The Impact of Coronavirus on Data Science Solutions
Today we give MarketRedesign’s statement on how we feel about the whole Coronavirus situation on models and algorithms.
Well basically we have two different types of models that are being affected by the virus, on one hand, the historical data, benchmark pricing and predictive pricing to see where the price is going. What we can conclude is that there is a direct impact on the prices as they are going down. This has resulted in thorough investigation in retraining the models to let it learn and pick up trends. Because the prices that would have dropped down in 6 months have now dropped within a month and it now needs to pick up faster than it did before.
On the other hand, trend analysis considers regional as well as seasonal trends over the year. We can see is that normally volumes tend to increase however, due to coronavirus the volumes are drastically going down. Currently we are focusing on rebuilding and retaining the algorithms so as to be able to indicate such trends. This is important because for the next year, instead of following the coronavirus trend line it would follow the previous trend and have the volumes go up again, this would help the algorithm to give a better predictive analysis for the next year.
To know more watch the video below: