Advanced analytics
Advanced analytics is a data analysis methodology that uses predictive modeling, machine learning algorithms, deep learning, business process automation and other statistical methods to analyze business information from a variety of data sources.
Types of Advanced Analytics
Descriptive
Focuses on the aggregation of data to form a profile that describes what happened.
Diagnostic
Answers why something happened.
Predictive
Attempts to estimate what could happen if certain conditions are met.
Prescriptive
Focuses on how to achieve a particular outcome.
With advanced analytics, you can
Encourages progressive thinking
Advanced analytics helps business leaders take a more proactive and anticipatory approach to managing operations. Their lines of sight are extended, which trickles through the entire organization.
More accurate decision-making
Fact-based information typically results in better decision-making than decisions based on intuition or experience alone.
Less time on reporting, more time for strategy
Advanced analytics frees employees to concentrate on other valuable work. By automating data sorting, cleaning and analysis more time can be spent on strategic endeavors.
