What is Advanced Analytics?
Advanced Analytics is a term covering automated data analysis with the use of in-depth Machine Learning models going a sod deeper than traditional Business Intelligence. By using these models, you get the opportunity to create deeper insight in data, create forecasts, generate recommendations giving you a second opinion, and much more - the sky is the limit!
Why is Machine Learning "the new black"?
- Giant leaps in data quality and computing power have allowed us to utilize Machine Learning to its full extend.
- Machine Learning models have improved and have become more accessible.
- Machine Learning has the potential to become a key business driver in all areas of the organization.
- Today, competitive organizations understand the importance of being one step ahead of the market.
Traditional Business Intelligence typically operates with the understanding that we have to be able to describe what has happened and why it has happened. Business Intelligence is working with data quality and data understanding and predictions for the future thus become a combination of the past and gut feelings. With Advanced Analytics and Machine Learning, understanding of the future becomes datadriven based on the understanding that the future is best predicted through an in-depth understanding of the past. AFC Advanced Analytics can operate on an infinite number of factors and thus go much deeper and embrace a much broader amount of information than any human being of group of human beings. It is thus an obvious tool for among other things creating a second opinion on budget forecasts, detect fraud, or something completely different.
Examples of using Machine Learning:
Forecasting: Obtain a second opinion on your budget and other forecasts to optimize your planning process.
Fraud detection: Detect outliers and fraud with the use of Machine Learning algorithms to ensure transparency and safety in the books for the benefit of the whole organization.
Churn analysis: Predict which customers are most likely to churn in your business enabling you to act upon it before it happens.
Customer analysis: Exploit static methods to deduce parameters/information driving customer sales. Do some groups for example have higher consumption patterns? What characterises these groups?
Image recognition: Use this automated model to recognise if any errors on machines are imminent through image recognition and act proactively rather the reactively.
- Text mining: Use the model to analyse complaints and customer reviews to recognise themes for improvement and processing and avoid several heavy and manual processes.
The above are just some of the endless oppportunities of making Machine Learning and Advanced Analytics an active part of your finance department's toolbox.
Are you curious on what Advanced Analytics can do for your company? Then do not hesitate - contact us already today!
”With our in-depth expertise within Advanced Analytics, heavy terms like Machine Learning become a future-proof part of your toolbox without you having to have any kind of technical understanding."
Webinars about Machine Learning:
Machine Learning: Forecasting & Budgeting
Get a second opinion on your budget and other forecasts through advanced Machine Learning modelsSee more
Machine Learning: Fraud Detection & Prevention
Detect abnormalities and prevent fraud with the use of Machine Learning and Advanced Analytics See moreSee more