Read on to learn more about how to use advanced analytics and to improve your understanding
Advanced analytics is the next level of business intelligence. Unlike traditional, complex, and time-consuming data analysis methods, it uncovers patterns and determines actions to achieve desired results and optimize business operations. Continue reading to learn about it and how it helps growing businesses.
What Is Advanced Analytics?
- Advanced analytics is a technique for data analysis that employs machine learning algorithms, deep learning, predictive modeling, and other statistical methods to analyze data or business information from different sources. Using data science, it predicts patterns and the likelihood of future events beyond business intelligence (BI).
This approach assists organizations in becoming more responsive, increasing accuracy in decision-making. Data scientists often use advanced analytics. It combines and expands predictive and prescriptive analytics while increasing options for predictive models and enhanced visualization.
Significance For Businesses
- Advanced analytics has massive significance for organizations. Regardless of the location and format of data storage, it enables an organization to have better functionality from its data assets.
In addition, it helps address complex business issues that the traditional BI fails to tackle. For instance, to create a contextual marketing engine, a consumer-packaged goods manufacturer needs to have the following points in mind:
- The time of the day when they are more receptive to advertisements
- The level of profitability likely achievable at that time.
- The price points
Advanced analytics help organizations address these points by combining consumption models with artificial intelligence and historical data.
Benefits Of Advanced Data Analytics
- It provides greater accuracy and enables more significant use of data assets. In addition to these, advanced data analytics has the following benefits for businesses:
- Advanced analytics offer higher accuracy for confirming or refuting predictions and forecast models than BI tools. This is because the traditional BI tools still have an element of uncertainty.
- The predictions with a high level of accuracy allow executives to act quickly as they have the confidence their decisions will get the desired results and favorable outcomes.
- The data from customer preferences, critical business processes, and market trends can be used to offer actionable insights. This empowers stakeholders to make data-driven decisions beneficial to their business strategy.
Better Risk Management
- The risk of costly mistakes is considerably reduced with the help of higher accuracy provided by advanced analytics predictions.
Reveal Problems And Identify Opportunities
- Statistical models are used by advanced analytics to reveal potential problems in the business’s current trajectory. In addition, new opportunities are identified to help stakeholders quickly change course and achieve favorable outcomes.
Advanced Analytics Techniques
- It provides a competitive advantage to organizations with the following commonly used techniques:
- In data mining, large data sets are sorted to determine patterns and establish relationships so that problems can be solved through data analysis.
- Sentiment analysis uses text analysis, biometrics, and natural language processing to identify the sentiments behind a body of text.
- In this technique, pieces of unstructured data are matched based on similarities between data.
Complex Event Processing
- High-level events likely to result from specific factors are predicted using complex event processing.
Big Data Analytics
- Big data analytics examines large volumes of structured, unstructured, and semi-structured data to uncover hidden patterns, market trends, correlations, and customer preferences.
- Machine learning has significantly enhanced the speed at which the data is analyzed and processed. This facilitates predictive analytics and other such disciplines.
- Data visualization is the process of presenting data in a graphical format. It makes data analysis and sharing more accessible across organizations.
Explore your data and processes by opting for advanced analytics and identify valuable automation opportunities. Our experts can help you increase productivity by focusing on high-value activities. Call Micro Strategies at their toll-free number, 888-467-6588. We are located in New Jersey, Pennsylvania, New England, and New York.