Business Modelling
Organisations in the same industry follow different business models, which is what makes it so unique. A business model is a representation of the reality of a business. These models are constructed based on the collective wisdom of the leadership teams and used to deepen the business understanding within the organisation.
Business models assist in understanding the elements of the business, the interaction between the elements, the causal relationships between the elements and the systems approach to the business.
Deep understanding of business elements and key drivers helps navigate the complexity in business. Decisions are easier to make and simulate over a period of time.
Walkwater’s Four Step Approach to Business Modelling is as follows:
- Step 1: Develop the business map
- Step 2: Simulate the business model (using Stella)
- Step 3: Calibrate the business model
- Step 4: Deliver the model
This model is evolved with the deep involvement of the management team and evolved over a defined period of time. Elements of the business model might need business analytics to create specific algorithms.
Business Analytics
Business metrics do a great job with summarising the past. But if you want to predict how customers will react in the future, there is one place to turn — predictive analytics. By learning from your abundant historical data, predictive analytics provides something beyond standard business reports and sales forecasts: actionable predictions for each customer. These predictions encompass all channels, both online and off, foreseeing which customers will buy, click, respond, convert or cancel. If you predict it, you own it.
The customer predictions generated by predictive analytics provide more relevant content to each customer, refining response rates, click rates, buying behaviour, retention and overall profit.
Walkwater’s Business Analytics offerings include:
- Solving business problems with predictive analytics
- Creating predictive models
- Measuring how well predictive models work
- Customising solutions for management and project leadership for predictive analytics
- Developing internal capability to perform predictive analytics using powerful modelling tools
These predictive models mature with addition of every data point and are a very good unbiased aid to managerial decision making.