Data-driven decision-making has become essential for businesses to thrive and successfully compete in today’s world. Some have implemented “predictive analytics” or “enterprise feedback” systems to provide real-time, highly targeted and tailored insight for marketing, customer service, management, and operations. While innovative and often effective, these systems require a full-time staff of programmers and analysts to monitor systems and frequently update algorithms and models so that those systems remain adaptive and effective. Regardless of whether these sophisticated systems are feasible for your business, they are indicative of the growing demand, power, and importance of agile, adaptive, and timely data processing and analysis for businesses to successfully compete.
At Third Millennium Analytics, Inc., we can help you gain competitive advantage by providing services in the areas of survey, evaluation, and demographic research, and statistical and data mining analytics. As a “facilitating agency”, we can perform research functions as a supplement to your broader research projects. For example, we can assist with the design and analysis of quantitative market research projects, quality control studies for manufacturing, as well as evaluations of management efforts to improve productivity, morale, or to promote workplace safety and preventive health care to control health care costs, etc. We can assist with the design and analysis of employee and consumer satisfaction surveys, with analysis of customer service data, as well as with secondary data analysis through the application of data mining. Our application of demographic techniques can help identify markets for corporate expansion, and provide insight for market area assessments, sales forecasting, effective target marketing, and logistical solutions.
Statistical Analysis. Whether for market research, management/decision science, or quality control, accurate, appropriate and timely statistical analysis is often critical for effective strategic planning and decision-making. We can objectively select, implement, and interpret the results from a wide range of statistical techniques, including a variety of sophisticated multivariate techniques. We take great care to ensure that appropriate statistical techniques are applied (in terms of the underlying assumptions for their use are met, and that they will result in valid answers your research questions), and thus result in your ability to make effective, empirically-based decisions. We can, for example, apply nonparametric tests for small samples, or the general linear model to analyze results from labor or consumer research. Other examples include analyses of factorial experimental studies involving product testing or quality control, productivity in agricultural research, as well as the application of time series, GEE, or random coefficients modeling for the analysis of market research data. We can also assist with the merging of datasets, data preparation, conversions, and transformations that will enable secondary data analysis. For more on our analytical services, please [click here].
Data Mining. Allow us to identify and apply the most appropriate data mining algorithms to help you make efficient, effective, and timely use of your enterprise data. We can apply various algorithms for predictive modeling, cluster analysis, association analysis, or outlier analysis/anomaly detection. Data mining can be beneficially applied for business in a variety of ways, including sales forecasting, shelf management, customer profiling (e.g., customer relationship management (retention and cross-sell/up-sell potential), customer acquisition, and the reduction of customer “churn”). Some algorithms are particularly useful for the analysis of free text responses, the effective reduction of credit risk, and the identification of fraudulent insurance claims. Others can be applied to transactional data in order to perform market basket analysis and thus identify “bundle groups” or “frequent item-sets”. For more on our analytical services, please [click here].
Research and Survey Design. The quality of your data is highly contingent upon the selection of appropriate research designs, the implementation of statistical power analysis, the selection of appropriate sampling designs and procedures, the design of effective surveys and questionnaires that engage participants, and the proper selection or construction of valid and reliable measurements, scales, or indices. Allow us to assist with the design and administration of your quantitative market or management research projects, quality control research, and consumer or employee surveys. With careful consideration of your resources and research objectives, we apply the most appropriate research designs, which may include experimental designs (factorial, fractional, Solomon, Latin Square, etc.), quasi-experimental (time-series, non-equivalent control group, etc.), longitudinal studies (trend, cohort, or panel), and nested designs (e.g., cluster- or group-randomized trials). We also design effective surveys that can be administered in a variety of formats (ACASIs, online, telephone, mail, etc.), and can conduct item, scale, and index construction, construct validation, and reliability assessments. For more information on our research design services, please [click here].
Evaluation and Attitudinal Research. We can design and conduct evaluations of programs designed to improve business performance, including sales, marketing, customer or employee satisfaction, and service quality. The results of properly designed and conducted evaluations can provide a clear understanding program performance, and often indicate how the program can be improved upon or refined. Evaluation results are also indispensable for budgetary purposes because they can yield valuable information regarding the worth of programs, thus enabling informed decisions about how to allocate valuable resources. We can help select the most appropriate research design for your project (e.g., randomized field experiment, quasi-experimental, or non-experimental) and assist with determining whether your programs are producing the successful results you are seeking. Importantly, some designs allow for the comparison of the effectiveness of two or more competing programs. We can apply attitudinal research (e.g., by applying expectancy-value theory) to help you gain a better understanding of consumer behavior i.e., the relative influence of various attitudinal, normative, and affective factors on behavioral intentions and behavior (e.g., purchase decisions, brand preferences). For more on our evaluation research services, please [click here].
Demographic Research. The application of demographic techniques can help you identify markets for expansion, as well as with market area assessments for sales forecasting, site analysis, target marketing, and logistics. Demographic projections can be derived for the number and types of households within given service areas so that your supply of goods or services will efficiently meet demand. We can help identify how fluctuations in rates of fertility, mortality, and migration (both internal and international) are affecting population composition. These changes in composition can greatly influence markets for products (e.g., retirement housing, book stores, drug stores, toy stores) and services (e.g., preschools, fast food restaurants, healthcare facilities). Geographic variability and changes in age structure can be identified, which can greatly influence sales forecasts and advertising strategies, as well as shifts in the socioeconomic composition of a population, and thus the demand for particular products and services. Demographic research is also very useful for human resources planning e.g., to identify populations to fulfill workforce recruiting plans, for strategic plans for recruitment, transfer, and promotion of employees. We can also integrate GIS mapping with demographic analysis is useful and insightful ways. For more details on our demographic research services, please [click here].