Advanced analytics is the part of data science that is a comprehensive set of analytical techniques and methods. By using advanced modeling techniques (sophisticated algorithms, analytical techniques and tools), it can forecast businesses trends, events or discover patterns to allow more refined answers and decisions.
Particularly predictive analytics can help you to perform high-level statistical models or calculation, as well asproject the future, drive change using data-driven and fact-based information.
Advanced analytics can answer questions including:
- Why is this happening?
- What if these trends continue?
- What will happen next? (prediction)
- What is the best that can happen? (optimization)
Why is Advanced Analytics so Important?
It is the true potential of data to use and operationalize business intelligence applications within business processes to leverage their data assets. The benefits are shown as below.
- 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