Tag: Business Intelligence Support

Handling Outliers Using Smarten Assisted Predictive Modelling!

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March 18, 2021

1.  Outlier, an Outsider!    

Outliers, also referred to as anomaly, exception, irregularity, deviation, oddity, arise in data analysis when the data records differ dramatically from the other observations. In layman’s terms, an outlier can be interpreted as any value that is numerically far-flung from most of the data points in a sample of data.

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Medical Cost Prediction Using Smarten Assisted Predictive Modelling!

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February 12, 2021

1.  A high level Overview on the Use Case :

One of the most effective use-case of data science in Healthcare is to predict medical costs of the patient based upon extensive factors contributing to higher expenditures. Rising medical costs have been a major public health concern hence getting an understanding upon the contributing factors is very crucial. Furthermore, one of the significant aspects of medical cost prediction is to identify the patients at risk to contribute to extensive costs to hospitals leading to effective resource planning. The relationship between patient’s primary medical costs and their characteristics (like age, gender, morbidity, BMI etc.) plays a vital role while investigating whether the healthcare resources are equitably allocated and to make sure that patients in equal needs are supplied with equal amount of medical care. Over and above that, it is very necessary to know how patients’ expected costs varies with respect to the commonly affecting factors.

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Customer Churn Model Using Smarten Assisted Predictive Modelling!

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February 9, 2021

1. About the Use Case :

Customer churn alternatively referred to as customer attrition indicates that the customer (or user or subscriber etc.)  cease to do business with the company or service provider. Higher value of churn suggests that the customer is no longer willing to purchase goods or services from your business. The ability to predict that a particular customer is at a high risk of churning, while there is still time to do something about it, represents a huge additional potential revenue source for any business. Furthermore, it is always more difficult and expensive to acquire a new customer than it is to retain a current paying customer. Being a critical metric in hindering business growth, companies must be aware about its customer churn rate in order to monitor revenue success as well as determine strategies for customer retention.

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