Slow reaction to price changes mean that margins suffer. Do you rely on feedback from sales and procurement to identify performance outliers? Are you using Excel sheets on shared drives for your reports? Do you forecast based on last period with a x% change? Moving to more efficient ways of managing data and forecasts does not have to be difficult. Algospark works with finance professionals and analytics teams to help them evolve from processes that are “painful, manual and reactive” to “easy, automated and proactive”.
Fast changing prices mean that you may be selling at low prices and / or paying higher prices for cost of goods sold. Both lead to operating margin compression. Identifying price impacts and outliers early means being able to react early and better manage profitability.
How does “next generation analytics” help? Most basic reporting gives a backward looking answer to where a business has been. Next generation analytics and applied AI moves the perspective to “what will happen and what should we do”.
Evolution phases to next generation analytics:
- Reporting: what happened to x?
- Interactive dashboarding: what impact did y and z have on x?
- Predictive analytics: what is going to happen to x?
- Prescriptive analytics: what should we do about the prediction for x?
- Feedback loops / system learning: did we follow the recommended action, and what was the outcome?
We help define development plans that suit the capabilities, trajectory and budget of an organisation. Transitioning to next generation analytics means better insights and increased value add from your analytics team. The team move away from reporting and move towards advising.
Excel spreadsheets can get the job done, but not in the most efficient way. The same way that you can use tissues to clean a car.
We have worked with large and small companies, across numerous sectors at varying degrees of data and applied AI maturity. Core Insights (https://algospark.com/core_insights) is how we help accelerate the evolution to next generation analytics.
Core Insights review areas:
- Existing reporting within the context of key performance indicators and alignment with key business processes
- Forecasting and recommendations
- Data storage, data architecture, data processing and reporting
- Use of technology
- Team skills (data processing, analytics and data science)
From this we develop a prioritised reporting roadmap and technology path that we can help your team deliver. We are experts in applied analytics and AI. Get in touch now to discuss how we can help you succeed in volatile price environments using next generation analytics.