Smart Data Collective

SEPTEMBER 19, 2022

Statistics show that 93% of customers will offer repeat business when they encounter a positive customer experience. Better UI/UX based on A/B testing. Measure the ROI from delivering a great customer experience. By measuring ROI, they can identify where to improve and what to focus on.

Big Data 129

Big Data ROI Measurement Risk 129

Smarten

JUNE 25, 2018

This article provides a brief explanation of the definition and uses of the Descriptive Statistics algorithms. What is a Descriptive Statistics? Descriptive statistics helps users to describe and understand the features of a specific dataset, by providing short summaries and a graphic depiction of the measured data.

Statistics 40

Statistics Enterprise Measurement Business Intelligence 40

DataKitchen

JUNE 24, 2021

Chapin also mentioned that measuring cycle time and benchmarking metrics upfront was absolutely critical. “It It takes them out of the craft world of people talking to people and praying, to one where there’s constant monitoring, constant measuring against baseline. [It DataOps Maximizes Your ROI. Design for measurability.

ROI 211

ROI Metrics Measurement Cost-Benefit 211

datapine

SEPTEMBER 16, 2022

But often that’s how we present statistics: we just show the notes, we don’t play the music.” – Hans Rosling, Swedish statistician. A BI strategy that leverages data visualization will provide an ROI of $13.01 Your Chance: Want to test a powerful data visualization software? back on every dollar spent.

Visualization 304

Visualization Dashboards Data-driven Statistics 304

Insight

FEBRUARY 19, 2020

I held out 20% of this as a test set and used the remainder for training and validation. The genre uniqueness is a measure of how unique a movie’s combination of genre categories is relative to all movies in my data set. The ROI is simply the fraction of the budget that the movie makes back at the box office (i.e., A New Hope ).

Risk 67

Risk ROI Modeling Metrics 67

IBM Big Data Hub

MAY 17, 2024

” Given the statistics—82% of surveyed respondents in a 2023 Statista study cited managing cloud spend as a significant challenge—it’s a legitimate concern. Cloud adoption maturity model This maturity model helps measure an organization’s cloud maturity in aggregate.

Modeling 93

Modeling Cost-Benefit Optimization Digital Transformation 93

DataRobot Blog

APRIL 4, 2022

MMM stands for Marketing Mix Model and it is one of the oldest and most well-established techniques to measure the sales impact of marketing activity statistically. When this contribution is put against the marketing spend in the particular channel, it produces a reading on the highly coveted return on investment (ROI).

Machine Learning 52

Machine Learning Sales Measurement ROI 52

O'Reilly on Data

MARCH 31, 2020

All you need to know for now is that machine learning uses statistical techniques to give computer systems the ability to “learn” by being trained on existing data. This has serious implications for software testing, versioning, deployment, and other core development processes. Machine learning adds uncertainty.

Management 327

Management Machine Learning Experimentation Metrics 327

The Unofficial Google Data Science Blog

DECEMBER 4, 2019

The ROI of human involvement When it comes to human involvement, the key difference is in the magnitude of costs associated with any one forecast cycle. This defines the ROI on the investment of human time. With those stakes and the long forecast horizon, we do not rely on a single statistical model based on historical trends.

Forecasting 113

Forecasting Data Science Statistics Uncertainty 113

Occam's Razor

AUGUST 22, 2011

Key To Your Digital Success: Web Analytics Measurement Model. " Measuring Incrementality: Controlled Experiments to the Rescue! Barriers To An Effective Web Measurement Strategy [+ Solutions!]. Measuring Online Engagement: What Role Does Web Analytics Play? "Engagement" How Do I Measure Success?

KPI 124

KPI Metrics Measurement ROI 124

IBM Big Data Hub

APRIL 18, 2024

LLMs like ChatGPT are trained on massive amounts of text data, allowing them to recognize patterns and statistical relationships within language. Here are some areas where organizations are seeing a ROI: Text (83%) : Gen AI assists with automating tasks like report writing, document summarization and marketing copy generation.

Cost-Benefit 92

Cost-Benefit Modeling Manufacturing Interactive 92

Smarten

SEPTEMBER 6, 2019

With true self-serve business intelligence and analytics solutions, the average business user can perform data preparation, test theories and hypotheses by prototyping on their own and share clear, objective data with others.

