Why is analytics so important today?
It unlocks countless opportunities hidden within your existing data. Analytics is not an end, but a means to an end. Analytics generates insight for innovation to meet your goals.
Reliable Software’s Data Analytics practice transforms our clients intoAnalytics Centered Enterprises(ACE). An ACE is able to uncover the potential residing dormant in their data resulting in new ways to monetize their data assets.
Becoming an Analytics Centered Enterprise requires a solid infrastructure to capture and maintain data assets in support of the Analytics Cycle.
No matter what you do, or what industry you are in, becoming an ACE is essential. And Reliable Software is here to help you.
On a global basis, enterprises recognize the explosion of data in the new-age ecosystem they operate in, which is marked by mobility, always-on-connectivity, and a growing number of internet-of-things applications. This explosion of data is as much an opportunity as it is a challenge. The increasing number of new data sources, which comes at great pace, high volumes and unstructured forms, pose a variety of challenges. The opportunities this increase in data provides are immense if leveraged fully and competently. It enables enterprises to uncover hidden opportunities, create new game-changing phenomena, discover new possibilities and create a competitive edge.
Reliable Software’s Data Analytics team helps our clients transform into an Analytics Centered Enterprise (ACE) to capably deal with the data duality. An Analytics Centered Enterprises able to overcome challenges in the new-age-data-ecosystem through a very effective combination of people, process, and technology elements that support its data-analytics initiatives. Analytics Centered Enterprisesare able to uncover the potential residing dormant in their data resulting in new ways to monetize their data assets.
Reliable Software’s Data Analytics team empowers enterprises to monetize their data through our industry specific proprietary analytics solutions and accelerators.
Many organizations have already jumped into the pool of analytics. Some are great swimmers; others could use some coaching. This is not just true about companies, but about departments within a company.Assessing your existing and planned analytic capabilities is essential in making the right choices. Your solution provider must understand your business well enough to know how analytics will achieve success.Reliable Software’s analytics portfolio is unmatched. We have the know-how and industry experience to effectively apply analytics to your situation.
All successful analytics initiatives begin by understanding the business goals to be achieved and the operating context of how to achieve them. Our Insight to Action view recognizes that analytics are great, but taking action on the insight is essential for success. That is why we recommend identifying clear needs and objectives, and then build a road map for analytic capabilities, expected value, skills and system selection options.
Reliable Software is a “tool agnostic” company with broad experience with virtually every significant analytics tool in the market today. Our purpose is finding the best set of tools that aligns with your needs. We draw upon our experience in your industry, business challenges, application landscape, user roles, and expected value to be achieved. Using this criteria, we review to make a final recommendation. If you need, we can work with you to develop a vendor RFP and assist in evaluating vendor responses.
Analytics Tool Implementation
Rarely does a tool come ready-to-use out-of-the-box. Tailoring is usually required to fully leverage the power of the tool and to provide the optimum performance required to provide the business value. In addition, no analytics tool should operate within its own silo. Integration is a must - applications may need to be modified, databases extended, and connections between various resources constructed. Reliable Software’s expertise can ensure a smooth implementation.
How do you stand when measured against your competitors or peer organizations when it comes to Analytics? What capabilities should you be exploring? Benchmarking compares your organization to a goal, identifying gaps and options to attain the goal. A benchmarking study is a strategic asset that can help plan the best way forward to get ahead of your competition.
Also known as Business Intelligence, reporting focuses on the question – What Happened?Although often seen as lower level analytics it is essential for an organization to understand themselves. In addition, higher level analytics cannot be conducted if the underlying data cannot be trusted. Data issues that are detected are fixed as an integral part of building a reporting capability.
Reliable Software’s Analytics team has the deep experience and professional expertise in the techniques required to successfully implement comprehensive reporting.Some key techniques include:
A cross-over with our Data Management Practice addresses the fact that sometimes reports do not agree. It is important to determine if the cause of the discrepancy is a data error versus a difference in calculations. Data harmonization is more than data cleansing. It not only means the data is in the correct format, but that it is being put to the proper business use. Harmonization may include the elimination of data redundancies and the establishment of hierarchy rules regarding data validity (Bronze, Silver, Gold) for data from different sources.
Although paper reports are still in use, interactive dashboards provide more information and are available via the web or as mobile apps. High-quality visualizations of the data, presented in a form that people find easy to understand are extremely powerful communication tools. These kinds of dashboards lead to better and faster decision-making, better collaboration, and fewer mistakes. Since users will be operating off the same data and with a common understanding of what the data actually means.
By definition, reports describe the past. There are situations where prevention of a problem is extremely valuable. As an extension of the dashboard service, notifications can be developed that will provide you with distant, early warnings of problems. As KPI’s hit particular thresholds, notifications can be sent to the appropriate team members so action can be taken.
