Business data analysis and simulations are our major consulting areas. ACHSOL's related expertise includes:
- Assistance with optimised data collection;
- Data analysis and simulations tailored to your needs and requirements;
- Evaluation of problems, potential pitfalls, and performance characteristics for your organisation or business;
- Strategies and recommendations for optimisation of business management, use of the available resources and finances, effective decision-making, identification of the critical factors affecting your business, etc.; and
- Our on-going support to help you maintain an edge over your competitors.
Our Competitive Edge & Your Benefits
Most companies and businesses collect information and create expensive databases relevant to their performance, management, marketing, customers and sales. However, very few of them have the capabilities and opportunities to undertake the required analyses and/or simulations to properly understand and analyse the collected data and draw useful and reliable conclusions. As a consequence, many companies and businesses never realise the enormous opportunities and advantages that could be derived from comprehensive expert analysis of the available information and data. ACHSOL has the unique expertise in solving complex analytical problems involving different formats of the available information and big data.
Contrary to most of our competitors (other analytic consulting companies), ACHSOL's expertise and ability to solve complex problems in data analysis and simulation are clearly demonstrated by our extensive publication record, which is an illustration of the wide recognition of our expertise within the research communities. Put differently, ACHSOL's expertise in complex analytics is unique because we are capable to properly match the significant advantages of our recognised academic-level expertise in advanced data analysis and simulation methodologies with useful consulting outcomes understandable for, and tailored to the need of, our business clients.
We believe that this is one of our major and significant competitive advantages that could be transformed into your opportunities flowing from the consulting services and support we offer.
We also believe that our recognised academic-level expertise in advanced analytical methodologies allows us to obtain significantly more reliable and valid outcomes, and this transforms into your greater benefits, more accurate recommendations and more reliable predictions for your business.
Presented below, are general examples of business/financial statistical projects undertaken by our members.
Critical Performance Factors for Business Chains
Many retailers and service providers operate as business chains with numerous outlets and franchises. Examples of such businesses in Australia include chains of petrol stations, supermarkets and grocery shops, hardware stores, fast food restaurants and outlets, childcare and medical centres, etc.
Every such business chain faces inevitable questions about optimisation of the location and density of its outlets to ensure optimal customer reach and maximised financial returns. In addition, evaluation of financial performance of individual outlets and identification of the major impacting factors are often essential for the development of effective internal policies, resource allocation, targeted human resource and other actions.
ACHSOL members have been involved in consulting projects identifying and characterising external and internal factors critical for the financial performance and/or regulatory compliance of business chains. The analysed external factors included location and density of the outlets, socioeconomic and demographic characteristics of the area, visibility and access rankings, competitor's outlets, etc. The internal parameters included demographics of the staff and management, staff salaries and turnover, labour efficiency, service providing capacity and available resources, organisational culture, etc.
We identified and charaterised the most critical parameters and factors determining the performance and financial health (and/or the level of the regulatory compliance) of the business chains. Recommendations for improvements of business management and targeted measures to boost financial returns were also developed and presented to our business clients.
Financial Coaching
Despite more than 20 years of regulatory reforms and evolution of the financial planning services, there are still significant questions about the optimal framework for provision of efficient and self-efficacious financial advice and financial planning to millions of Australians. There has been a significant shift in the financial advice industry from the formal financial advice to clients towards a more client-centred approach based on financial coaching. This approach includes significant educational elements enabling the clients to better understand their current and future financial options, needs and capabilities, as well as to more actively engage in managing their finances. It has been argued that such an approach has the capacity to improve satisfaction with the provided services, boost confidence and experiences, and further improve financial outcomes.
The large number of survey-determined factors influencing the perceptions of success in the financial planning industry required analytical methods capable of simultaneous analysis of multiple dependent and independent variables. Therefore, multiple regression models, factor analyses, and structural equation modelling were used in this project.
Significant advantages and benefits of the financial coaching system were demonstrated, including:
- Better understanding and realisation by the clients of their financial needs, objectives and benefits;
- Clearer, more appropriate, and better advice to clients;
- Better understanding by the clients of strategies that are more likely to withstand market downturns and life-changing events;
- Improved motivation to be engaged in financial matters and financial decision-making;
- Improved financial satisfaction, self-belief, confidence financial capabilities, skills and long-term benefits;
- Improved psychological benefits and peace of mind for the clients; and
- Better empowerment for the clients in relation to their financial management.
The conducted analysis also enabled the determination of the significant effects of the demographic variables on the clients' perceptions of the financial coaching approach. This enabled the evaluation and stratification of the needs of different demographic categories of the existing clients, which will be essential for practical applications of the financial coaching methodologies.