Business Analytics

 

Organizations are going through a strong change in mindset from Business Intelligence to Business Analytics. In the past, companies’ biggest differentiator was BI, but today, in a broader context, the differentiator is Business Analytics. Business AnalyticsIt truly brings out big opportunities to organizations especially on optimization and risk management.

Drivers for this change are already happening in the form of availability of Big-Data, advanced analytics tools, and increased Mobile capabilities. It is for the organizations to use them in novel ways. There is clearly a big positive difference between organizations that leverage BA than those who don’t. This is apparent even within departments within an organization.

The change for an organization towards Analytics is compelling not just because of the opportunities it provides. In fact, the most interesting outcomes are among Process optimization, Modeling capabilities, and empowering middle level managers to make analytical decisions. These outcomes can be extended to any initiative or department within the company.

Cases for Business Analytics
  • When and by how much is the markdown for my SKUs?
  • How to use historical information for shaping up the future?
  • How to prevent fraud analytically?
  • How do we respond to new opportunities quickly?

Key Service Offerings

Coextrix offers a wide range of BA Services to inject strategic results into operational processes through data visualization and analytics.

Data Visualization

Focus on making data being more palatable to the users as the biggest challenge to Business Analytics is commonly making sense of data – not just availability of data. Data Visualizations help end users understand data better, enabling them to make better decisions. This also has been proved to make faster data-driven decisions rather than by intuition.

Process Plays

How to apply Analytics in operational business processes? How do we not only capture the knowledge of experts but also drive best practices within an organization? Process Plays enable them. It captures most common scenarios in business, including exceptions, and offers alternate options to each of the outcomes when the events occur. This way, knowledge is captured and used in a person-independent way.

Simulations

Simulations abstract domain knowledge. A calibration model captures patterns od customer behavior using historical data. What-If scenarios are analyzed while arriving at the calibration model. Sometimes a Proof of Concept (POC) is carried out to demonstrate effectiveness of the approach

Closed Loop

Most BI environments are static in the sense that once they are calibrated as a business warehouse, there is little done to adjust to the changes in business environments. Closed loop systems do have a facility to readjust and recalibrate or fine tune the calibrated model to suit recent performance. For example if a 2-year history of POS data has been used to calibrate into a model, recent 2 weeks POS data will be necessary to fine tune.

Reporting

Data visualization is fast replacing the traditional reports scenario. However, it has been found that Reporting is a necessary step towards achieving the goal of prescriptive analytics. Reports are also necessary for compliance purposes and for other stakeholders in the business. Queries (and sometimes reports) are also an outcome of Search functions.

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