Tag Archives: data analytics
Top 5 Data Analytics Methodologies
Here is a list of top 5 data analytics methodologies which can be used to solve different business problems and in a way create business value for any organization: Optimization: Simply speaking, an optimization problem consists of maximizing or minimizing a real function by systematically choosing input values (also termed as decision variables) from within an allowed set and computing the value of the function. An optimization problem consists of three things: A. Objective function B. Decision variables C. Constraint functions (this is optional) Linear / Non-linear programming with constrained / unconstrained optimization Linear programming with constrained optimization Objective function and one or more constraint functions are linear with decision variables as continuous variables Linear programming with unconstrained optimization Objective function …
Machine Learning Use Cases in Procurement
This post represents some of the important machine learning use cases in the procurement domain. These use cases can also be categorised as predictive analytics use cases for procurement. The list is not aimed to be exhaustive. However, some of the most important ones are listed. In case, you would like to add one or more use cases which I might have missed, pls feel free to suggest. The following are five key business function areas / department in procurement department. Demand management Category management Supplier management Sourcing management Contract management In all of the above function areas, there can be multiple use cases which can take advantage of machine …
Data Science – Descriptive Vs Predictive Vs Prescriptive Analytics
This article represents key classification or types of analytics that business stakeholders, in this Big Data age, would want to adopt in order to take the most informed and smarter decisions for better business outcomes. Please feel free to comment/suggest if I missed to mention one or more important points. Also, sorry for the typos. Following are the key categories of analytics which are described later in this article: Descriptive Analytics Predictive Analytics Prescriptive Analytics What is Descriptive Analytics? Descriptive analytics answers the question or gains insights into or summarize, “What has happened?”. This could be seen as first stage of business analytics and still accounts for the majority of …
