Unlock your business potential with expert AI consulting services from Fast Data Science. Discover strategies to accelerate growth and outperform competitors.
What is customer churn and why should I worry about it? Customer churn is when you have a number of customers in your company and a certain number of them are likely to end their relationship with your company in the near future. Customer churn can be harmful to a business because of the lost revenue and the wasted money on acquiring that customer, as well as the fact that a churned customer may have switched to a competitor, may be dissatisfied, and might leave negative reviews.
See also: Fast Data Science A/B test Calculator (Bayesian) A/B testing is a way you can test two things, Thing A, and Thing B, to see which is better. You most commonly hear about A/B testing in the context of commercial websites, but A/B testing can be done in a number of different contexts, including offline marketing, and testing prices.
This free Bayesian A/B test calculator will help you compare two variants of your website, A and B, or two interventions, and tell you the probability that B is better. You can read more about A/B testing in our earlier blog post on the subject. You may also be interested in our Chi-Squared sample size calculator which will help you calculate the minimum sample size needed to run a Chi-Squared test, given an expected standardised effect size.
Explainable AI for Businesses AI is moving rapidly and it can be hard to understand how an AI model works and what decisions it makes. Businesses are increasingly turning to Explainable AI (XAI) to demystify the “black box” nature of traditional machine learning models.
You are probably familiar with traditional databases. For example, a teacher at a school will need to enter students’ grades into a system where they get stored, and at the end of the year the grades would need to be retrieved to create the report card for each student. Or an employee database might store employees’ home addresses, pay grades, start dates, and other crucial information. Traditionally, organisations use a structure called a relational database, where different types of data are stored in different tables, with links between them, and they can be queried using a special language called SQL.
A problem we’ve come across repeatedly is how AI can be used to estimate how much a project will cost, based on information known before the project begins, or soon after it starts. By “project” I mean a large project in any industry, including construction, pharmaceuticals, healthcare, IT, or transport, but this could equally apply to something like a kitchen renovation. This is a very typical business application of AI.
What is AI consultancy? What does an AI consultant do? We are in an AI boom. Artificial intelligence is transforming industries with its ability to automate processes, save costs, identify business risks, and provide insights. Every software or platform business is likely to find its way of operating transformed within the next five years. Companies which can adapt quickly to AI technologies are likely to benefit from the AI boom, just as companies which adapted to the internet were able to thrive in the dot-com boom.
Whether you’re a small business owner or a C-suite executive within a more prominent firm, you’re interested in seeing your business grow. Since 2008, companies have taken a keen interest in “Big Data”. But as data becomes more relevant by the day, many managers still wonder what data consultants do.
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