Can Neural Networks be useful for Business?

Neural Networks are increasingly being used in real-world business applications and, in some cases, such as fraud detection, they have already become the method of choice. Their use for risk assessment is also growing and they have been employed to visualise complex databases for marketing segmentation. This boom in applications covers a wide range of business interests — from finance management, through forecasting, to production. The combination of statistical, neural and fuzzy methods now enables direct quantitative studies to be carried out without the need for rocket-science expertise.

Neural Networks are being used increasingly in business applications, and in certain fields, such as fraud detection, they have become the norm. Prime applications of neural networks include finance management, production, operations, and business forecasting. NeuroXL Predictor and Classifier increase the range of applications even further by being easy-to-use, well integrated with Microsoft Excel, and requiring no knowledge of neural networks to perform complex classifications and predictions. All the analyst needs to do is specify the inputs and set a few parameters - the applications then quickly determine the optimum solution to the problem.

Advanced Technology for Prediction and Classification

Neural networks are a well-established technology for solving prediction and classification problems, using training and testing data to build a model. The data involves historical data sets containing input variables, or data fields, which correspond to an output. Using the training data, the network "learns" the solution to a problem.

The way neural networks process information is similar to the way the human brain works. The network is composed of a large number of highly interconnected processing elements (neurons) that work in parallel to solve the problem. The networks learn by example, and thus do not require complex rules to work.

NeuroXL Classifier and Predictor as tools for Business Analysts

NeuroXL Classifier and Predictor have become quite popular with business analysts, having proven their classification powers through comparison with other applications and techniques. Using either application, all the user needs to do is specify the inputs and outputs and set the required parameters - the applications do the rest of the work of training the data and generating a prediction or classification.

NeuroXL Classifier and Predictor are both powerful, easy-to-use and affordable solutions for advanced classification of simple and complex data. Both are designed as add-ins to Microsoft Excel, are easy to learn and do not require that data be exported out of or imported into Excel. Both applications can be applied to a wide variety of business disciplines, including:

• Industrial process optimization.
• Loan approvals.
• Credit scoring.
• Marketing campaign prediction.
• Cost prediction.