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The main purpose of advanced analytics is to improve data analytics, data sharing and business intelligence. To do this, advanced analytics uses machine learning and natural language processing. Using this tool gives companies the ability to make better decisions, provides employees with greater access to analytics and company flexibility.

Key benefits of advanced analytics:

1. Flexibility of the company

The transformation of a company into a data-driven company is possible with clean and high-quality data. However, the data cleansing process can take a long time. Advanced analytics platforms are able to clean, combine and transform data from different systems in a very short time, and provide data quality reports. This helps accelerate future digital transformation projects;

2. Expanded access to analytics

With the help of advanced analytics, the system becomes more convenient and comfortable for users, as well as more accessible to more users. Often, only a specific business analyst team uses business data for reporting purposes. Advanced analytics allows to expand this access. For example, the ordering department has access to analytics that previously only the finance and accounting departments had access to. This, in turn, will allow for analysis and increase customer satisfaction according to various criteria;

3. Making informed decisions

An effective decision can be made based on qualitative data. Many leaders understand this and are moving to a data-driven approach. By doing this, they increase the demand for access to data and analytics. However, other users may also use the data to make decisions in accordance with their position in the company and responsibilities;

4. Speed up the decision-making process

Advanced analytics eliminates the various manipulations and tasks with data that were previously performed by humans. This significantly saves time and speeds up the process of making an important decision;

5. Cost reduction

The combination of artificial intelligence and machine learning ensures complete automation of the process. So, tasks such as processing data, cleaning it and joining it into a table to create reports that were previously performed by a person are automated. The rate of obtaining information is much higher – the user receives data in real time. In the long term, the return on investment in 3-5 years will exceed the initial investment by 30-50 times. Advanced analytics contributes to a more dynamic and efficient business development.