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 …
Imagine such a scenario: you have a production line that has thousands of milling machines, and you notice that you are losing money every time a machine breaks down and lower the production rate. What can you do to solve the problem? You asked your engineers to regularly check every machine and either repair or …
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 …
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 …
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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 …
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Pitfalls when Communicating Data-Driven Insights to Decision Makers Machine learning-based predictive models are increasingly being adopted by decision makers across small and large organizations. These automated models can produce predictions to assist in problems ranging from predictive machine maintenance to customer churn prediction. However, with the ever-increasing adoption of these methods, product owners often focus …
All decisions concern future operations. When a company prepares decision-making materials for important matters, macroeconomic trends such as unemployment, consumer confidence indices and purchase prices must be taken into account. Each business must pay attention to the economic environment they are operating in to use the effect of these trends to its advantage. Each company …
Data-driven Decision-making to Reduce Biased Decisions Read More »