Tata Steel Named Finalist in Tata InnoVista 2021 for ‘Agile Based Buying’ using QDT’s Predictive Analytics Tool, Quantum ML
What is Tata Innovista?
Tata InnoVista is an annual competition that began in 2006 to recognize and celebrate innovation within Tata Group’s 30 companies worldwide. With 8 different award categories, the goal is to motivate and encourage teams group-wide and promote a culture of collaborative innovation, learning and sharing. Tata InnoVista demonstrates how teams are able to solve real business problems using innovative solutions, their focus on visible impact and the intrapreneur culture.
This year, with over 300 submissions, Tata Steel and Quantum Data Technologies have been recognized for their achievements with one of the top spots.
Check out Tata InnoVista Awards to learn more and view the winners list.
What did we do?
The Buying Team from Tata Steel along with Quantum Data Technologies’ pioneered the implementation of machine learning in combination with their proprietary reverse auction platform.
What was the business outcome?
As a result of this implementation, Tata Steel has realized $11 million in cost savings for Coking Coal procurement this year.
How is our approach different?
Previously, Tata Steel had attempted machine learning with a different vendor using a single ARIMA model. This approach produced a model that’s accuracy and effectiveness deteriorated over time.
QDT’s approach employs Automated Machine Learning, which utilizes more data, and leverages an entire library of machine learning algorithms to build multiple models with multiple hypotheses. The signal outputs from these individual models are then stacked and ensembled into a composite signal. The result is better, more reliable, and robust predictions.
For more on our methodology check out our post called, ‘Part 1: The Thought Leadership That Inspires Quantum ML’s Technology and Solution Design‘
Quantum Data Technologies is an engineering company with a passion for using advanced technology to solve complex business problems. We are fascinated with the pursuit of innovation and to constantly push the boundaries of what’s possible with AI, Big Data, and Machine Learning. Our core product, Quantum ML, is a data platform that uses machine learning to predict the movement of financial instruments such as stocks, bonds, indices, fiat currencies, cryptocurrencies, commodities, ETFs, and more. Quantum ML utilizes data from 150,000+ unique sources such as global exchanges, financials, macroeconomics, and fundamentals, to automatically generate and backtest ML-driven strategies that inform financial and trading decisions.
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