Now You Don’t Have to Be a Computer Programmer to Benefit from Predictive Analytics and Constrained Optimization
Advanced analytics and “Big Data” are driving decisions in a massive way, and the scope is only going to expand. Collecting precise data offers companies unlimited possibilities to improve their marketing efficiency. Making better and faster decisions with data is becoming critical for improving the results of important business decisions.
However, understanding advanced data analysis and transforming it into actionable insights hasn’t always been easy and typically required programming skills. With limited computing capabilities and complicated, difficult to access software, predictive analytics and constrained optimization technologies never quite made it into mainstream marketing strategies. Until today.
Now you don’t need to know how to code or have expert statistics skills to employ advanced analytic models. Complex optimization tools are becoming easier to access, even for those who aren’t computer programmers or data scientists. This is creating opportunities for more businesses to gain benefits from world-class analytics.
Constrained optimization: Here to stay and more important than ever
Business problems often have many potential solutions. Improving the return on your marketing investment under resource constraints is one of the most challenging issues facing business analysts and marketing professionals. Now you can predict the impact of constraints using true mathematical optimization.
Constrained optimization helps you identify the best option within identified constraints. It accurately predicts the effect that business constraints will have on your overall marketing strategy so, for example, you only mail to customers with an expected profit higher than the investment and avoid exceeding your budget.
The team at Stitch Fix uses constrained optimization to make important business decisions with limited resources. With fashion stylists in high demand, they must match them with customers in a way that maximizes customer satisfaction without overworking any stylist.
Analyzing consumer habits once took weeks of analyzing spreadsheets, but today it can be done in real time.
Optimization doesn’t have to be complicated. While the algorithms are, getting what you need out of your data doesn’t have to be. Lityx’s mathematical decisioning software intuitively guides analysts and marketers through all optimization processes — including constraints, analysis, and reports.
Whether your team is just taking baby steps or is up and running with data analysis, it’s important to be able to use your analytics to work toward success today in order to see progress in the future.
Predictive marketing: Why your team needs to join the advanced analytics revolution
Predictive analytics uses data science to accurately predict which marketing actions and strategies are the most likely to succeed. It also shows you which campaigns and tactics are the most effective, allowing your team to make smarter and more strategic investments.
Currently, the majority of marketers are either fully committed to or already implementing complex analytics approaches like predictive marketing.
Your team needs the right tools to look backward and understand why particular campaigns worked or not, and to look ahead and predict customer behavior.
Advanced computer algorithms have made the science of prediction using data more accurate and far-reaching than ever before. But handling a dataset with too many variables can be difficult, and analysts and marketers who get behind the curve may have a hard time catching up with their competitors. Fortunately, there is no need to employ a squad of computer programmers to develop predictive analytics algorithms, when systems like Lityx are becoming more accessible and easier-to-use, every day.
How Lityx makes it easier to get better performance from your data
With the tech landscape changing rapidly, companies that succeed will empower their teams to use advanced analytics solutions to better serve their customers. Forward-thinking companies who embrace new tools, avoid analysis paralysis when adopting new technologies, and are able to plan for change. The video below illustrates how optimization can be used to improve business investments.
With more data, improved computing capabilities, and easier access to complex optimization tools, predictive analytics and constrained optimization is quickly becoming a business imperative. Learn more about how Lityx can help your business use analytics to empower business and marketing decisions.
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