Data Analytics has become the new corporate mantra presented as a mystical process with the ability to solve all operational inefficiencies while maximizing profitability. The challenge is to understand the process, validate the results, and capitalize on this information. Each organization and its data are unique, meaning your approach must be tailored to your objectives.
IPS utilizes the CRISP-DM model to help you gather data about your business and create models that give you insights into how to maximize your marketing efficiency and ROI. With our know-how and powerful analytics software, we can work with you to create customized processes that will keep you updated on what is working and what isn’t, and allow you to tweak marketing efforts for maximum effectiveness.
The power of analytics is combining multiple data sources, such as Demographic data, with transactional data and marketing data to give statistical relevance to your efforts. That said, data prep and how you structure the data with techniques such as binning, or how you handle missing data is a critical component and will affect the results. Here is where data science transcends into an art. The interesting part about modeling, its it truly iterative in nature. One of the simplest traps to fall into with data analytics is to find a model you are comfortable with and fit your data to the model. Proper modeling requires testing multiple models and then optimizing the data for the most accuracy. This is the key IPS difference.