Predictive analytics is a topic generating great hype and great hope in healthcare and other industries. As this area of data science matures, it is important to remember that predictive analytics is not defined by one technology or technique, although it can be roughly divided into two approaches: pattern recognition and simulation.
Tweet: 3 advantages to using simulation in predictive analytics
Pattern recognition is the most common approach, the foundation of much-hyped machine learning and artificial intelligence. Simulation is another, more human alternative to understanding business problems, predicting future trends, and recommending optimum decisions. In this blog, I explain the essentials of simulation and highlight three of its advantages. (more…)
Dimensional Insight’s powerful Diver Platform puts extensive data visualization options at your fingertips. It provides quick access to large volumes of data and dashboards that help you transform insights into measurable information. So, wouldn’t it be great if Diver could integrate statistics into dashboards? Well, it can!
Tweet: Integrating statistics into Diver with R
In this blog post, we will show you how to leverage the muscle of R, the data scientist’s go-to statistical computing and graphics language, with Diver. With R, you can have interactive forecasts and predictive functionality right in your DivePort dashboards. (more…)
Artificial intelligence is a term that is as vague as it is powerful. The decision-making processes of today’s business leaders have moved heavily towards information technology and away from intuition, but the word that is driving this change sounds like it was ripped from a science fiction story.
Tweet: The evolution of artificial intelligence in analytics
Over the course of its history, AI has evolved from descriptive, to predictive, and finally to prescriptive analytics and each of these steps represents a different way that the computer is able to recreate human thought. Let’s take a look at how AI has evolved over the years. (more…)
Over my last several blog posts on artificial intelligence, I’ve taken a look at the massive upside for distributors that the technology promises. But with these steps forward in business efficiency comes huge steps back in labor and employment.
The robotics and cognitive automation spoken of by Sergi Mesquida will be the largest contributor to job loss for distributors in the future. This label encompasses the robots used in car manufacturing, telemarketing, and the driverless cars threatening the trucking industry. These concerns are existential for many areas of the country and have been garnering serious attention in the upcoming debate for the 2020 election. Let’s take a look at some of these concerns.
As hot as summer is, rosé is even hotter as the summer drink of choice.
Rosé saw a 48% growth in the last year to $466 million in sales, according to Nielsen.
Customers are consuming rosé any way they can: rosé by the glass, sparkling rosé, frozen rosé, rosé wine gummy bears and lollipops, and rosé beauty products all captured the fancy of consumers of both genders eager to enjoy the playful side of this classic drink.
While peak rosé was definitely the summer of 2017, the wine is still winning summer. Let’s take a look and examine how wine suppliers can best capitalize on this pink trend.
Discount liquor is falling out of fashion.
Millennials are now reaching up when shopping for at the liquor store and grabbing high-end, super-premium spirits as their drink of choice.
Sales of super-premium spirits and high-end premium spirits has grown in volume between 6 and 7% each year from 2012 to 2017. This significantly out-paced the premium and value segments of the market.
There’s no shortage of data and information. It’s everywhere. But how can you make data useful in order to make better decisions? That’s the hard part.
There are several key metrics that distributors should track in order to improve their businesses. Following are three of these metrics, with examples of reports that Dimensional Insight has developed for our wine and spirits distributors so that they can be easily accessed and analyzed. (more…)
With wildfires, climate change and overcrowding in California, Oregon — and most notably Pinot Noir — is having a moment.
Oregon ranks third as the largest wine producer in the United States, behind California and Washington.
From 2016 to 2017, Oregon added 88 vineyards, totaling 1,144 wineries. The total planted acres of grapes for wine increased by 3,000, or 10.5%, from 30,435 to 33,361.
California, of course, will always remain the dominant wine producer, but with its wildfires putting some wineries out of production for five years or more, Oregon is having its chance to shine.
Every election cycle it seems there’s another state that has legalizing marijuana on the ballot. As more states legalize recreational cannabinoids, legislators and alcohol producers are tussling over cannabis-infused alcohol.
Recreational cannabis is currently legal in 10 states and the District of Columbia, while a further 13 states have decriminalized possession. California ranks as the largest legal market, where the market research firm BDS Analytics reported that $2.51 billion worth of cannabis was sold in 2018.
When legalized marijuana started to gain popularity, some wine and spirits producers feared it would hurt alcohol sales. However, others have found that they can take advantage of new laws and are finding ways that cannabis can complement their wine sales. Let’s take a look.
The experience of buying wine and spirits is no longer limited to the liquor store. Consumers can buy almost anything online, but for years the alcohol industry was slow to transition sales online because of strict state laws.
As the laws are relaxing and online is more dominant than ever, the transition to selling online has happened and is growing rapidly. Let’s examine this trend and how alcohol suppliers can take advantage of it.