Advanced Analytics
At Decision Analyst, Advanced Analytics is thought of as the application of mathematical and statistical modeling, simulation, and optimization techniques to solve business and marketing problems, identify hidden opportunities, and optimize business and marketing strategies.
Advanced Analytics rests upon a foundation of scientific thinking and scientific methods; it’s an in-depth search for “cause and effect.”
This “cause and effect” understanding allows our Analytics Teams to derive equations, find optimal solutions, and build visual simulators that allow analysts to ask “what if” questions such as…
- What if advertising spending were increased from $10 million a year to $15 million? How would that affect sales revenue?
- What if an Extra Large (64 ounce) Package were added to the product line? How would overall profitability change?
- What is an optimal set of features and specifications for a new car, based on consumer trade-offs?
Advanced Analytics Services
Decision Analyst specializes in research and analytics to address marketing and marketing-related issues. Here are some of its major analytic services:
The Analytical Database
One of the first steps in an advanced analytics project is to create a relevant and accurate database of the most important variables. Those variables and the data related to each variable are moved into a common database format (the Analytic Database). Often data is pulled from surveys, sales data, experiments, secondary sources, and from different “silos” within a company. All of this data must go through an elaborate set of quality assurance processes to cleanse the data: estimate missing values; eliminate or adjust outliers; delete faulty records, etc. A pristine Analytic Database is one secret to analytic success.
The DecisionSimulator™
The DecisionSimulator™ makes research findings come alive. Hundreds of scenarios can be explored and evaluated in real time. Probable brand shares can be calculated, given various marketing inputs. Profit optimization functions can be incorporated so the profit implications of different marketing actions can be determined. A DecisionSimulator™ usually remains useful and valuable for two to three years.
Other Advanced Analytic Services
Why Decision Analyst?
Decision Analyst is a global research and analytics consulting firm with almost five decades of experience in advanced analytics, modeling, simulation, and optimization. Decision Analyst’s Analytic Teams have many years of experience in state-of-the-art modeling and optimization techniques. Not only does Decision Analyst provide analytics consulting services, the firm also develops and distributes its own SaaS analytic software systems for marketing analytics, marketing research, and consumer insights. ChoiceModelR™ is the name of Decision Analyst’s choice modeling/conjoint software, while Colibri™ is the name of its text analytics and text mining software. Logician® is one of its survey research and analytics platforms.
If you have questions or would like to discuss an analytic problem or issue, please contact Elizabeth Horn, Ph.D., Senior Vice President, Advanced Analytics (ehorn@decisionanalyst.com) or Jerry W. Thomas, Chief Executive Officer (jthomas@decisionanalyst.com) via email or call 1-817-640-6166.
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