crucial while making critical business decisions.
(Descriptive, Exploratory, Predictive and Prescriptive)
Descriptive model: (Understand the past)
Our analysts can help you summarize and describe different aspects of your business using past data. These high-level summaries can prove valuable in discerning patterns or behaviors across processes, including production, financials, operations, sales and customers. Summaries may either be Quantitative (summary statistics) or Visual (simple-to-understand graphs).
Learn how you can push contextually relevant content to targeted audiences and collect valuable data with a customized Content Management System (CMS) using Endeavour’s Beacon Management Platform
Exploratory model: (Derive assumptions from the past)
Data experts at Endeavour use the Exploratory Data Analysis (EDA) approach to complement conventional statistical tools used for modeling and testing hypotheses, leveraging visual summaries. Our analysts can help define the how, what and why, based on the data set to help businesses make calculated assumptions before deciding on which statistical model to implement. We tell businesses which hypotheses are worth testing, which and also sets the foundation for the remainder of the data collection and analysis process.
Predictive model: (Glimpse into the future)
Our analysts use a variety of quantitative and qualitative methods on recent and historical data to extrapolate insights and predict trends and behavior patterns. These statistics combine historical data with missing data using calculated guesses and apply algorithms to capture relationships between data sets. Our predictive models can be used across industries from complex forecasting of CRM data and social media to sales processes, marketing or identifying trends in customer buying behavior.
Prescriptive model: (Alter future outcomes)
This method goes beyond descriptive and predictive models by recommending one or more courses of action and highlighting the likely outcome of each action. Prescriptive analytics not just anticipates what will happen and when it will happen, but also why it will happen. Furthermore, it also makes recommendations on how to take advantage of an opportunity, how to mitigate risk, and shows the implications of each decision taken. Prescriptive Analytics requires the predictive model with two additional components - actionable data and a feedback system that tracks the outcome produced by the action taken.