As of May 1, 2017, DataRobot is one of our exclusive technology partners and we are prepared to use this innovative platform to support our clients with their advanced analytics needs. DataRobot offers an enterprise machine learning platform that empowers users of all skill levels to make better predictions faster. Incorporating a library of hundreds of the most powerful open source machine learning algorithms, the DataRobot platform automates, trains and evaluates predictive models in parallel, delivering more accurate predictions at scale.
Data To The People!
DataRobot is facilitating the democratization of data science that allows data scientists of all skills, business analysts, executives, software engineers, and IT professionals to use this software with ease. With DataRobot, the data science skills of writing code and building algorithms is optional, and it opens up new horizons for businesses to have access to predictive modeling capabilities. Predictive analytics is a form of advanced analytics which examines data or content to answer the question “What is going to happen?” or more precisely, “What is likely to happen?”, and is characterized by techniques such as regression analysis, forecasting, multivariate statistics, pattern matching, predictive modeling, and forecasting.
Crystal Ball Predictions Or Smart Business Practices
The highly competitive world of retail has been an early adopter of predictive analytics to improve inventory management. For example, a fashion and lifestyle brand in Europe is using predictive analytics to be more responsive to customers buying behavior and the latest design trends across their global brand.
“We are able to identify the items that will be best sellers while also identifying items that will perform poorly," said Vanessa Stuetzle, chief digital officer, The s.Oliver Group. "These data help us to make more informed buying decisions so we can avoid stock outs while keeping more items off the clearance rack."
Retail is not the only industry embracing the benefits of predictive analytics, tech giant Intel has reported that it’s saving $656 million per year using predictive analytics across departments like sales, product design, supply chain, and manufacturing operations globally. Implementing a machine learning platform that detects bugs during development in the product design phase has reduced the time it takes to bring an Intel product to market by 39 weeks.
Use It Or Lose It
Adopting new technologies - like predictive analytics and machine learning - is a daunting investment of both time and money, but we are seeing that the return on investment can be significant. Just like when any company adopts a business intelligence or analytics platform, the software is simply a tool – people have to use it. The s.Oliver Group and Intel were successful because their leadership has made smart, data-driven decisions based on the new information that predictive analytics has provided them. To learn more about what predictive analytics could do for you, contact us today about incorporating a machine learning platform like DataRobot.
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