Business Solutions, Business Analytics
Businesses are under pressures from many different directions. They need to be agile and quickly respond to changing market conditions. They need controlled processes which create quality products. They need quick insight in their present and their potential future.
This is why many companies link their business processes to analytics. They aggregate and visualize their data. There are different phrases used to describe this; business intelligence, predictive analytics, business analytics.
Credit scoring is a classic application of predictive modeling. The company needs to predict whether or not credit extended to an applicant will likely result in profit or losses.
Read more about credit scoring and credit score cards.
Customer segmentation is also referred to as market segmentation. It is used in marketing and economics. It is the process of finding homogenous sub-groups within a heterogeneous aggregate market. For example, you may want to discover a "price sensitive" group that will be very responsive to a sale.
Read more about customer segmentation.
Demand forecasting is the area of predictive analytics dedicated to understanding consumer demand for goods or services. That understanding is harnessed and used to forecast consumer demand. Knowledge of how demand will fluctuate enables the supplier to keep the right amount of stock on hand.
Read more about demand forecasting.
Fraud detection is important to banking and financial sectors, insurance, government agencies and law enforcement, and many more industries. Despite efforts on the part of the affected institutions, hundreds of millions of dollars are lost to fraud every year. Since relatively few cases show fraud in a large population, finding these can be tricky.
Read more about fraud detection.