Big Data, Machine Learning and Deep learning seem to be present day’s business world’s favorite buzzwords. All of them are part of something bigger. Worthy decisions ought to be data-driven and at Zermatt Data we make sure aformentioned fields are not only buzzwords but fully applicable optimal leverages for your data.
It’s a game changer, but you have to do it right.
Collecting data and analyzing it is a foundation of Digital Strategy. Presently, because of the digitalization that’s happening in all spheres of our lives, companies can accumulate massive amounts of data. Data analytics is a process during which specialists examine this data to draw conclusions regarding current and future enterprise’s situation.
The process of data analytics begins with descriptive analytics. At this stage analysts try to answer a seemingly simple question – “What happened?”. Using standard indicators like ROI (Return On Investment) or CLV (Customer Lifetime Value) and plenty of others, choosing the ones appropriate for the industry and business in question, data analytics specialists get to the point in which they fully understand what the current company’s situation is.
The second part of data analysis is focused on finding an answer to the question “What will happen if…?”. Using adequate advanced tools experts discover trends occuring in data and take advantage of them to make predictions about possible outcomes of certain decisions. During this process specialists exploit traditional statistics and the latest trends in machine learning like neural networks, natural language processing and more. The above mentioned techniques include:
- Machine Learning – the process in which algorithms are learning through experience on sets of training data and then build mathematical models with which they can predict possible outcomes based on given data. For example when we “train” an algorithm on historical data regarding real estate prices in London city center – computers can predict how much real estate with certain surface, localisation and age should cost.
- Neural Networks – the human brain has certain abilities that allow it to adapt to challenges it faces. Neural networks are algorithms designed to work like human brain, to deliver flexible tools for accurate predictions
- Natural Language Processing – the language we use as human beings is a complex thing. There is context and there are many nuances which are difficult for computers to understand. Natural language processing is a set of tools that are designed to let machines understand language used by humans to communicate.
If you have any questions regarding data analytics – do not hesitate to contact us. At Zermatt Data your questions are always answered by experienced specialists.