Algorithm is vital part to make a business model.So,we need to understand all algorithms which already exists. Profound questions asked by a guy who I met recently. I slightly smiled and whispered! even, I had the same question two months back, Don’t assume me as an expert but I could explain them in details with example,
“Business model for generation has been divided into nine segments, every segment give us a space for detailed study. Let me explain the customer segments and how it leads us to be data scientist.
Cluster: – Cluster algorithm for grouping the customer by which their similar needs or characters. This segregation will help us to provide better service to the customers.
Regression: Plan the value of proposition for our customer by understanding their needs which will be possible through Regression algorithm. This will be helping us to understand individual customer.
Classification: Have to choose the communication medium after deciding value of proposition for customer. There are various communication medium available today such as SMS, Call, and Digital Displays. That will be selected through classification algorithm.
Reinforcement: Need to identify the substantial needs of customer. It will help us to build a good relationship with customer. The relationship could be possible through reinforcement algorithm.
Anomaly Detection: should understand the unwanted or weird things of customer. It will be useful to avoid any discomfort moment with customer.
Aforementioned algorithms are used for customer segment; you could add any algorithm as per your need. There are no rules and regulation to choose the algorithm. It is all your business need; you can create a model and algorithm. If the algorithm already exists, use that name, else you name them. It is our world; we could make a change here.
Data science and Machine learning article will be the follow up for my readers. Happy learning!