Analytics 51

Analytics IT Business Intelligence Testing 51

datapine

MARCH 19, 2019

According to the statistics portal Statista , there are currently around 4.78 You should hold internal focus groups to test how ‘scannable’ your dashboard designs are and find out which areas need improvement. We live in a mobile world. billion mobile device users worldwide. Sales mobile dashboard example.

Dashboards 112

Dashboards Visualization Metrics KPI 112

datapine

MAY 17, 2021

Your Chance: Want to test a professional data discovery tool for free? Your Chance: Want to test a professional data discovery tool for free? They positively impact ROI ( Return on Investment ) and TCO (Total Cost of Ownership). Your Chance: Want to test a professional data discovery tool for free? What Is Data Discovery?

Visualization 161

Visualization Data-driven Business Intelligence Metrics 161

Ontotext

APRIL 3, 2024

So, this is a big driver for the outcome because when you are saving money for the business, you can measure it and see its value. ” Aurelije Zovko : For me, what’s also important is business productivity and one thing is to measure the business processes that bring revenue. Show me the ROI.” They are the best.”

Technology 59

Technology Risk Digital Transformation Measurement 59

Smarten

AUGUST 9, 2017

Users can perform advanced analytics in an easy-to-use, drag and drop interface without knowledge of statistical analysis or algorithms. Augmented Data Preparation empowers business users with access to meaningful data to test theories and hypotheses without the assistance of data scientists or IT staff.

Analytics 40

Analytics IT Statistics ROI 40

Domino Data Lab

MAY 8, 2019

Visualizations are vital in data science work, with the caveat that the information that they convey may be 4-5 layers of abstraction away from the actual business process being measured. measure the subjects’ ability to trust the models’ results. Information can get quite distorted after being abstracted that many times.

Machine Learning 105

Machine Learning Data Science Modeling Visualization 105

Occam's Razor

JANUARY 6, 2010

2 Learn basic statistics. For all of the above reasons it is becoming ever more important that you are know atleast Statistics 101. If you have not been exposed to statistics perhaps you can take a class at a local community college or university. Knowledge of statistics is a key arrow to add to your analytical skills quiver.

Analytics 99

Analytics IT Statistics Metrics 99

Jet Global

MAY 15, 2020

A financial Key Performance Indicator (KPI) or metric is a quantifiable measure that a company uses to gauge its financial performance over time. This key financial metric gives a snapshot of the financial health of your company by measuring the amount of cash generated by normal business operations. What is a Financial KPI?

Metrics 98

Metrics Finance Reporting KPI 98

Domino Data Lab

JUNE 23, 2019

As a result, Skomoroch advocates getting “designers and data scientists, machine learning folks together and using real data and prototyping and testing” as quickly as possible. These measurement-obsessed companies have an advantage when it comes to AI. It is similar to R&D. Transcript. Hi, I’m Peter Skomoroch.

Management 110

Management Machine Learning Experimentation Metrics 110

Domino Data Lab

AUGUST 8, 2019

Their approach is to bombard “organoid” mini brains living in vats with potential cancer meds, to measure the meds’ relative effects. provides ways to kill 2-3 birds with one stone: better recommendations for people leveraging that data, along with better data governance, along with better ROI on research funding. machine learning?

Data Science 71

Data Science Machine Learning Data Governance Statistics 71

Occam's Razor

MARCH 23, 2010

Part of it is fueled by a vocal minority genuinely upset that 10 years on we are still not a statistically powered bunch doing complicated analysis that is shifting paradigms. Usually at least a test. Meanwhile see if you can convince your HiPPO to run a small test while you look for a case study (and a job). ].

Analytics 118

Analytics Consulting Metrics Experimentation 118

Jet Global

MAY 1, 2023

Manage compliance through up-to-the-minute performance measures, workflow automation, and essential regulatory reports. Return on Investment Now we bring it all together to calculate the ROI on embedded analytics. The formula looks like this: ($750k / $250k) = 3, so the ROI is 200 percent. cost reduction).

Analytics 52

Analytics Cost-Benefit Visualization Dashboards 52

Andrew White

JANUARY 11, 2021

measuring value, prioritizing (where to start), and data literacy? Storytelling is a nice one to use early on to test the approach. But we are seeing increasing data suggesting that broad and bland data literacy programs, for example statistics certifying all employees of a firm, do not actually lead to the desired change.

Data Analytics 52

Data Analytics Analytics Data-driven Finance 52