What Is Advanced Analytics?
Why Is Advanced Analytics Important?
To accelerate innovation and outflank competition, companies make use of advanced analytics to generate predictive insights, and make better, more informed decisions faster. Advanced analytics are used to optimize and improve business operations, reduce risks, and personalize customer experiences.
Advanced analytics can solve problems that BI reporting can’t and can be applied to different cases such as monitoring and evaluating social media, predicting machine failures, and forecasting supply and demand, dynamically adjusting prices, detecting fraud, customer attrition, and many more.
Advanced Analytics Techniques
How Advanced Analytics Works
In a fast-paced world, businesses need to be able to react quickly. With advanced analytics, a company can make decisions based on accurate predictions, which can improve performance and productivity and increase revenue.
Advanced analytics can harness HR data for good by helping reduce the costs of recruiting and hiring, decrease turnover, and maintain/increase overall employee satisfaction.
Manufacturing and Inventory
Demand, preferences, and cost are constantly changing, which impact what products get made, sold, and distributed — and how. Advanced analytics can help to prevent machine failure, reduce irrelevant stock, expedite ordering, and lower distribution costs.
Understanding customers is key to predicting how they’ll behave in the future. Advanced analytics can help create personalized marketing experiences and identify sales opportunities.
Managing large datasets in real time can help detect fraud, monitor customer reputation, and reduce future risk.
Getting Started With Advanced Analytics
- A/B testing
- Computer vision
- Clustering and segmentation
- Decision trees and random forests
- Demographic and behavior analysis
- Machine learning Multivariate statistics
- Optimization and simulation
- Forecasting and time-series
- Network analytics
- Neural networks
- Predictive and prescriptive analytics
- Spatial analytics
- Supervised predictive models
- Text mining