maths & statistics awareness month
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April marks Mathematics and Statistics awareness month #MathStatMonth in the USA, with the aim of increasing the level of interest in these subjects. Working in an increasingly data-driven world, the ability to harness meaningful insights from data is an essential business and requires specialised data science expertise.

Data science is the proactive use of data and advanced analytics to drive better decision making. This ‘proactive’ use of data is what distinguishes data science from traditional ‘statistical analysis’ and needs to be an active part of an organisation in search of insight, better decision making or improvement.

Data science as a career choice for maths, statistics, and science graduates

Many graduates from maths, statistics and science backgrounds are increasingly attracted by a career in data science. Our current graduate placement Student, Elizabeth tells us more about her early interest in data science and why it presents a natural career path for those interested in mathematics and statistics. “Data science combines the skills and applications of mathematics and statistics with the use of big data and innovating technology to solve a variety of problems. I’m particularly interested in providing solutions to real-world problems and communicating these results at a high level within a business”, says Elizabeth.

“Throughout my placement I have seen the application of using mathematics and statistics within data science projects in performing exploratory data analysis to creating statistical models. My personal interest is in different types of statistical models, and I am due to study Time Series and Bayesian statistics in the final year of my degree”.

Elizabeth has benefited from seeing how mathematics and statistics have been used to model complex situations and improve business decisions from the optimum timing of routine maintenance, saving unnecessary reactivity and costs to creating descriptive, diagnostic and predictive insights which delivered great value and significant return on investment during her time at Mango.

Growing demand for data science

With the demand for Data Scientists still on the rise into 2021, the pandemic has created an even more urgent need for rapid decision making, informed and supported by constantly changing data sets, backed by effective visualization (highlighted by the World Economic Forum (WEF) in July).

Rich Pugh, Mango’s Chief Data Scientist summarises, “Leaders increasingly understand the potential of using data to create smarter, leaner, more engaging organisations. As such, we are still seeing growing demand for “data scientists” who are able to turn that data into acumen in a repeatable and scalable way. As a multi-disciplinary practice, “data science” relies on the combination of “advanced analytics” and “computer science” skill – this, combined with an ability to creatively explore challenges that can be solved, is at the core of realising the value promised by data science”.

“At it’s core, data science relies on mathematics and statistical rigour to provide robust algorithms that can be relied upon to solve often-complex challenges. As interest in data science continues to grow, the work at the Royal Statistical Society becomes increasingly important – to drive the discussion around statistical governance, and the correct and ethical application of statistical routines”, Rich concludes.

demand forecasting this easter
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Using data to accurately forecast demand for chocolate this Easter

Easter is a significant holiday for many businesses especially within the UK. The holiday period brings an increase to food and drink sales, with Easter being the second most popular period of the year for chocolate consumption. Many Britons book holiday trips in this period as well, making it an important time for the leisure industry.

Data science enables businesses to effectively plan for this busy period. Analysis of historical sales data can be used to predict future demand, allowing businesses to accurately plan stock levels; real-time analysis provides visibility of the state of a product, enabling businesses to quickly resolve issues regarding the manufacturing of products like chocolate bunnies.

Accurate forecasting to match demand

Demand forecasting is a commonly used approach which allows businesses to effectively predict future sales, plan and schedule production, improve budget planning, and develop efficient pricing strategies. Predictive analysis is used to understand and forecast demand over time, helping businesses make well-informed decisions.

Adapting in line with the coronavirus pandemic

The COVID-19 pandemic has brought great challenges within businesses. Easter brings challenges itself with the date of the holiday moving each year, however in 2020, businesses were simply not prepared for the impact of the pandemic. Easter egg sales fell by £36 million with many retailers having to sell lots of eggs at discounted prices. Some retailers were also unprepared for the boom in online sales and were not able to meet demand. On the upside, many businesses are better prepared for this year’s Easter period, with many focussing on online operations. Through demand forecasting techniques and last year’s data, businesses have been able to better prepare for this year’s demand. Many, for example Hotel Chocolat, are offering a limited range of Easter eggs this year.

As well as benefitting the retail and leisure industries, demand forecasting is used by other organisations over Easter. The NHS use forecasting techniques to predict demand and capacity for their services. This has been particularly important during the pandemic. In the January peak, NHS hospitals were caring for over 34,000 COVID-19 patients in England, approximately 80% higher than the first peak in 2020. Demand forecasting and mathematical models are being used to predict hospital bed demands frequently, tailored to specific hospitals, to help the NHS and government plan for future holiday periods such as Easter.

Demand forecasting is an effective approach that is being used by many businesses to plan for this year’s Easter holiday. Data-driven businesses can make well-informed decisions for the future, and as a result many will be better prepared this Easter.

Can we help with any aspect of your demand forecasting? Read our case study to find out how we have helped other companies with this.