What is advanced analytics and what are the uses of advanced analytics?
Author
Carlos Barge
Advanced analytics is a comprehensive set of analytical techniques and methods designed to help businesses discover trends and patterns, solve problems, accurately predict the future and drive change using data-driven, fact-based information. It takes the enterprise beyond business intelligence by offering sophisticated algorithms and analytical techniques that allow for more refined, detailed answers and more creative, educated decisions.
With advanced analytics, people can dive deeper into data and get a 360-degree view on their data sets (whether it’s their customer base or operational data). It’s particularly useful when people are looking to:
1) Predict what might happen to accurately plan ahead
2) Capitalize on opportunities through data-driven insights
3) Fill in the information that they don’t have
4) Identify patterns and trends
5) Pinpoint issues and their root cause
Advanced analytics is currently being employed (or at least there are plans for adoption) in a number of industries already. For example, predictive analytics is used by banks to determine the client’s credit score, by clinics to predict appointment cancellation, and by manufacturing companies to forecast unplanned equipment downtimes.
Advanced analytics can also be used to improve customer satisfaction, increase operational efficiency, and personalize marketing efforts.
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