As modern CROs will be well aware, analytics have already been instrumental in driving a more strategic approach to risk management — and helping the function play a more proactive role in supporting the bottom line. 6 Now, data science techniques are taking analytical insight to the next level. The timing couldn’t be better: just as data is becoming more readily available through digital channels analytics tools are becomingmore sophisticated and accurate. Data science effectively allows you to cut through the noise of big data and home in on truly relevant data to make smarter strategic decisions. More specifically, real-time analytics help you understand the problems that may be holding back your business, while predictive analytics shows you new ways to solve them. And by integrating both into your workflow, you can better avoid potential issues in advance. 7 For real-time analytics in action, see the way that PriceStats analyzes inflation trends around the world for major financial institutions, by collecting online prices of products across 22 economies throughout the day. Predictive analytics, meanwhile, help high-frequency traders fight off tough competition in a fast-moving environment by identifying specific market participants and anticipating their future actions. 8
REAL - T IME AND PREDICT IVE ANALYT ICS
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Data science effectively allows you to cut through the noise of big data and home in on truly relevant data
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