07 Mar BUSINESS ANALYTICS ENABLES SMART DECISION-MAKING THAT IS DRIVEN BY DATA.
Business Analytics (Business Analytics) is fast becoming one of the greatest corporate assets of any company who wishes to maintain the competitive edge. Business Analytics comprise analytics and tools for the intelligent and methodical analysis of a company’s actual operational and statistical data to form predictive models and enable informed decision-making for business process optimisation. Simply put, Business Analytics equips companies to yield greater business results by working smarter, not harder.
When it comes to Business Analytics, the philosophy of nCoded Solutions is to keep it as simple as possible. Our team of highly skilled analysts therefore specialise in assisting companies to implement easy-to-use analytic tools and methodologies that will simplify the analysis process and place powerful data for enhanced decision-making – at their fingertips. Our main area of focus and specialisation is around Detective Analysis, Dashboards and Reporting.
The reports and reporting functionalities should ultimately serve to answer one critical question: ‘what happened?’ However, ahead of the thinking curve right now is to not just place reports in the hands of managers in hindsight, but to place reports in their hands in real time.
nCoded Solutions equips companies to utilise reports to gain a complete understanding of ‘what happened’. This is taken to the next level by not generating the reports after the fact only, but to rather enable managers to monitor activities on an ongoing basis. As such, reports are generated continuously as data is automatically received via capturing, scanning, PLCs, etc. The process stimulates further analysis as managers automatically start asking other important questions as well, such as why and when it happened. The technology that is usually used here is largely dependent on the skills available within an organisation. For example, for beginners, MS Excel and MS Reporting Services are ordinarily used to create standard reports.
As soon as reporting ends and we know what happened, Detective Analysis kicks in to answer the next important question: ‘why did it happen?’ Detective Analysis is a methodical approach that facilitates intelligent data analysis to lead managers to the right answers.
In the Detective Analysis process, managers start looking for reasons for unexpected changes in business or operational activities. Typical issues that are investigated are ‘why did the efficiency drop?’ or ‘why did our maintenance cost escalate?’ To find sensible answers to these questions, past trends or changes in distribution are examined. The problem with this approach is that it is backward looking. Even though backward analysis can be useful for business planning, the true purpose of analysis is rather to determine what has worked and what has not. nCoded Solutions works closely with the organisations to strengthen our knowledge of the business so that the tools and analysis that we carry out adds good value. Our approach is based on: Data Visualisation, Correlation Analysis, Significance Testing, Artificial Neural Networks, Pivot Tables, MS SQL, MS Advanced Excel, MS Access, Trend Analysis, Regression Analysis and other sophisticated statistical methods.
A Dashboard is an organised summary of key business metrics that really just serve to answer one key business question: ‘what is happening?’ Dashboards should ideally be interactive to make it easy for the user to find information and it should provide real-time information on performance.
nCoded Solutions has a web-based Dashboard titled ‘nCoded View’ that was developed using Microsoft ® MVC (Model View Controller) architectural logic. It was purposefully engineered with sleek web design in mind to provide an interactive experience with optimal viewing that allows for easy reading and navigation with minimal resizing, panning and scrolling, across a wide range of devices (from desktop computers to mobile phones). nCoded View was developed on the .NET Framework (version 4.5.2) that runs primarily on Windows ® and jQuery was used for a number of the client-side controls and interaction.
nCoded View allows the user to configure information such as:
- Calendar details.
- Resource and/or Cost Centre details.
- KPI classifications such as colour specifications on the Dashboard Gauges.
- Date Scale Rules (Day, Month-To-Date, Year-To-Date)
- KPI Granularity (per Resource, per Department, per Business Unit, per Division, etc.)
- Data source.
- Number of KPIs: Our screen auto-adjusts, no matter how many KPIs are to be displayed.
- Display choices.
- Plus other valuable information
Predictive Analytics is the branch of the advanced analytics which is used to make predictions about unknown future events. Predictive analytics uses many techniques from data mining, statistics, modelling, machine learning, and artificial intelligence to analyse current data to make predictions about future.
Predictive Analytics uses the patterns it found in the Historical Data and Transactional Data to determine future trends, opportunities and risks. Predictive Analytics captures relationships to measure risks that fit a particular condition.
It is through Predictive Analytics where a business is able to become proactive, forward-looking and can also anticipate outcomes and behaviour based upon historical data in a methodical and structured approach, instead of a hunch or assumption.
Predictive Analytics Process:
- Define Problem Areabus
Define Scope, Deliverables and Output Required.
- Data Collection:
Data Preparation and Collection
- Data Analysis:
Data inspection, Data cleaning, creating of assumptions and conclusions.
- Statistical Analysis
Applying tests such as hypothesis and other statistical testing methods.
Creating a model based on statistical analysis to determine what the future trend will look like.
Provide solutions around the problem area.