Predictive Analytics – For National GDP Tracking

By PAROMIK CHAKRABORTY

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Data analytics is being heavily used in almost all use cases, be it businesses or city-scale applications. Smart cities rely on quick and flawless processing of massive amounts of data to filter out the right information.

As India’s smart cities are gradually taking shape, necessity for artificial intelligence (AI)-powered platforms are on the rise. Indian analytics solution provider Quantta Analytics has framed a predictive platform that is helping India track its economy.

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Quantta Analytics has developed an extensive AI-powered analytics platform, called Quantta One, which is being used to create major insights on various parameters of the country, like demographics, economy, employment and income, education, geo-intelligence, health and nutrition, agriculture, government schemes and much more.

The backbone of Quantta One platform is developed using Big Data and AI tools such as Hadoop, Tensor Flow, Spark and H2O.AI. The platform provides comprehensive insights at granular levels and predictions based on available historical data. It covers 80 per cent of the urban market and 90 per cent of the rural market in India. Data ingestion occurs in real time, and real-time analysis predicts human behaviour in real time.

Using these technologies, Quantta Analytics has created a GDP indicator system for India in collaboration with NITI Aayog, called Quantta Index. The company has used its proprietary algorithm to predict GDP growth rate of India using growth driver data from several sectors.

So far, the system has predicted a first quarter growth rate of 7.83 per cent for this year. The platform provides its predictions taking into account real-situation data like steep oil prices and depreciation of the Rupee.

The proprietary algorithm uses machine learning that feeds on data from such sectors as aviation, railways, cement and more, to predict the state of the Indian economy.

It was tested using 10 years of historical data, where it depicted a prediction confidence of more than 80 per cent. During deployment, the algorithm provided accurate predictions on the directionality of the economy.

Quantta Index will provide the government of India with capabilities of risk analysis and deterioration warnings, predictive strategy modelling and timely corrective actions, for a better and stronger national economy going ahead.

Quantta Analytics provides its predictive platforms to businesses as well. Its proprietary tools use data fusion technology, that allow automated information ingestion to create homogeneous data sets that can be broken down into super-local markets and audiences. Using this feature, it enables businesses to digitally strategise and rebuild their markets and audiences.

Machine learning tools help businesses identify suitable markets and target groups, build promotion strategies, improve customer reach and increase revenues cost-effectively.

There are three main iterations of Quantta Analytics’s B2B offerings: Quantta Connect for market research and target audience identification; Quantta Convert for AI-enabled lead generation, promotion strategies and product-market compatibility analysis, and Quantta Communicate for automated social media feedback and connect and audience modelling. The platform can be customised according to varying business needs.


 

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