Advanced analytics is an umbrella term covering more traditional disciplines such as data mining, time series forecasting and statistical modelling as well as more recent disciplines such as text analytics and machine learning – including deep learning.
Make better use of your data
Your business is collecting thousands – if not millions – of data points a day. But which relationships can deliver valuable insights and a competitive advantage?
Advanced Analytics can help you sift through data and identify patterns and correlations that can make your business stronger.
EG listened to us and then put together a solution that works and lets us see the big picture.
Carsten Borchert, CFO, Linak A/S
Understanding data gives your company a competitive edge
In today's climate of increasing transparency around prices and services, it can be difficult to increase volumes and grow earnings in traditional ways. By taking full advantage of your data, you can identify and extract knowledge from both new and existing sources – detailed knowledge about your customers, partners, the market and your own processes.
Advanced Analytics gives you the tools and methods to put your data to work.
Using Advanced Analytics, you can:
Understand and learn from a series of events (diagnostic analytics)
Use current and historical data to identify changes significant to your company (predictive analytics)
Optimise decision-making and find solutions based on your pre-defined targets and constraints (prescriptive analytics).
The quantity, velocity and variety of the data that is created by companies are all increasing rapidly. Data is being generated faster than we can understand and consume them. Advanced Analytics considers whole data sets, not just individual data points, so you can find the hidden value in your data.
In brief, machine learning is a computer program that can learn to predict a certain outcome based on data. Contrary to other computer programs, it is unnecessary to explicitly specify the rules that determine the outcome. Machine learning – and the area called deep learning in particular – is an important component in solutions based on artificial intelligence.
Machine learning can be used to create value in all industries – e.g. in the production industry to predict breakdown in the production machinery, in the retail industry to suggest offers to customers, and in the utility industry to predict customer defection.
Contact us if you are interested in talking about what machine learning can do for your company and how you get started.
Implement loss prevention with intelligent transaction analysis
EG's dynamic, data-based transaction analysis does what rule-based analysis cannot. It adapts for different seasons, sales periods and other factors as it keeps a lookout for suspicious employee behaviour. And it produces substantially fewer false positives.
Create unique customer insights with basket analysis
Increase add-on purchases and customer loyalty with our recommendation system tailored for each individual customer. Use data you already have in your system to analyse each customer's buying history and suggest products and services that are right for them.
Create coherent customer experiences with an advanced data analysis tool.
Omnichannel Optimiser streamlines your customer communication across all channels. Based on the data you upload, each customer's historical buying pattern and other characteristics are used to calculate which next best offers the customer is most likely to accept.
Increase profitability through data-driven forecasting.
Many of your company's core decisions in the field of planning are driven by expectations for the future demand. With statistical forecasting, you can predict the demand with much more accuracy. This offers a number of advantages that are reflected in the cash flow and on the bottom line.
The use of advanced analytics for resolving business issues is relevant across the entire organisation. At EG, we are experienced in resolve issues within the following business areas.
Sales and marketing
Advanced Analytics helps you make better financial decisions – big or small
Should you build a new production facility this year? What is the best way to take advantage of the latest currency fluctuations? How can you cut shrinkage at your warehouses?
Whether it is big decisions or adjustments to day-to-day operations, strategic decision-making is stronger and smarter with the help of Advanced Analytics.
In the age of Big Data, it can be hard to sort input like macro-economic indicators, demographics, raw-material prices, infrastructure and shipping rates and know how to use them to help your business excel.
Advanced Analytics will help you turn that data to your advantage, uncovering otherwise hidden correlations.
You can strengthen and improve the basis of your financial decision-making when you use models and calculations to analyse your many, often contradictory, data sources.
If the finance department does not take advantage of the opportunity to lead the way in putting data analysis to work, it will also miss its chance to be a true sparring partner for the company
Predict customer churn and increase the value of your customer interactions
Advanced Analytics helps you quickly identify valuable customers at risk, so you can target them with sales and marketing efforts and use your resources most efficiently. Why not use data you already have to gain insight into your customers' historical and potential patterns of action?
EG's Advanced Analytics lets you:
Integrate analysis results into your CRM system, so your sales and marketing teams always have access to the latest predictions
Identify and turn around customers who are likely to defect
Increase customer loyalty by identifying potentially interesting products and services
Create precise, accurate profiles of people or companies who may be interested in doing business with you.
Use your equipment, inventory, and personnel more effectively
Advanced Analytics lets you examine every aspect of the value chain and identify the weakest links.
You will be able to optimise, automate and integrate a vast number of mutually dependent "micro-decisions" about everything from ordering and production to staffing and QA.
Use data to lower inventory on-hand while avoiding empty shelves, or to predict future orders so they can be grouped together in the best possible way.
Advanced Analytics can help create tangible business benefits in every area of your production and supply chain management. You can:
Make better use of production and logistics resources by determining which items should be produced where, and in what quantities, so that you can ship them all at once.
Avoid downtime by implementing predictive maintenance – or by improving your existing solution. Advanced Analytics tools can keep track of usage data and data from sensors and predict machine failure, so you can act proactively.
Ensure a more cost-effective use of personnel through production planning that helps you avoid expensive extra shifts on weekends and during off hours.
97 % of top management understands that analysing big data makes it possible to optimise the entire supply chain – but only 17 % have implemented analytical tools to do the job.
Accenture Global Operations Megatrends Study, 2014
Strong platforms for Advanced Analytics solutions
IBM ILOG CPLEX
IBM SPSS Modeler
R and Python
Azure Machine Learning
Make better decisions based on solid data and analysis.
Benefit from EG's experience with the configuration and optimal use of IBM ILOG CPLEX – one of the market's most renowned tools for prescriptive analytics.
IBM ILOG CPLEX has been the market leader in prescriptive analytics for over 20 years. The tool includes a modelling language for transforming business equations into mathematical problems and various "solvers" that resolve them.
EG's consultants have deep knowledge of ILOG CPLEX and experience with meeting customer challenges across many industries including retail, utilities and production.
Get off to a fast and cost-effective start with Advanced Analytics, and benefit from EG's experience with open source tools, R and Python.
Open source-based tools are a great option when you want to get started with advanced analytics, but do not need the comprehensive, preconfigured functionality that is made available by the licensed advanced analytics tools.
Two tools are of special interest here, and EG has extensive experience with implementing and using both of them:
R has been available for more than 15 years, and is now by far the most widely used tool for advanced data analytics and machine learning. It can be customised with modules for practically any purpose and it can be integrated to a wide range of advanced analytics tools such as IBM SPSS Modeler and IBM ILOG CPLEX.
Python is a proven programming language that is often used for application development. Over the past 10 years, a number of extra modules have been developed (e.g.: SciKit Learn) that make it easier to work with advanced analytics and machine learning.
Both R and Python are supported by a large ecosystem that makes it possible to use the tools in a variety of contexts.