A new press release reports, “Domino Data Lab, provider of an open data science platform, today introduced a framework to help organizations become model-driven by systematically developing, validating, delivering, and monitoring predictive and machine learning models at scale. The Model Management framework, substantiated by engagements with hundreds of organizations that run their businesses on models, was revealed during the Rev summit for data science leaders this week. The framework helps organizations create a sustained competitive advantage by embedding models at their business core.”

The release goes on, “One such company is Moody’s Analytics, a pioneer in financial modeling that has established a competitive advantage by creating analytics based on unique financial data sets and applying them to solve clients’ business challenges. Their large portfolio of models covers everything from small business to large bank credits. ‘Domino accelerates our speed to delivery, providing a much faster and better return on our modeling investment,’ said Jacob Grotta, managing director at Moody’s Analytics. In their first experience using Domino’s framework and platform, Moody’s Analytics delivered an estimated nine-month project in four months.”

It continues, “Models are algorithms whose instructions are induced from a set of data, and are then used to make predictions, recommendations, or generally prescribe some action based on a probabilistic assessment. According to recent studies, at least 80 percent of companies aren’t making extensive use of models. The companies who do have a 9.5 percent profit advantage over those that do not.”

Read more at Globe Newswire.

Photo credit: Domino Data Lab