What can data science and analytics offer business and government
Thousands of businesses collect vast quantities of data, yet they struggle to turn the potential knowledge and insights into business advantage. Although the task can seem massive, the benefits can be great, allowing organisations to unlock additional sources of revenues and efficiencies.
For some organisations such as those in the utilities and human services sectors, the most appealing potential lies in efficiency leaps. By applying better profiling and understanding, such organisations can ensure services and resources are better allocated, with significant reductions in waste. Altis recently leveraged analytics and data visualisation to help one of Australia’s largest electrical utilities to realise efficiency gains via optimisation of asset safety inspection cycles.
For other organisations, particularly those with a large customer base such as retail, financial services, banking and telecoms, machine learning algorithms are of particular relevance, allowing organisations to target, service and retain customers in a superior manner, potentially changing the lives of their consumers.
For yet other industries, the opportunity lies in significantly increased revenues based on greater customer insight, engagement and retention. Notable examples such as Google, Walmart and AIG have successfully applied machine learning models to secure their strong market position.
The banking sector has been one of the most high profile sectors to jump on board the data analytics trend. Other industries to join the trend include insurance, healthcare, retail, telecom, media and e-commerce.
At the core of every successful data analytics project lies a unique combination: thorough scoping upfront, well-built predictive models, the establishment of robust ROA measurements (return on analytics investment) and pathways to implement predictive analytics results into practice to generate additional revenues.
At Altis, our recent investment in DataSeer has given us unparalleled access to a team of highly skilled and experienced data scientists. DataSeer’s specialist knowledge is sought after because businesses and governments in many countries recognise the need to move from data management alone, to a predictive mindset.
Connect with us today if you would like to discuss your own organisation’s data analytics requirements, we are waiting to help.