Advanced Analytics
Definition of Advanced Analytics
Advanced analytics is about:
- Answering questions and solving difficult, previously impossible
problems by using advanced analytic techniques on data.
- Providing a broader context of insight and interpretation that
more people can use.
- Allowing organizations to focus on their best customers.
The difference between advanced analytics and business intelligence
is that:
- Business intelligence answers the here, the
now and some of the why of a given business situation.
- Advanced analytics is a predictive tool, and
goes far deeper into the "why" of a situation and the
likely outcomes.
The effect of advanced analytics on an organization include:
- Helping to identify trends and likely behaviors of suppliers,
customers, partners and competitors.
- This insight enables organizations to make cost-saving and profit-maximizing
decisions.
Advanced analytics provide a competitive edge. It helps organizations
do a better job attracting the right customers and positioning the
right products to those customers.
It also offers insight in the present and foresight into the future
ramifications of business decisions. Users can develop an overall
customer management strategy, plus acquisitions modeling and fraud
identification.
Key benefits of advanced analytics:
- Competitive differentiation
- Being able to more efficiently tailor product offerings for
each customer
- D eveloping a marketing plan that fits projected outcomes
- Keeping the right amount of inventory.
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