Reporting provides insight into what happened. Analyzing the data brings insight into how and why things happened. The analysis utilizes many statistical methods, such as clustering, regression and sensitivity, to understand the relationships between data and to learn something new. Other techniques include:
The grandparent of analytics, data mining explores data in search of consistent patterns or systematic relationships between variables, & then to validate the findings by applying detected patterns to new subsets of data.
A model describes the relationships between data variables, usually in the form of mathematical equations. The interaction of these variables generates insight.
Natural Language Processing
Natural Language Processing (NLP) is the ability of a computer program to understand human speech as it is spoken or written. NLP taps into a vast amount of unstructured data.
Below is a listing of some of our Analytic Services that cross all industries.
Understanding your customers (consumer and/or business) is essential to growing your business. You already have a tremendous amount of data about your customers. Reliable Software’s analytic capabilities include:
Customer 360 View
Customer Lifetime Value (CLV)
Pricing & Product Development
Promotion Results Analysis
Market Mix Modeling
Targeting & Segmentation
Campaign & Pricing
Analysis RFM Analysis
Our solutions will help you increase sales to existing customers, lower new customer acquisition costs, reduce customer churn and increase loyalty. Analytics focuses your sale’s efforts on those prospects that are more likely to convert.
Sales Candidate Scoring
Cross Selling Opportunity Identification
Sales Force Territorial Alignment
Traditional HR is gone… human behavior has been datafied. Companies can use it across various dimensions to align or assess cultural cues within the organization. Keeping good talent today is an ongoing endeavor and reducing turnover can change an organizations future history and success.Are you looking at the correct information about your people? Is your HR department equipped with the strategy and policies to attract and keep top talent?
We can help. Reliable Software’s team of certified HR experts, Data Scientists, and visualization gurus will help you see the different facets of your culture and show you what is working and what is not.
Employment Cost Analysis
Compensation Analysis and Market Comparison
Staffing Requirements and Headcount Analysis
Employee Retention Analysis
Every dollar counts. Analytics applied to your financial operations can identify areas of improvement for cash flow, reduce risk, and implement appropriate controls that provide value rather than the illusion of control. In addition, avoiding loss is just as valuable as gaining revenue.
Supplier Performance Analysis
Loss Forecasting & Credit Scoring
Spend Planning & Analysis
Collection & Recovery Analysis
Price Elasticity Optimization
Nothing is static and that is why it so important that your analytic capabilities can learn and adopt as things change. This never ending cycle of optimization is the essence of Predictive Analytics – What is likely to happen? Learning is a growing spectrum where there has been explosive growth in analytic capabilities thanks to the abundance of data, cheap storage and increasing processing power. This includes advances in artificial intelligence. Techniques here provide the best solutions to many problems in image recognition, speech recognition, and natural language processing.
Some related techniques include:
Almost every process generates data. Analytics applied against this data can determine actions to make a particular function perform better. This type of analytics requires a complex type of modeling, where “what if” type of questions are answered. The objective is to reduce waste, implement efficiencies and increase or find a new value for the function.
Marketing Spend Optimization
Replenishment Planning Analytics
Fraud is not just isolated to financial or government institutions. As the use of digital extends into more and more aspects of business, so does the possibility of fraud. Analytics can provide many techniques to help your company prevent loss due to fraud.
Sentiment Analysis is an extended version of text analytics. Text analytics provides meaning but sentiment analysis adds the emotional context of a statement. “That was wicked!” can be either positive or negative – depending on the context. With so much communication about your company and brands occurring online, it is essential to monitor and respond. Sentiment analysis aids with focusing on what really matters.
The Internet of Things (IoT) is connecting new devices, places – cars, health devices, homes, cities. This connectivity generates a lot more data which can then be analyzed to identify new business opportunities and improve existing business operations. Reliable Software’s consultants are experienced in the technologies and techniques in deriving actionable insights by analyzing sensors and other data from IoT sources. Our services include IoT analytics solutions across many industries such as:
After the data itself, the most important aspect of any analytics activity is the ability to take action. Analytic insight is not valuable if you cannot or do not take action with it. Action to Insight is where all organizations want to be – to enjoy a state of information superiority.
Prescriptive simulations draws upon all the types of data and analytics to answer the question – what action do we need to take to achieve a certain outcome? Prescriptive analytics optimizes decision making to show what actions to take in order to achieve your objectives within your business constraints.
Reliable Software’s vast experience in development means we can build modules that embed analytics into your day to day operational systems. You will enjoy the advantages of advanced analytics as part of your workflow without the need for Data Scientists.
Business Process Management
Some insight requires organizational changes in addition to technology. Reliable Software’s Business Process Management (BPM) experience can help.