Contemporary Analysis

Data Science

Tadd Wood

When should you Update Predictive Models?

New clients often have questions about why and how frequently CAN needs to update their predictive models.  Predictive models need to be updated because everyday new data is being created.  For example, your customers are buying more, subscribing or unsubscribing.  The environment is constantly changing.  While predictive models can handle a lot of new new data, overtime environmental changes build up causing predictive models to lose their effectiveness.  After a month, quarter, or a year it is necessary to update predictive models with new data.

As these new patterns emerge its important to periodically take time to investigate your data, update your models, and challenge your assumptions about your business. But how often should you do this?

Tadd Wood

Get More Sales from Your Current Customers

Since 2008, we have been helping our customers learn how to get more sales from their current customers.  One of the quickest, easiest, and most profitable ways to start is using the data you already have.  Using data from your accounting and CRM system it is possible to determine which of your current customers can be made more profitable, more loyal, and which are the most likely to buy more from you.  Learn more, Download our Case Study.

Contemporary Analysis specializes in using predictive analytics to forecast consumer behavior.  Using a statistical technique called multinomial logistic regression, we can use patterns in your past data to predict future events.

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