Business platforms are picking up a lot of interest during these troubled times because they offer customers a way of optimizing cost for running their analytical processes. So what exactly is a business platform ? A Analytics business platform necessarily consists of the following
1. An analytical process which guides the step by step execution . Examples of analytical processes which have been "Platformed" are
- Market mix models
- Behavorial segmenation workflow models
- Campaign response models
- Forecasting market share or sales etc
2. A set of Key performance indicators which can be used to measure the health of the business process. Example : Forecasting process efficiency could be measured by MAPE and Forecast variance.
In operating a business model the client typically gives a slice of the data to be executed in the business platform. For example if one has to run a forecasting model information regarding past sales, promotion calendar for Gift offs, temporary price reductions, coupons would be required in addition to media spends . Once this data is integrated in the business platform, it can be trained and run to project future store sales with a certain level of confidence factor.
There are multiple advantages with the business platform model for running analytical processes
1) The customer need not invest in expensive statisticians, software and hardware
2) The customer has to pay only on a 'per run' basis which can be structured as an operating expense as a part of store operations instead of an expensive capital expenditure
3) There are business related best practices which are readily encapsulated into the business platform which can be leveraged.
1. An analytical process which guides the step by step execution . Examples of analytical processes which have been "Platformed" are
- Market mix models
- Behavorial segmenation workflow models
- Campaign response models
- Forecasting market share or sales etc
2. A set of Key performance indicators which can be used to measure the health of the business process. Example : Forecasting process efficiency could be measured by MAPE and Forecast variance.
In operating a business model the client typically gives a slice of the data to be executed in the business platform. For example if one has to run a forecasting model information regarding past sales, promotion calendar for Gift offs, temporary price reductions, coupons would be required in addition to media spends . Once this data is integrated in the business platform, it can be trained and run to project future store sales with a certain level of confidence factor.
There are multiple advantages with the business platform model for running analytical processes
1) The customer need not invest in expensive statisticians, software and hardware
2) The customer has to pay only on a 'per run' basis which can be structured as an operating expense as a part of store operations instead of an expensive capital expenditure
3) There are business related best practices which are readily encapsulated into the business platform which can be leveraged.
I
Posts
No comments:
Post a Comment