Data and analytics are the main tools of the modern business in the digital world. Trend of additional data and analytic decisions searching is actual currently. Organizations demands are growing, they want to find one technology for satisfying most of their requirements. It was a reason for advanced analytics developing.
Despite visible benefits of modern technologies usage, some companies stay away and don’t understand how they can use them. It’s mistaken opinion that advanced technologies are applicable and useful only for major companies like Google, Microsoft, IBM etc. Another one barrier is investments required to technologies implementation into the enterprise. Advanced analytics is a decision of such questions.
What is advanced analytics?
Advanced analytics is the combination of technologies (machine learning and analytics) for automatization of whole data pipeline (from data processing to results generation). It could be compared with an umbrella that includes many disciplines and has high use. Such kind of analytics is used in all business areas for events forecasting. For example, advanced analytics in marketing is used for understanding customers’ preference and their behavior changes.
Gartner describes advanced analytics as autonomous or semi-autonomous data examination with the help of sophisticated techniques and tools, that promotes deeper understanding, more precise predicting and recommendations creating. It gives a possibility for companies to perform calculation like «what if», that are used to forecast trends, events and behaviors. Advanced analytics is comprised of such areas as artificial intelligence, predictive analytics, data mining, data visualization, semantic and graphic analysis, neural networks etc.
Advanced analytics advantages:
Applications of advanced analytics in business
Data is the bases of digital era. In consequence of analyzing and coming up with data-driven answers business processes became easier. It gives an opportunity for management to make different decisions easier and more efficiently. But the main task is to identify and collect the right data. Advanced analytics give a possibility to correctly identify necessary qualities and make them operational for goal achievement.
Business-model creating comes from capabilities definition. Here data mining technology is actual. This tool allows to make a lot of tests that will help to identify submerged patterns. However, a result will depend on how efficiently executives can use received information. Advanced analytics is a perfect assistant in this task and creating of business-model according to the working system.