What is Advanced Analytics?
Advanced analytics provides businesses with a way to operationalize and get more value from data assets. It can include the use of predictive analytics or recommendation engines. It represents a potential way for many businesses to extract value from their data, whether that be data stored in a data warehouse or real-time data generated by business operations. Businesses that employ advanced analytics tools are able to build upon knowledge discovery to inform the likelihood of future events, providing greater confidence for more repeatable business results. Advanced analytics solves the more complex business problems that traditional rear view BI reporting cannot.
Some techniques often used with advanced analytics include data mining, machine learning, data visualization, sentiment analysis, network and cluster analysis, forecasting, pattern matching, complex event processing, and more. All or some of these techniques can be used to explore and model a company’s data to improve the business based upon actionable insights.