Fast evolution

previous icon “The analytics are becoming more and more sophisticated – and continue to evolve at a fast pace. For example, retailers can now examine sales and prices at such a micro level that they can begin to determine the optimum price to charge in different stores for different products to maximise profitability. This used to be done by human judgement – even intuition perhaps – but now it can be achieved scientifically and we can adjust the strategy finely to see what effect these changes might have. You can also try alternative strategies and scenarios to produce the desired result.”

“And it doesn’t just apply to retail. For example the first of our customers to really use big data in a very applied way was a pharmaceutical company; in fact they’ve recently received an award for this work in the field related to rare diseases. What they were doing was trying to monitor the ‘chatter’ from patients and families on social networks as well as the conversations of specialists and other developers. Their goal was to be able to further develop and adapt their medication and so provide a greater benefit for the patients. The job was huge but they used what we call ‘text mining’ to collect and analyse the data. I believe this will be the next big thing in analytics.”

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Fast evolution

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Equis Association of MBAs AACSB Financial Times