The days of being transported in self-driving cars and having our phones suggest what we ought to eat for lunch are upon us: this is the age of big data, artificial intelligence and machine learning. Never before have industries had the power to use information to enhance their products and services as they do today. Jacobus Eksteen, Senior Data Analyst at Compuscan – one of South Africa’s leading credit bureaus – shares his insights into the significant opportunities that data analysis has brought about in various fields, including the credit industry:
Since the rise of big data, analytics has become a powerful tool which is used by companies across industries to understand what to do, when to do it and how to do it in order to enhance efficiency, minimise cost and maximise profitability. Recent years have seen greater availability of highly sophisticated software packages and algorithms, an increase in processing power as well as a decrease in processing cost. As a result, analysts, businesses and industries on the whole have become ever more empowered given that more data can be processed and stronger models can be built in shorter periods of time.
Statistical modelling – a facet of data analytics which is rooted in mathematics and deals with finding relationships between variables to predict an outcome
– is commonly used in financial services companies and consumer facing businesses as they are required to make a high number of decisions within limited time periods, and these are relatively easy to standardise.
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