Knowing the Answers to the What Ifs of your Business – Advanced Scenario Analysis and Forecasting
All right, so now you’ve looked at your business retrospectively. With the help of your fully customized and tailor-made dashboard from DRIVATIC, you could gain a great perspective of the history of your business and what the current status of every nook and cranny is when it comes to your current affairs, but what about the future of your business.
You’ve played around with the filters and slicers, seeing your data change before your eyes, but that’s still producing calculations on KPIs according to historical data.
As a successful business owner, you can’t afford a real-life trial and error process in your business. Not only will it cost you money, but the precious time you could’ve utilized better to produce real growth in your industry.
So why not do this on a DRIVATIC dashboard report?
Ask yourself, how would your important data change should your favourite set of KPIs increase or decrease with a percentage or two or what would my bottom-line look like should I have increased the amount of produce on a particular offering. This helps a business owner learn from his company’s past to create a clear view of all the wrong decisions the company made and to improve on them in the future.
People often say: “Hope for the best and prepare for the worst,” but no, scenario analysis is not some form of wishful thinking. It’s creating a set of possible outcomes to future events based on historical data and being prepared to face all the challenges your business can face will set you in a good position. It will help you create the most effective contingency plans for various of your projects should any worst case scenario arise because let’s face it – a business faces a lot of uncontrollable and you have to plan your way through every permutation and combination of these factors when they fall to the dark side of things.
However, what about the future?
With DRIVATIC’s BI solution, you’ve managed to see your company’s historical data in a fantastic way (Dynamic Reporting) and where improvements you should make.
How do you paint a picture of the future with the newly suggest KPIs you’ve viewed will improve your business?
Forecasting. With our highly skilled team of developers, we can create statistical models such as multivariate regression models to paint a picture and find the exact KPIs needed to optimize your strategy and increase the revenue of your business with no time to spare.
Scenario Analysis and Forecasting for your business is a necessity. There’s no use in journaling your thoughts and experiences if you don’t reflect on the past and consider where to improve. The data your business accumulates is a valuable asset that can unlock the secrets to gaining an advantage over your competitors and improve solely on your terms.
Ask one of our sales consultants for more information on how you can have your ultimate BI solution designed to fit the needs unique to your industry and business.