Chief Executive Officer
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Every company wants to improve its performance and strike the right balance between budget allocation and revenue. SME CEOs can harness the potential of predictive analytics, which enable them to make the best decisions for the success of their business under the same conditions and with the same level of investment. Developing predictive analytics, however, is not always simple: a large amount of data must be analysed, mathematics and statistics disentangled and those results used to hypothesise future scenarios and see if the extracted model is right.
Predictive analytics, as you have probably realised by now, is crucial for your business: Without it, a CEO is not able to choose which marketing strategy to invest in, or decide on the best way to approach sales of their products or services. Even commodity inventory management becomes a failure risk without well thought-out predictive analytics.
But who can be entrusted with such a delicate task? Manual predictive analytics carried out by an SME requires at least two members of staff, one junior and one senior, and around two weeks of work, depending on the amount of data involved. That time can be reduced significantly by entrusting the task to artificial intelligence such as Vedrai’s CEO James. Let’s look at how James can help your company with predictive analytics.
Managers can use the future scenarios calculated by the virtual agents to make their work easier. Let’s look at a practical example; a manager needs to work out next year’s sales volumes, to decide how to allocate budget, staff and raw materials to produce the products to be sold.
The first step is to define which indicators are to be taken into account to achieve the desired performance, so that we can define the sales volume for a particular product from previous years’ data. Predictive analytics makes it possible to identify the past sales pattern and, by inputting the hoped-for future data, the way forward to define future sales volumes.
A virtual agent can show a human CEO and sales managers what future scenarios for different sales strategies would look like, all things being equal. This is how artificial intelligence puts itself at the service of its human colleagues. By understanding the business model and the chances of failure or success of a given strategy, decisions can be made on how to allocate the budget and resources to maximise profits. This obviously applies to every business sector and not only sales: from raw material and inventory management to marketing strategies.
If you are looking for a virtual agent to support your human CEO in planning the company business model, Vedrai’s solution is James the CEO. James the CEO is programmed to offer maximum support to his human colleague by making performance estimates in terms of return on investment, return on sales and again cash flow.
Not only does it take James much less time to carry out predictive analytics, but it can also be worked on retrospectively, without needing further analysis to obtain data. In just a few clicks, the human CEO can export budget data in Excel format as a convenient reference at any time.This gives the company predictive analytics information that is always aligned, even when the virtual agent does not have internal dynamics, e.g. of a qualitative nature, meaning it has all the data and tools needed to optimise each type of investment and maximise profits.