DS Methodology Archives - Fulcrum Analytics

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Revolutionizing AI: The Power of Large Language Models

Revolutionizing AI: The Power of Large Language Models Author: Konstantin Galperin Large Language Models (LLMs) have revolutionized the field of artificial intelligence (AI) by demonstrating remarkable capabilities in understanding and generating human language. These models, such as OpenAI’s GPT-4, are built upon deep learning techniques and vast amounts of training data, enabling them to perform …

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A Hybrid Approach to Customer Segmentation: Combining Machine Learning and Rules-Based Methodologies

datascience, market-research, Uncategorized

A Hybrid Approach to Customer Segmentation: Combining Machine Learning and Rules-Based Methodologies Author: Evie Fowler Customer segmentation refers to the process of dividing customers into subgroups with similar buying habits and needs. It helps businesses understand their customers better so that they can market existing products more effectively and even develop new products to meet …

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An Introduction to Network Analysis

datascience

An Introduction to Network Analysis Author: Igor Pshenychny A network analysis is a means of understanding the various entities of a given dataset as well as the relationships between them. It is a useful tool that can generate unexpected insights even when the dataset doesn’t seem conducive to a network analysis. This is because every …

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An Examination of Distribution Prediction Methods

datascience, Uncategorized

An Examination of Distribution Prediction Methods Author: Konstantin Galperin The current supervised machine learning toolkit is vast, and such methods are applied with a single goal in mind – making a point prediction. However, in some cases, it might be beneficial to predict a range of outcomes. For example, an insurance company might find it …

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Segmentation Models Compared

datascience, market-research

Segmentation Models Compared: What’s best suited to your needs? Author: Yifei Zheng Customer segmentation is a means of organizing and managing a company’s relationship with its customers and can improve things like personalized marketing communications, customer service and support efforts, customer loyalty, identifying the most valuable customers, and identifying new product or upsell opportunities. This …

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A Framework for Building Customer Segmentation Models

datascience, market-research

A Framework for Building Customer Segmentation Models Author: Yifei Zheng If someone asked you to describe your customer base or audience, how would you do it? Would you describe a generalized persona? Perhaps a list of demographic features? Or maybe you would list several interests that align with your core mission or brand. While this …

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Incorporating Decision Science into Data Science

datascience, market-research

Author: Igor Pshenychny Machine Learning and mathematical rigor are tools at data scientists’ disposal. But we all know that having a better calculator won’t exactly result in better test scores, and having a more powerful computer won’t necessarily make you a better programmer. To develop a strategy that doesn’t underperform, a data scientist will need …

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Marketing Analytics Techniques Compared: Marketing Mix Modeling vs. Attribution

datascience, market-research, retailviewer, website-analytics

While marketing in general is capable of bringing additional sales, effectiveness of any particular campaign, channel, touch point etc. may vary substantially. To evaluate performance, historically there have been two approaches – Marketing Mix Modeling (MMM) and Attribution modeling. Here we examine differences, advantages and disadvantages of both approaches. Marketing Mix Modeling: Cost and Sales …

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Don’t Throw Away The Distribution: The Importance of Probability Distributions

big-data, datascience

As data science becomes a key factor in the decision making process of society, along with that comes the democratization of data analysis allowing anyone, not just statisticians, to draw conclusions from data. There is an undeniable ease to summary statistics that makes them appealing, but here at Fulcrum, we often encounter clients throwing away …

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Segmentation and Discrete Choice Models from Market Research Data

datascience, market-research

Everyone has heard of “market research” as a way to learn more about the customers for a product or service, but did you know that through data-science-enhanced market research, organizations can potentially save marketing and deployment dollars in the long run? Through methods such as discrete choice modeling and segmentation, companies can ensure their longevity, sell …

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