Big Squid’s Nick Magnuson was a guest on the popular DM Radio Podcast and had the opportunity to talk about some of the ways Big Squid, through their Kraken platform, is revolutionizing the Machine Learning and Predictive Analytics industries.
During his conversation with host Eric Kavanagh, Nick was able to shed some light on the ways Kraken is empowering companies to make smarter decisions by leveraging their existing historical data to come away with powerful predictive insights. Nick explained that Kraken has, “streamlined the process for going from vast data sets to recommended algorithms, to getting quick insights to solve business problems.”
Eric pointed out that a major use case for this technology is in the Digital Marketing space. He pointed out that the type of insights made available by Kraken are key components in optimizing one’s Digital Marketing efforts and gives users the ability to not only understand what is happening as it happens, but create models to identify patterns in the data and make predictions on future activity based on those predictions. Nick also pointed out that in addition to Kraken’s ability to create forecasts based off of a client's existing data, they could also create very accurate “what if” scenarios, giving companies the ability to implement changes in a sandbox environment and then see what effects those theoretical changes would have on the model.
For example, in the case of customer retention over time, business are able to not only see what is likely to happen, but create custom scenarios and test their potential effectiveness. This is a major step towards eliminating the wasted time and resources that come from implementing a major policy change and then retroactively assessing whether or not it was the right move.
One of the most fascinating insights that came from Eric’s conversation with Nick deals with the role of Data Scientist in an organization. Through their conversation, it became clear that Kraken is not intended to eliminate the need for Data Scientists. Far from it. Nick explained that Kraken would subsidize the Data Scientist’s efforts, allowing them to scale and take on more projects within their organization. Kraken would give the average analyst an easy-to-use interface where they could automate the math, algorithms, and predictive models and effectively operationalize key insights. All this would be done with the instruction and oversight of the Data Scientist who would determine the appropriate models for each specific use case and follow up to analyze the results.
If you'd like to listen to the entire episode (and you should) you can find it here. Furthermore, if you would like to learn more about Big Squid's Kraken platform, just go to BigSquid.com and request a demo, you won't be disappointed.