Big Data modelling involves the development of Mathematical Algorithms & advanced statistical models to analyse & extract insights from big data. Big data modelling can be leveraged for strategic decisions or enabling more intelligent data driven decisions within the organization.
Big data models have had a major impact across industries & functions: Be it a recommendation system for an e-commerce portal which will suggest the most relevant products to any given user or a dynamic pricing model for an airline to decide differential pricing depending on the day of the booking or a sales analytics model which will recommend to the salesman the right SKUs & the quantity which need to be sold for the store. Big data modelling can have far reaching impact not just in improving the efficiency of business processes but also transform business models in many industries.
The following are some of the key big data models we have leveraged for our clients in the past:
- Sales Forecasting Models assisting business heads plan the right kind of business interventions to achieve their targets.
- Price Elasticity Models to help predict business impact of pricing decisions
- Optimization Algorithms to define promotion levels for retail assortments across stores.
- Multivariate Regression Models to prioritize the SKUs for a given channel based on multiple parameters.