Over the last few decades, organizations have realized the importance of data and how data-backed executive decisions provide them with a competitive edge. Data was originally collected for making accounting and statutory reporting easier. Slowly, as companies set up internal processes to monitor daily operations, functions started consolidated data by implementing ERP and CRM systems. Strategic decisions were still taken using executive experience and were not necessarily data backed.
Initial business intelligence systems leveraged this data to showcase past performances or trends thereby introducing “Descriptive analytics” to enterprises. Business leaders started charting future courses of action by interpreting these historical trends and combining them with their industry experience. For eg sales heads deciding on targets basis past month performances. The science of “Predictive analytics” added a dimension of foresight to business decision making as analytical systems extrapolated past performances to predict future trends. The hawk-eye and ball tracking system used to project LBW decisions in cricket is an excellent example of “Predictive analytics” in action.
Business intelligence has now expanded into a new realm – “Prescriptive analytics” – where CXOs are equipped with scenarios and solution themes to achieve specific business objectives. A closer to home example would be how Amazon targets its customers with suggestions and recommendations basis past purchases. It prescribes next purchases basis past orders.
Qwixpert’s inhouse team of data analysts offers clients with descriptive, predictive and prescriptive solutions to their business problems
Revenue enhancement analytics
End to end consumer analytics including and not restricted to Customer profiling and targeting, Lead to sales conversion improvement, wallet share expansion, Marketing mix modelling and effectiveness, Spend optimization, Pricing analytics and Product innovation
Cost and process optimization
Improved supply chain efficiency and effectiveness through cost optimization across the value chain (supply, production and distribution). Predictive algorithms to prevent stock-outs and/ or excess stock to avoid opportunity loss/ high holding costs
Forecasting and future readiness
From predicting demand in the short and long terms to building ideal state manufacturing and warehouse networks, Qwixpert offers a wide range of services to make your business future ready
Dashboards and reporting
Data visualization using tools such as Power BI, Tableau to slice and dice data, represent them in visually appealing and counter intuitive forms will help clients monitor and review performances. We build scorecards and dashboards to help clients evaluate and course correct as required.