Big Data Market Segment LS
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Wednesday, 28 May 2014 18:01

Mu Sigma wants to help Australian corporations do more with their data

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Decision sciences and analytics firm Mu Sigma sees Australia as a growth market.

Mu Sigma was founded a decade ago with the goal of helping organisations make better decisions through the institutional use of data.

Its name comes from the use of greek letters in statistics, specifically μ (mu) to denote the mean, and σ (sigma) for standard deviation.

The idea behind decision science is to go beyond analytics by including behavioural science, design thinking and other disciplines. The difference is that about problem solving rather than solving specific problems, head of products and strategy Deepinder Dhingra explained.

Mu Sigma targets $1 billion-plus companies, and although it only recently launched in Australia, Mr Dhingra told iTWire it is already working with "a leading telco" and "a leading retailer" but would not be drawn further.

Banking and financial services companies are also being targeted, and Mr Dhingra noted that because ecommerce businesses are so data-rich and dependent on analytics and experimentation they are potential customers even if they fall below the billion-dollar threshold.

The company expects Australia to be a good market as there is "a lot of demand for decision sciences," he said.

Examples of areas where it is helping its local clients are mainly in the marketing and revenue management fields. They include understanding customer preferences, identifying customers to target, loyalty analytics, pricing and bundling.

The internet of things (or industrial internet) also presents opportunities for Mu Sigma, Mr Dhingra said.

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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