PREDICTIVE AND PRESCRIPTIVE POWER IN YOUR HANDS
Descriptive analytics can illuminate what’s already happened. Predictive analytics describes what’s likely to happen in the future. While predictive analytics helps you understand what is likely to happen, prescriptive analytics helps you consider options for what to do based on that outcome. Traditionally, this has required complex, error-prone, spreadsheet models and/or manual coding.
The power of advanced analytics, traditionally the domain of coders and data scientists, is in your hands now with the help of Ereteam and the modern toolsets.
- We use Alteryx for data preparation, marketing and financial analytics
- We use DataRobot to let you accelerate your AI success today with Automated Machine Learning.
Beyond privacy and HIPAA considerations, data analytics benefits the healthcare industry with the ability to compare multiple types of data at once, including revenue, costs, and patient experience—making it easier to search relevant metadata and automate reporting. Healthcare organizations can use analytics to improve patient-specific outcomes, reduce costs, and maintain regulatory compliance.
SUPPLY CHAIN ANALYTICS
Accurately assessing and acting on supply chain data starts with visibility. Starting with the procurement of raw materials, it’s now possible to use analytics along the entire length of your supply chain. From production to distribution, analyze relevant data to ensure partners and customers are satisfied. For example, determining where there will be price volatility, or issues satisfying demand, can greatly reduce supply chain disruption.
Another important goal of supply chain analytics is to improve forecasting and efficiency, to be more responsive to customer needs. Predictive analytics can help anticipate consumer demand, which you can use to identify opportunities to save costs, adjust inventory, and accelerate delivery throughout the supply chain.
TAX AND AUDIT ANALYTICS
Tax data can be leveraged for multiple purposes, including:
- Risk management, to identify potential tax issues before an audit
- Error reduction, to highlight anomalies and focus attention on potential high-dollar errors
- Administrative cost reduction, to streamline and automate monthly compliance processes
- Tax strategy improvement, to evaluate tax planning scenarios
Audits can be transformed with analytics as well. You’re not constrained to only a sample group; you can apply analytics to an entire population, and schedule financial audits to run at specific intervals. As advanced analytics supply a higher quality of audit evidence and increased business insights, auditors can more easily identify business and tax risks.