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.
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.