Big Data modeling involves the development of Mathematical Algorithms & advanced statistical models to analyze & extract insights from big data. Big data modeling can be leveraged for strategic decisions or enabling more intelligent data-driven choices within the organization.
Big data models have had a significant impact across industries & functions. Be it a recommendation system for an e-commerce portal which will suggest that 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 modeling can have a far-reaching impact not just on improving the efficiency of business processes but also transform business models in many industries.
The following are some of the critical 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 the business impact of pricing decisions
- Optimization Algorithms to define promotion levels for retail assortments across stores.
- Multivariate Regression Models are created to prioritize the SKUs for a given channel based on the multiple parameters.