What is Advanced Analytics and What Are the Benefits of Advanced Analytics?
Many businesses are just discovering the benefits of self-serve business intelligence and establishing data democratization initiatives but, as every business manager and team member knows, business markets and competition move rapidly and yesterday’s business intelligence initiatives are morphing into advanced analytics efforts. As businesses consider the transition, it is important to understand the advantages of advanced analytics.
Advanced analytics is a comprehensive set of analytical techniques and methods designed to help businesses discover trends and patterns, solve problems, accurately predict the future and drive change using data-driven, fact-based information. It takes the enterprise beyond business intelligence by offering sophisticated algorithms and analytical techniques that allow for more refined, detailed answers and more creative, educated decisions.
Business Intelligence uses historical data to reveal where the business has been, and managers can use this data to predict competitive response, and ongoing changes in buying behaviour. Advanced analytics tools allow for better predictive analytics and provide insight into change as it is taking place, so businesses can be more responsive and forecasts and plans will be more accurate.
As the analytical solutions market evolves, the advent of self-serve tools provides business users with the ability to leverage self-serve data preparation, smart data visualization and assisted predictive modeling and operate at a level that was not possible before. Without the assistance of a data scientist, business users with average skills can explore data and enjoy the advantages of augmented analytics with guidance and recommendations that will help them get better, clearer results without the skills or knowledge of an analyst or data scientist. These tools use sophisticated algorithms and analytical techniques, married with natural language processing (NLP) so users can ask questions using normal human language and get results in the same way. The addition of Clickless Search Analytics makes it easier to bring advanced analytics to the organization and engage business users with full confidence in user adoption.
A self-serve advanced analytics solution Incorporates computational linguistics, analytical algorithms and data mining into a self-serve environment and provides an easy-to-use NLP search capability for swift, accurate data analysis. It suggests relationships and provides insight into previously hidden data so business users can explore and ‘discover’ crucial business results, patterns, trends, issues and opportunities and improve productivity and smart decision making across the organization.
What Are the Benefits of Advanced Analytics?
When an enterprise chooses to implement self-serve Advanced Analytics, it encourages user empowerment and user adoption. It also enables data sharing and allows the organization to produce fast, dependable insights and improve the value of business analysis across the enterprise, democratizing the use of advanced analytics and augmented predictive tools among business users. As the business world discovers the benefits of smart data discovery, these tools have evolved, making it easier for business users and data scientists to gather, integrate and analyze data.
Advantages of Augmented Analytics for Business Users:
- Support for day-to-day business decisions
- Insight, perspective and analysis
- Quick hypothesis and prototyping
- Improved agility for business development
- Timely and accurate decision-making
- Emergence of power users and data popularity
- Transformation to citizen data scientists
Advanced Analytics Benefits for Data Scientists:
- Reduction in day-to-day requests
- Ability to focus on strategic projects
- Focus on projects that require 100% accuracy
- Ability to achieve mature modeling goals
In short, if an organization selects an advanced analytics solution that supports augmented data discovery with tools that are suitable for business users and data scientists alike, it can provide maximum results, quickly and easily, with minimal training requirements, minimum implementation time and minimal support to achieve rapid ROI and low TCO.
Original Post: What is Advanced Analytics and What Are the Benefits of Advanced Analytics?