Year of Monkey
is almost over, and if you’re still using Excel for analytic, it’s time to
change and adapt your way to view your business via new technology. Legacy tools
from the age of Analytics are not adequate for the kind of data analysis
problems organizations face now. And then, extracting and preparing data as per
the targeted audiences (Users/Management) are old ways of analytics which
should be override by built in schedulers reaching the inbox with authorized
information to the end user with stats.
GenX Analytics has arrived which shall help you with analyzing your data. One of the
ways to achieve this is through adding statistics to your analysis. Adding
stats to your analysis can not only help in graphical analysis but it can do
analysis in a better, faster and neater way.
Common tools
used for statistical analysis, graphics representation are R, Python, and SAS
etc. NAVCube analytics has available statistical analysis for the end users,
statisticians and data miners which can be helpful for running an organization.
It helps managers who are required to make decisions based on data collected
over time. This data can remain futile if it is not analyzed and interpreted
via statistics. It allows business managers to arrive at meaningful conclusions.
Talking about
the importance of statistical analysis, it allows management to deal with the
uncertainties of the business. (Refer to the demonetization). It allows organization
to make sound judgments, knowing their decisions that shall be based on stats
and not on assumptions. Statistics helps businesses to plan better and make
predictions about the road ahead. Statistics also allow a business to keep an
eye on the competition.
Be its
Regression ex: measure of the relation between output against time and cost
values or Coherence ex: To examine the relation between two data sets NAVCube
analytics helps you identify, classify, target and eventually influence
decisions.
Synopsis: Above graph is a
beautiful representation representing Sales story for an organization. Illustrated dashboard has built in statistics for analysis. Opportunity converts into
order and into invoices which eventually are realized via payments. With this
blog we would look onto how adding statistics over the graphical representation
in NAVCube shall be helpful in identifying, classifying, targeting and eventually
influencing decisions for this organization.
Lego Block I: Ratio Analysis Opportunity VS Order VS Invoice
|
Sales Opportunity
Sales Order
Sales Invoice
|
By
|
Sales Person
Sales Quantity
Sales Amount
|
Stats Answer: What would be the organization sales ratio
while comparing Opportunity VS Order VS Invoice. Plan your number of
opportunities to achieve your growth targets. Etc. Management shall know what
should be my targeted opportunities for next fiscal year to achieve sales
target.
Lego Block II: Ratio Analysis Sales wrt Outstanding
|
Sales Person
CEI
Region/Area/Branch
|
By
|
Sales Outstanding
Sales Amount
Payment Terms
|
Stats Answer: What would be the organization ratio to
realization wrt outstanding. Etc. Management shall know their cash flow and
shall be able to manage their fund flow in effective manner. It can be a key
report for VC.
Lego Block III: Ratio Analysis Sales wrt Payment
|
Sales Person/Branch/Region
|
By
|
Payment Realization
Payment Terms
|
Stats Answer: Coherence analysis of Complete and Partial
Payments against Sales Booked. Etc. Management shall know payment trends and
key area of focus for the salesperson to concentrate.
Lego Block IV: Ratio Analysis Order wrt Invoice
|
Sales Opportunity
Sales Order
Sales Invoice
|
By
|
Sales Person
Item Quantity
Invoice Value
|
Stats Answer: Regression analysis of Order and Payments.
Etc. Management shall know customer trends and key area of focus for the order
execution with simple moving average.
Trivia Lego Sets: Colorful datasets put
together.
When a problem requires a different
method use NAVCube Analytics, which can handle more data points than Excel by
default. This is working in a parallel fashion and use inexpensive way to
analyze large datasets.
In our next blog we shall cover
statistics how a user can manage stats with the use of NAVCube Analytics.