Analytics should be embedded in the business processes

Generally analytics service providers propose that analytics is a separate department and work independently of the processes. This approach is something similar to allowing to manufacture a car by the production department and the Quality department checks quality in the end and provides inputs. Analytics has to be a close ended processes and a part of the processes. Look at retail banking every customer is a different customer, every customer needs to be understood separately and on a real-time basis. Decisions need to be taken when the customer is interacting with the bank. Data collected about transactions and interactions and analyzed later may give you insights but would hardly add to the revenues. The next challenge for analytics would be how to integrate into processes and on a real-time basis.

 

 

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SAS versus R – Which is better for an enterprise?


Please add your justification as comments.

Tired of useless clusters and customer segments?

The area of analytics keeps on evolving continuously. As researchers from different disciplines and back grounds are joining the analytics stream they are bringing specialized tools and techniques. The discipline of analytics has gained immensely from the cross discipline approach.
 
One of the techniques that are extremely helpful is the fuzzy logic for data analysis. Fuzzy set theory can be used for clustering of data and is very effective in situations where data has issues related to:
 
·        Large data sets
·        Heterogeneity
·        Uncertainty
·        Incomplete data
·        Qualitative data.
·        Subjectivity of the information obtained.
 
Unlike clusters obtained using multivariate methods, fuzzy clusters  enable a better interpretation of data.