The process of advanced analytics
There are three general stages of the advanced analytics process: model building, scoring, and maintenance. The following is a brief summary of each of those steps.
Once a company has determined the business objective of the project, the model building process begins. This is where the analytics team examines the data, determines which analytical techniques are appropriate, and then begins the iterative process of creating new models.
Typically, the models are built, tested, and improved through iterative cycles. Once the model is performing at a level at which the analytical team and the business team are happy with the results, the process is ready to move to the next step.
We’re often asked how long the model-building process typically takes. That’s an excellent question that’s unfortunately very difficult to answer. In the past, the process could take years to get a model to the point at which it’s ready...