Expertise | Business Intelligence (Data Mining and Big Data)
Business Intelligence (Data Mining and Big Data)
SolutionStat Inc. offers BI (Business Intelligence) services, an area of expertise sought out increasingly by corporations. BI regroups a number of statistical techniques to extract strategic information from large databases that companies already have. Applied BI techniques allow companies to improve their customer relationship management and to better manage their risks. The applications are vast: banking sector, telecommunications sector, retail, market research, etc.
Predictive models allow companies to learn from the past (data warehouse), thanks to their existing data, and to base their actions on acquired knowledge. Predictive modeling can be used in a variety of contexts:
One of the greatest challenges facing companies is to acquire new clients while maintaining and developing their existing client base. Predictive models respond to the following challenges:
- Client acquisition
- Client loyalty and retention
How do you attract the maximum number of clients while maintaining profitability? For example, in the banking sector, it is critical to calculate the probability that a client default on a loan repayment prior to approving that client’s credit application.
Conducting an effective client or market segmentation project is increasingly a technical challenge for businesses, as the number of available statistical techniques, and their complexity, increases. A particular method developed by SolutionStat Inc. is worth knowing about: it is a combination of multiple correspondence analysis and clustering techniques. Grouping many categorical variables to form groups of individuals, this technique produces proven results which bring added value when compared to more traditional techniques.
Market Basket Analysis
SolutionStat has developed expertise in “Market basket analysis”. This data mining technique studies associations between the products bought by a single consumer. The objective is to gain deeper understanding of consumer behaviour. This technique is applied in the grocery sector but also in other sectors, such as pharmacies, hardware stores, telecommunications or banking services. To find out more about Market Basket Analysis, please see our presentation.
Survey data analysis
Survey data represent an important source of information about your clients. Given the high cost of conducting surveys, the maximum amount of strategic information should be extracted from the results. Survey data can thus be used in a variety of ways:
- Segment your clients
- Profile your clients
- Market research
- Guide your Marketing campaign
SolutionStat offers full-service survey management, from data collection to data analysis. See our services description page for more on survey management.
Data collected on your clients, combined with mapping techniques, allow you to study where your clients come from and determine where to set up a sales outlet. Market analysis can help you to:
- Know and understand the behaviour of existing clients
- Better target your Marketing offers
- Evaluate growth potential
Companies are gathering increasingly larger amounts of information about their clients. This large amount of data represents a very valuable source of information for an organization. SolutionStat has the expertise to extract invaluable insight from big data, through the application of the appropriate tools and techniques to manipulate large databases.