Machine learning in fraud detection performs better when we know the strengths and limitations of different analytic toolkits, and understand the factors that determine accuracy.
You can’t control the sun, the wind or the snow. But using predictive and prescriptive analytics, along with optimization algorithms, you can do the next best thing.
Statnett, the Norwegian transmission systems operator (TSO) for energy, is going to use FICO energy optimization technology to power their models of the future of electricity needs in Norway and optimize the current infrastructure.
Are your analytics delivering results? The word “analytics” means different things to different people. Depending on the analytical maturity of your organization, analytics could mean reports on your performance, analytics could mean predictive models, or it could mean fully optimized analytic decisions. No matter where you are on that spectrum, many organizations report that while they have many different analytical systems or models, they don’t know how well they are performing. Many times organizations implement expert or predictive models with the expectation of enhanced operational performance, but they don’t measure the results, and don’t assess if the model is delivering the business value needed and expected. Measuring and tuning models as is important as implementing models. Without ongoing monitoring they can fail to achieve the desired results. If you, as a leader of an organization wants to assess your analytics, there are a number of steps you can take. 1)... [Read More]
Watch Kasparov discuss the evolution of AI, explainable AI and other topics in this funny and fascinating video.
Leveraging analytics from insight to artificial intelligence (AI), business leaders can make sense of their rapidly-growing piles of data to improve their operations. Here are some tips for using analytics to create a measurable business impact. #1: Put the decision before the data With a decision-first strategy you define the business objective first, then determine what data and analytics you need to achieve the goal. Extrapolating insights from huge amounts of data can be interesting, but it can also be a tremendous waste of time and resources if it doesn’t solve a specific business challenge. If the modeling and data analytics requirements are defined by the business outcome first, data exploration and analytic development is faster and more productive. This helps enterprises narrow in on meaningful outcomes, shutting out extraneous noise and focus on the insights that address specific objectives. #2: Get data into decision makers’ hands Empower the business... [Read More]
Optimization of supply chain operations has become an imperative, as organizations grapple with customer demands, unpredictable events, and spiraling costs. On top of these persistent challenges, complexities are magnified by the myriad of tools required to manage everything from workforce schedules to resource allocation. To meet competitive demands, business decisions are needed quickly and accurately against an ever-evolving list of requirements and dependencies. But all too often, supply chains break down in the face of unanticipated factors or messy and incomplete data. To drive greater speed and precision in the supply chain, industry leaders are employing automation technology and visual insight capabilities. This traditional software driven approach can help but does not always suffice in the face of a growing number of variables and constraints. Today, many companies are transforming their supply chain challenges into business opportunities with powerful analytic platforms rooted in Artificial Intelligence and Machine Learning. Machine Learning... [Read More]
The DM3 provides an accurate and actionable segmentation of users and businesses against their current capabilities, requirements, skills and end-state objectives.
Unleashing the Power of Advanced Analytics…and Students The Supply Chain Management Association (SCMA) runs an annual inter-university competition in Canada that exposes students to the real-world supply chain challenges, including international trade regulations and export tariffs. Over one hundred students from three schools compete in groups of five, and judges select the winning team. As firm believers that the students who try to analyze these kinds of supply chain optimization problems will have a reduced learning curve when they step into their business careers, FICO was excited to serve as a sponsor and judge at this year’s competition. I had the pleasure of being one of the judges, and so last month, I made my way to Hamilton, ON, home of McMaster University’s DeGroot School of Business, site of this year’s event. Now that I’ve seen it for myself, I’m excited to report that the SCMA case competition involves some... [Read More]
Let's look at customer experience scenarios that can be improved by advanced analytics and how CSPs could and should take a more customer-led approach.