Data-driven decision making is commonly understood by our customers as the process of extracting valuable data insights from business operations. In doing so, data has to be identified, pre-processed, ingested into appropriate databases and finally presented in a condensed and filtered manner to the end-user. Our primary tool for this is the development of data-driven …
Microsoft Azure is a cloud computing platform and infrastructure that provides a range of services for building, deploying, and managing applications and services through a global network of data centers. Azure has a wide range of services, including computing, analytics, machine learning, storage, and networking. These services can be combined and configured to meet an …
In previous articles, we have outlined drivers that make data an ever more important factor for business success, the associated need to audit data (including the processes involved to collect, store and analyze data) and how financial auditing methods can be translated to fit this purpose. Company accounts are crucial for the allocation of assets …
DAX, or Data Analysis Expressions, is a formula language used to define calculations and measures (terminology to define row calculations) used to analyze and transform data in Power BI. It is a powerful and flexible script/programming language that allows users to create complex calculations and perform advanced data analysis tasks. The power of DAX becomes …
Excel is by far the most utilized spreadsheet and data tool in the world with over 1 billion instances in use. It can be argued that Excel is one of, if not the most user-friendly spreadsheet tools in the world. Most business professionals are familiar with Excel and Excel has served as a traditional data …
There are dozens of important metrics a company needs to track and understand to build a successful business. From acquisition cost, sales revenue to the churn rate and many more, these metrics help companies stay on track as the business grows. If you are not tracking your metrics, surprises can happen that will harm your …
The importance of using artificial intelligence and machine learning to create more advanced analytics and predictive decision support to drive business outcomes to the next level is growing. And as AI/ML becomes more commonplace to increase competitiveness, it will also create strong incentives for all companies to use it. The main benefits of using AI/ML …
In the business world, classical financial auditing serves the important purpose of providing an external opinion as to whether financial statements are correct and have been created in accordance with relevant international and national standards and regulations. As such, financial auditing ensures both external compliance and correctness, so that internal operational decisions can be made …
Towards Auditing Modern Data-Driven Decision Making Read More »
Analyzing data to make informed and insightful business decisions is not a new concept. However, making such decisions is more complex, as data is being generated and collected on an ever-increasing scale. As a result, data analysis using more advanced techniques such as artificial intelligence becomes a necessity. At Decision Labs, we implement advanced decision-making …
Combine Business Strategy with Artificial Intelligence to Increasing Business Efficiency Read More »
Your team has bought a new deep learning-based machine learning solution to predict when any one of the 10 000 machines needed in your product production line will fail. The team is excited by the new predictive maintenance AI model that reports “prediction accuracy is 98%” in predicting if a given machine will fail in …
Explore how Accuracy Measures can Impact your Decision Making Read More »