What Do Predictive Modelling Consultants Do?
Predictive modelling consultants apply statistical computing methods like data mining and machine learning to transaction data, marketing data, CRM data, and web traffic data to derive predictive models. They apply these models to derive actionable insights that inform business processes like calculating churn rates and customer lifetime values, and supporting decision support systems (DSS).
Predictive modelling consultants also generate models that support predictive modelling marketing, which uses customer and market data analytics to identify the most potentially effective marketing methods. Since all industries create data, they often have a broad understanding of how to apply predictive modelling methods to data sets from different use cases. Example scenarios include medical diagnosis in health, fraud detection in banking and finance, predictive maintenance in manufacturing, and logistics optimization in supply chain management.
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