Understanding the Predictive Analytics Lifecycle
Wiley and SAS Business Series 1. Aufl.
A high-level, informal look at the different stages of the predictive analytics cycle Understanding the Predictive Analytics Lifecycle covers each phase of the development of a predictive analytics initiative. Through the use of illuminating case studies across a range of industries that include banking, megaresorts, mobile operators, healthcare, manufacturing, and retail, the book successfully illustrates each phase of the predictive analytics cycle to create a playbook for future projects. Predictive business analytics involves a wide variety of inputs that include individuals' skills, technologies, tools, and processes. To create a successful analytics program or project to gain forward-looking insight into making business decisions and actions, all of these factors must properly align. The book focuses on developing new insights and understanding business performance based on extensive use of data, statistical and quantitative analysis, explanatory and predictive modeling, and fact-based management as input for human decisions. The book includes: An overview of all relevant phases: design, prepare, explore, model, communicate, and measure Coverage of the stages of the predictive analytics cycle across different industries and countries A chapter dedicated to each of the phases of the development of a predictive initiative A comprehensive overview of the entire analytic process lifecycle If you're an executive looking to understand the predictive analytics lifecycle, this is a must-read resource and reference guide.
Foreword xi Preface xiii Acknowledgments xv Chapter 1 Problem Identification and Definition 1 Importance of Clear Business Objectives 4 Office Politics 8 Note 13 Chapter 2 Design and Build 15 Managing Phase 16 Planning Phase 18 Delivery Phase 19 Notes 32 Chapter 3 Data Acquisition 33 Data: The Fuel for Analytics 36 A Data Scientist’s Job 41 Notes 53 Chapter 4 Exploration and Reporting 55 Visualization 57 Cloud Reporting 61 Chapter 5 Modeling 69 Churn Model 71 Risk Scoring Model 77 Notes 99 Chapter 6 Actionable Analytics 101 Digital Asset Management 104 Social Media 104 Chapter 7 Feedback 129 What the Different Software Components Should Do 132 Note 148 Conclusion 149 Appendix: Useful Questions 155 Bibliography 209 About the Author 211 Index 213
ALBERTO CORDOBA is Director of the SAS Center of Excellence at Truven Health Analytics (formerly the Healthcare Business of Thomson Reuters) where he leads a team of highly-skilled SAS experts. In addition, he provides a leadership role and direct project support for client-sponsored research studies. He is a former Vice President of Business Intelligence and Predictive Analytics at Qualex Consulting Services.
Understanding the Predictive Analytics Lifecycle offers chief analytics officers and other business leaders a clear understanding of the skills, technologies, tools, and processes for applying continuous analysis of past business performance in order to gain forward-looking insight that can drive informed business decisions and actions. Written by Alberto Cordoba—an expert on the topic of predictive analytics—this important resource explores the development of a successful predictive analytics initiative and reveals how to avoid the potential pitfalls. To bring the process to life, the book is filled with illustrative case studies across a range of international industries that include banking, megaresorts, mobile operators, healthcare, manufacturing, and retail. The examples of problem solving presented are made possible by using the progressive power of information technologies that were only recently mastered in the past twenty years. Filled with expert advice and a healthy splash of humor, Understanding the Predictive Analytics Lifecycle clarifies each phase of the predictive analytics cycle to offer a playbook for future projects. Throughout the book, Alberto Cordoba puts the spotlight on developing an understanding of business performance based on the extensive use of data, statistical and quantitative analysis, explanatory and predictive modeling, and fact-based management as the foundation for human decision-making. As he explains, all too often those who work in a particular area of the analytics cycle have little understanding of other critical areas in the process. To bring into focus the overall lifecycle, the book includes a comprehensive review of the seven relevant phases of the analytical process: identify the problem, design and build, data acquisition, explore and report, model, actionable analytics, and feedback. Understanding the Predictive Analytics Lifecycle shows how organizations can manage the big and complex process of deriving productivity and innovation in order to excel at providing an outstanding customer experience, manage customer churn, and successfully execute data-driven marketing campaigns.
PRAISE FOR UNDERSTANDING THE PREDICTIVE ANALYTICS LIFECYCLE “This is a must-read book for businesses that are planning to take advantage of their massive data collections and build predictive models. It shows examples and gives guidance on how to avoid the most common pitfalls to reach a successful outcome.” —Carmelina Collado, Directeur des Programmes & Transformation, inwi “I am glad to see that there is a book that shows the entire cycle, the entire evolution, for big data to turn into valuable and actionable information using advanced software analytical tools in today’s world!” —Clive Pearson, CEO, Qualex Consulting Services “In this book, Al Cordoba has provided a complete picture of the advanced analytics process and how it contributes to business value. Al’s years of experience in helping organizations worldwide give this book valuable insight and recommendations that business and IT professionals can heed.” —Jeff Babcock, Senior Vice President and General Manager, Kronos “We live in a world where data are more prevalent than ever. Al’s book uses plain language and stories as a way to present sophisticated technology subjects like data integration and advanced analytics.” —Rob Berman, Vice President of Global Alliances, Teradata “With rapid datafication of everything around us—there is tremendous opportunity for enterprises to get new differentiated actionable business value. Advanced analytics is key to delivering such business value. In this book, Al Cordoba has provided a complete 360-degree view of the advanced analytics process and has made it easy to understand through many examples. I would recommend this book to all the executives.” —Gokula Mishra, Vice President of Advanced Analytics & Big Data, Oracle; Co-Author of The Oracle Big Data Handbook
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