NOVODAN is a newly established consulting firm in applying data science to business economics and innovation. We are a senior expert team who work daily on research universities and at a high level of career in industries. We use traditional statistics and machine learning to combine hard facts and clear stories to help our clients make better choices in their political and commercial reality. We are dedicated to delivering compelling and pragmatic business and economics solutions with a creative and candid approach.
Economic Policy, Business and Market Intelligence
In the digital era many companies face the most pressing challenge in how to harness the ever-growing expanse of available data to help solve real-world problems. NOVODAN clients benefit from the excellence of our quantitative expertise in handling big data, our grasp of how data can help inform critical decision-making processes, and our understanding of the technological landscape. Our data science experts apply different statistical approaches and methods, including machine learning, data visualization, and data wrapping ???, to develop advanced economic models, forecast business strategies, and market segmentation. We go beyond traditional analytics and focus on extracting knowledge and insights from the data, identifying patterns, and generating more accurate and powerful predictive models that help inform client decisions.
These statistical techniques and modeling can be applied in business economics, for example, in designing industry policy, forecasting development strategies, social network analysis, health care analyses, market research, and survey design and implementation.
Predictive analysis and optimization
Applying traditional techniques with advanced algorithmic learning and artificial intelligence to new data streams such as text, videos, pictures, and historical data enables NOVODAN to achieve intensive tasks with great efficiency. We are often able to identify patterns in seemingly unrelated data, patterns that can enhance our ability to make predictions about relevant outcomes. Clients benefit from NOVODAN’s use of leading-edge methodologies and analysis to inform critical decision-making processes across every sector.
We have used advanced analytics in several ways, including:
- Helping to forecast the market demand for new products or features and/or the success of marketing campaigns
- Predicting high users of medical services based on their diagnostic and prescription drug use history
- Forecasting technical failures of production system and machines and developing maintenance strategies and planning with lean management approaches.
Forecasting market demands and development policy
NOVODAN experts apply a variety of advanced econometric techniques to historical and survey data to develop macro and micro economic models and forecast the future development of the economy. NOVODAN experts also use advanced market research approaches to analyze, optimize and predict the market demand and success of products.
- Estimating traditional demand systems at the global market or local markets
- Analyzing market co-integration
- Using product space to forecast development strategies and upgrading patterns for an industry or for an economy
Consumer insight and market segmentation
Buyer preferences and behaviour are constantly evolving and diverse. Therefore, it’s very important to shed light on the most recent, relevant full picture of the niche market and target consumers.
NOVODAN experts combine traditional methods in marketing research and ML algorithm to collect data, model consumer preference, and choice, and consumer segmentation to gather insights from the client’s target market and audience and build profiled segments.
- Consumer motivation, perception, and willingness to pay for new products or new
- Measure product demand by knowing which segments would be most likely to purchase the company’s product
- Develop a deep understanding of your buyer personas, their preferences, and behaviors
Building Innovation Ecosystem
The flow of technology and information among people, enterprises, and institutions is key to an innovative process. It contains the interactions between the actors needed in order to turn an idea into a process, product, or service on the market. Innovation ecosystems emerge as the most important concept for sustaining any business and organization.
NOVODAN world-experts in innovation help companies and other kinds of organizations improve their competitiveness and performance by creating their own innovation programs. The starting point of innovation is to add value for the customers and users of the products and services that companies and organizations provide, NOVODAN experts work with company staff step-by-step via a five-step process to build up an innovation system for their own company and organization.
NOVODAN applies five steps of innovations for:
- new products and services
- new processes and technologies
- new ways of organizing people and things and
- newly created markets, ways of marketing, and business models.
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Cases/ Research Reference
- Using concepts of product space and product complexity, NOVODAN experts forecast upgrading strategies for Vietnam’s electronic and food processing industry in future development. A list of forecasted products for upgrading is used for policy recommendations and inputs of vocational training programs collaborated between firms and schools. Project reference number: Vietskill-DANIDA funding
- NOVODAN experts had contributed to developing a successfully Innovative Market Orientated Prediction Toolbox to Strengthen the Economic Sustainability and Competitiveness of European Seafood in Local and Global markets. The project gathers data from individual production companies, industry and sales organizations, consumers, and public sources. The data is related to the competitiveness and economic performance of companies in the sector, including data on price. Advanced econometric models are developed to investigate consumer choice and willingness to pay, market concentration, and value chain governance. Project reference number: Primefish-EU Horizon 635761.