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Predictive Analytics

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Predictive Analytics

You know where you want to go with your company or department. You have control over your Data Flows, a managed and secure Data Warehouse and your dashboards and reports provide real-time insight into where you stand. With the dot on the horizon in view, the question arises: how do I get there? The answer is: with Predictive Analytics.

How did we get here?

If we look at Gartner, you can see that sequential steps can be distinguished in the analysis of data and insights from your BI Framework. At iqbs, look at Predictive Analytics in that context: it is the next step to get more value from the investments in BI.

Your analysis can be descriptive and then describes what happened: the order intake this week is 143. The diagnostic analysis supplements this information with relevant questions about, for example, the number of new customers, or the margin development. That way you can make better decisions.

Where can we go?

Based on all the data you have, you can predict which order intake you can expect in the coming weeks. In which region can you expect them? Is your margin under pressure? You will find the answer to this through Predictive Analysis.

This way you can map out what to expect if you continue like this. In some cases you want to make adjustments; for example, if the forecasts show a declining margin. With Prescriptive Analysis you determine which buttons you can turn and also which way you should turn. A simple way to do this is by calculating scenarios.

What are the benefits of Predictive Analytics?

Objective 'gut feeling'
Nourishing your absorption process with objective information ensures better results.
Competitive Advantage
By focusing on demand forecasting, for example, you can shorten delivery times and reduce back orders.
Effective measurement of soft KPIs
By combining data, you can also analyze employee satisfaction.
Risk management
Calculating scenarios becomes powerful and simple, so there is more insight into the expected return on an investment.

How do you get started with Predictive Analytics?

In fact, every entrepreneur, every manager, has been doing this for years. More and more technology is only becoming available to do this faster, more effectively and more widely. We do not analyze the past month, with 4 variables, but for example 5 years based on 150 variables. By including more information systems, the predictions are becoming increasingly accurate. Starting with predictive starts with the basics. It is obvious, but it is really true. The source data must be reliable, complete and up-to-date. It is the foundation on which you will continue to build, and it has to be good. You can do this with the iqbs framework.

The power of visualization

In many of our projects we are already starting with the predictive level of Business Intelligence. Because we visualize data, we quickly help people to spot trends. Plotting orders on a map, for example, very quickly indicates distribution in regions. In this way you can already start recognizing patterns yourself.

Visualizations with Power BI are interactive. They give you the power to move quickly through information and determine your points of interest. Our consultants can help you to make predictions in that area. Is it a one-off deviation, or has a negative trend started? We answer, together you, these and other questions.

With our help, data is quickly available and you can perform reliable analyzes. Do you also want even more control over the data of your organization? We are happy to help you with predictive algorithms.