The results of survey consisting of over two hundred retail market participants in 2014 showed that about 80% of companies are already using analytical tools. But the main problem lies in the interpretation of analytical tools results, identification of hidden patterns and building future models.
To solve this problem, we propose to use the analytics of the highest level — Predictive Analytics. Predictive analytics allows to use statistical methods, data mining and game theory methods, analyse current and historical facts to produce predictions of future events.
In 2015, SoftServe Business Systems established a R&D department, which includes three experts from Data Science field as well as a group of analysts, who are able to cope with the most difficult tasks in the field of predictive analytics, such as:
- Building multifactor sales model
- Analysing key influence factors on sales in different sections as well as model their impact in the future
- Building “what if” models
- Performing short- and long-term sales forecasts, building a number of scenarios
- Search for target audiences
- Performing customer segmentation
- Calculating price elasticity and impact of competitor on pricing
- Searching for effective cross-sales
- Searching for manipulations
- Performing detailed analysis of promotional sales
To address a wide variety of business problems, we can use any data sources (SalesWorks, Excel, CSV, SQL, etc.).
Also, our experts use R programming language — the highest standard for statistical applications. R language supports a wide range of statistical and numerical methods and has good scalability.
Using the most advanced technology in the analytics and statistics field is not enough without having a tight cooperation with business experts. Only in synergy with the business experts of our customers we get the maximum effect from predictive analytics.