Many entrepreneurs need insight into performance and developments. Coney’s Analytics Advisory solutions are developed to provide data-driven entrepreneurs with quick insight and make better decisions. No generic dashboards, but tailor-made solutions. Solutions that run locally or are ‘run’ in our Tableau environment with a secured login for our customers. With the help of visualization tools, results can be viewed anytime and anywhere. This can be done via computer, tablet and/or telephone.
Many entrepreneurs find it difficult to quickly gain insight into the turnover and margin of delivered products and/or services. The data is often there, but analyzing and researching this data is complicated and time-consuming.
We build a data script to analyze and visualize revenue, margins and other relevant related KPIs from different angles.
This is the simplest and most common type of analytics we use in our own business and for our clients. In essence, Descriptive Analytics is used to garner insights and identify trends. We use a visual tool like Tableau te present the analytics to its users.
An example of descriptive analytics is a line-chart that shows the trend over time of the sales-margin. The explanation for the increase or decrease of the trend is done by the user, bases on his specific domain knowledge.
With Diagnostic Analytics, the main goal is understanding why something happened. We want to understand de causative effect, so we know which action we can possibly take to interfere an unwanted trend.
We will use diagnostic analytics on the sale-margin to find out which features in the data had the highest impact on the current trend in de sales-margin. This means that analytics is used to find that we sold a larger share of low margin products compared to the previous period. Or, we gave a higher discount in the current period, which caused a lower sales margin then expected.
With predictive analytics the main goal is to ‘try’ to look in the future and predict where a certain measure will move to.
So for our sales-margin, we can use predictive analytics to predict the sales-margin for the next 3 to 6 months ahead.
Prescriptive analytics are the most complex type of analytics. The main goal is to give the user guidance on what he should do to make that happen what he likes to happen. The input for prescriptive analytics is mostly the output of one or more predictive models.
For example, when we see a decreasing trend in sales-margin for the next 6 months, based on our predictive analytics, the prescriptive analytics model can give us insight on which actions we can take to change the direction of the sales-margin trend in the direction we like to see.
By using data analysis with visualization, we give you focus and clear insights.
Meaningful assurance that goes beyond a mere focus (too much of a focus) on financial information.
In recent years, much has been written about discriminatory, incorrect or unfair data analysis solutions and the use of algorithms.There is social unrest and there are concerns about how data results in decisions.
Continuous insight into performance, risks and business processes, so that deviations can be immediately observed, that is Ongoing Monitoring of Coney.