What is advanced analytics
advanced analytics represents a collection of techniques that are used to model internal and external data to gain valuable insights that can drive business-improvement functions.
The collection of techniques “advanced” analytics is to differentiate them from traditional analysis approaches that are normally accomplished using business intelligence (BI) systems. Usually these days, we see advanced analytics with cloud analytics.
Business Intelligence or Advanced analytics?
Advanced analytics can solve problems that BI reporting can’t and include monitoring and evaluating social media, predicting machine failures, and supply and demand forecasting, dynamically adjusting prices, detecting fraud, of appearance, and can apply to many other cases.
To speed up innovation and external competition, companies use advanced analytics to generate predictive insights, and make better, more informed decisions faster. Advanced analytics is used to optimize and improve business operations, reduce risk, and personalize customer experiences.
Advanced analytics techniques
The techniques used in advanced analytics go deeper than those in BI or descriptive analytics.
While BI focuses on historical, structured data from a variety of sources, advanced analytics deals with both structured and unstructured data from different sources. BI typically summarizes past performance, while advanced analytics look to the future to help optimize and innovate in the present. To do this, Advanced Analytics employs, as the name suggests, advanced techniques such as:
Predictive analytics, cohort analytics, retention analytics, machine learning and data mining.
Advanced analytics are used in businesses
Retail
Advanced analytics provide retailers the insights to keep customers happy and returning to their stores by creating a hyper-personal and relevant experience that makes their customers more satisfied and more inclined to make purchasing decisions.
Banking and Finance
Financial institutions use advanced analytics extensively to understand how their customers use their accounts to help identify security risks and to understand markets to make smart trading decisions.
Manufacturing
Demand and costs are ever changing, which determines what products are made, sold, and distributed. Advanced analytics can help prevent machine failures, reduce inefficient stock, speed up orders, and lower distribution costs.
Healthcare
Based on the analysis of many data points collected in most patients, advanced analytics can help you determine if a patient is at greater risk for drug addiction or if you want to treat patients with substance abuse problems.
Telecom
Advanced analytics improve the telecom industry in many key areas, including customer information, fraud reduction, and dynamic pricing. And since the release of 5G, data plays a major role in network planning, monitoring and management.
Bizintel360 advanced analytics for your business
Bizintel360 is a full-stack cloud-native, self-service advanced analytics, decision support platform by Bizdata Inc for Enterprise leaders and Business users. It connects to any data source or system and helps in deriving insights, visualizations with no programming knowledge.
Bizintel360 gives you the power to scale advanced analytics across the enterprise by enabling real-time data analytics for Field Sales, IoT streaming, Digital Marketing, Security Anomaly detection, Fraud and waste, and Risk Management.
