Can Backtesting help optimise the way you run your business and support a balanced data-diet?
Data snacking is the ad hoc, non repeatable pulling of small snap-shots of data. The analysis usually starts with a point to prove, rather than starting with a question to answer or an opportunity to explore. This non-collaborative, inefficient approach can make the reliability questionable and the ability to make accurate predictions and effective forecasting difficult.
In contrast, having a balanced, healthy and structured diet makes reviewing and predicting future outcomes easy. Having regular, automated reporting and access to intelligent, accurate data enables collaboration, efficiency and effective forecasting.
You may have access to a vast collection of snap-shots of out-of-date data, but should that data be discarded immediately? How can you trust new data when you have nothing to compare it with? Back Testing data and sharing this data with the wider aviation industry can help with detecting patterns and predicting future changes – supporting a healthy, balanced data diet.
Back Testing data can be used to:
- Compare operating costs over time
- Build more accurate weather forecasting models
- Predict impacts at airports
- Support a healthy data diet and eliminate data snacking
In this video Shay Har-Noy, General Manager of Spire Aviation, proposes that more importance should be put into Backtesting and sharing data to make effective predictions to help businesses operate more effectively.