Advanced Analytics (AA) is a wide variety of analytics that makes extensive use of advanced quantitative methods like fixed analytics, predictive analytics, data mining, and visualization. It provides businesses with a better understanding of the data to address complex issues of a business environment by using forecasting techniques. Various companies offer software packages that perform advanced analytics to help the organizations in dealing with an extensive amount of data which further leads in systematic decision making. Some of its strategies consist of machine learning, data mining, predictive analytics, location statistics, big data analytics, and descriptive analytics.
It uses pure modeling techniques to predict future events or to detect patterns that are hard to acknowledge, thus surpassing the use of business intelligence. AA includes technologies, components, and methods such as natural language processing, forecasting, machine learning, sentiment analysis, and various others. Advanced Analytics comes up with the best possible outcome to discern the most predictable possibilities of what’s next to come. As it provides a deeper knowledge and coarse analysis of data, the companies are bound to benefit from it resulting in improved business outcomes.
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Why is Advanced Analytics important?
While many organizations use business intelligence applications to manage their data assets through a variety of business processes, advanced analytics uses optimization and co-relation to predict the next best action or the next most likely action. Advanced Analytics or predictive analytics can help predict the future events and improve performance while also providing a deeper but more advanced understanding of patterns, styles, and themes concealed within the data, allowing businesses to target their customers at a deeper level to predict future results, reduce risks, and more.
Advanced Analytics is vital for any company/ organization as it depicts advanced insights from a business’ data that it may not be aware of. With the use of machine learning, data mining, statistical modeling, and various other methods; advanced analytics is set to change industries everywhere, making them more competitive than ever.
Those who embrace advanced analytics have a leg up in uncertain times. Use Cases/ Use of Advanced Analytics
- In marketing, understanding consumer preference is the key to success. Advanced Analytics is useful for marketing teams as most of their work involves understanding their customer’s needs and preferences, and explaining how these preferences might change in the future, thus helping the companies to plan strategies accordingly.
- Asset managers and warehouses can also benefit from BI tools including advanced analytics by comparing their sales, pre-orders, and other data sets. They can also speed up their order processes and reduce the wastage caused by purchasing items that can be sold or delivered in a short period.
- Manufacturers and other organizations can use advanced statistics to create automated systems and report early to control costs. For these companies, creating early awareness programs will prevent repairs and maintenance costs.
- Insurance and financial services include Big Data and Advanced Analytics that can be used to predict demand patterns, prevent fraud, and determine eligibility for customer credit.
Best Advanced Analytics Platforms of 2020
- Looker– A highly advanced and powerful big data analytics platform, Looker, helps companies to analyze and share real-time data and gather value from it. The display uses a simple modeling language called LookML that allows data groups to define relationships in their database so that business users can view, store, and download data without the need to know SQL. It is easy to use, browser-based platform to make analysis and visualization better for its user. Demo
- Bizintel360– A low code, cloud-native self-service big data analytics solution. It is suitable for operational users and decision-makers as it helps them to solve the business problems and perform analytics in a single platform, derive real-time visualization and analytics effortlessly, after examining the data from any data formats. Bizintel360 empowers and enables business users to easily connect data sources of discrete formats (without the need of programming knowledge), stream data on-premise, or in a definite frequency to the data lake, and conceptualize the data in advanced interactive, search engine powered dashboard. Try Now
- Tableau Software-Tableau Software is a data consulting software company that helps people to see and understand data better by converting raw data into a very easy and comprehensible format. It does not require any kind of programming skills for a user to operate, thus allowing non-technical users to work with its data blending. The data which is created using the Tableau Software is easily understood by the professionals in an organization. Buy
- Sisense- An agile Business Intelligence solution, Sisense, allows enterprises to analyze and visualize big datasets that are distinct by generating relevant business trends and providing advanced tools to manage the data analytics for them. It merges different data sources into a single unified database reorganizing it into a predefined standard format. Buy
- Alteryx- It is a business intelligence platform that provides a multiple formation option like on-premise and Software as a Service (SaaS). It is a predictive analytics and data mining platform, highly suggested for the data-analysts in an organization, allowing them to create an analysis of how data will be carried out and unified with other data sources. It uses data quality, conversion tools, and integration to generate datasets for analysis and visualization. Buy
- Qlik- A visual analytics and Business Intelligence software, Qlik delivers a self-serviced, conventional, embedded, and conversational analytics, which can be used both in the cloud or on-premises. Anyone can easily employ it, and share or communicate the insights which they discern with the help of interactive and secure mobility. Qlik lets enterprises get a true platform where they can perform powerful data integration, with the help of standard APIs for customization and extension.
- Pentaho Business Analytics- It is a business intelligence software devised to provide a modern, highly interactive, and accurate web interface for business users to integrate and analyze data. Big data analytics, data mining, reporting, predictive analytics, and ETL are included in this software. Pentaho can be installed locally or in the cloud and can be integrated with multiple systems.
- Exasol- Exasol is an in-memory; efficient analytical database management software primarily made for big data analytics. It delivers high-performance analysis in an easy-to-use, highly scalable, and cost-effective distribution system. It uses suitable in-memory compression methods to store data in a column-oriented way. The consistent support and easy data integration with the help of other BI tools make the ETL process smooth.
- MicroStrategy- A cloud-based, self-serviced on-premise platform, MicroStrategy is a business intelligence software, which can support visualization, data mining, and dashboards. It offers a group of applications including advanced analytics, data discovery, data visualization, banded reports, etc. Users can acquire their data as per the company’s needs by using MicroStrategy’s ability to sustain multiple device types and reporting styles.