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Data Science Book Review: Business Forecasting: Practical Problems and Solutions

May 20, 2017 by · 1 Comment
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The book Business Forecasting is a compilation of existing articles. Gilliland, Tashman and Sglavo edited what can be named the Bible of Business Forecasting. It contains around 50 articles that appeared in journals such as Foresight and Journal of Business Forecasting. The scope of the book is wide with topics ranging from forecast accuracy and forecastability, to new product forecasting and S&OP. Business Forecasting is structured in 4 categories: Fundamentals, Methods, Performance & Reporting and Process & Politics.

Articles are usually short and well written. While they allow a good overview of the discussed topic, several references are provided to deep dive when needed. For a few topics, more than one article is available. The reader gets various points of view, making the book more comprehensive. Only in the performance evaluation section, the introduction to some articles are redundant. While a few articles are to be read as food for thought, most of them are directly usable in your daily forecasting activities.

While all the book is valuable to me, the section on process and politics of forecasting is definitely the one with the most added value for the practitionner. The book only contains published material. The question of its relevance is to be asked. For newcomers in the field of forecasting, as well as people without subscription to magazines such as Foresight, the book is a must-have. For the others, while it is still nice to have such a compilation in one place, the book added value is lower. Let’s be honest however: there is no such comprehensive and up-to-date gathering of business forecasting articles out there. Do not hesitate too much and just go for it, you won’t be disappointed.

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What Could Big Data Mean for Debt Management?

January 6, 2017 by · Leave a Comment
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This is a guest post from Yaakov Smith.

Big data is changing the way the financial world handles client interaction. No matter what sector data analytics are employed in (IT, marketing, sales etc.), its implications are leading to a new wave of Business Intelligence (BI).

Any company that uses analytics on a daily basis will understand the ability of big data to transform customer relations and optimize management… Continue reading...

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Data Science Book Review: Forecasting

November 22, 2016 by · 1 Comment
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Pageflex Persona [document: PRS0000045_00027]While working on forecasting (understand “time series analysis”) I found several interesting and state of the art articles from Rob J. Hyndman. He is the co-author, with George Athanasopoulos of Forecasting: Principles and Practice. This is an excellent concise and comprehensive text explaining concepts behind forecasting, common algorithms and how to implement them in R (for a business… Continue reading... | 1 Comment

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Asimov, Psychohistory and Predictive Analytics

November 11, 2016 by · 1 Comment
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“You don’t need to predict the future. Just choose a future — a good future, a useful future — and make the kind of prediction that will alter human emotions and reactions in such a way that the future you predicted will be brought about. Better to make a good future than predict a bad one.”

Isaac Asimov, Prelude to Foundation

If you like hard science fiction with… Continue reading... | 1 Comment

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Top 5 Benefits Serve By Big Data To The Businesses

November 2, 2016 by · 7 Comments
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This is a guest post from Ethan Millar.

Big data is the latest competitive advantage for businesses. Data are now woven into every industry and function across the global economy. The use of Big data will become the basis of competition and growth for businesses by enhancing the productivity and creating significant value for global economy with waste reduction and increased quality of products and services.

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Data Scientist: Why it may be the best career after college

October 27, 2016 by · 2 Comments
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This infographic is proposed by Sandipan Pal.

Finally, the day has arrived.

After years of teaming up for group studies, setting goals and planning to fare better than your competition, you have achieved it.

Topped your grades and now waiting to make a mark in your field.

But, how do you make a mark?

Easier said than done, isn’t it?

Traditionally, it would mean… Continue reading... | 2 Comments

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How Analytics tools are shaping the growth story across industries

September 20, 2016 by · 4 Comments
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Today’s guest post is written by Mohammad Farooq

If there’s one thing that businesses across all industries have in common today, it’s in their increased adoption of data to shape business decisions. Below is a demonstration of how key industries use analytics tools and the benefits these tools have in solving challenges of data capture and use to shape growth.

Insurance

Traditionally, insurers have relied on manual sampling of… Continue reading... | 4 Comments

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