The Best Blogs Every Data Analyst Should Follow

Advanced Analytics || Media Recommendations Platform

Advanced Analytics is the autonomous or semi-autonomous examination of data or content using sophisticated techniques and tools, typically beyond those of traditional business intelligence (BI), to discover deeper insights, make predictions, or generate recommendations.

Advanced Analytics:

While the traditional analytical tools that comprise basic business intelligence (BI) examine historical data, tools for advanced analytics focus on forecasting future events and behaviors, enabling businesses to conduct what-if analyses to predict the effects of potential changes in business strategies.

What Are Advanced Analytics?

More specifically, there are a number of factors inherent in the concept of advanced analytics:

  • Data and text mining may be used to find specific trends or pieces of data.
  • Visualization is used to gather existing information for the creation of visual images showing trends, comparisons, and other statistical points.
  • Cluster analysis helps to take pieces of data that are similar to each other and separate that data from other groups. This is to facilitate effective comparisons.
  • Predictive analytics uses techniques associated with data mining, machine learning, statistical analysis, and others to generate highly-accurate predictions about future business trends.

Advantage of Advanced Analysis in Business

By 2018, more than half of large organizations will compete using advanced analytics and proprietary algorithms. Despite this, data analytics is sometimes seen by businesses as being too complicated. Simply put, many businesses see analytics as being too costly, time-consuming, and inaccurate to justify more than a token effort at implementation.

The Truth About Data Analytics:

Data analytics are designed for businesses that want to make good use of the data that they are taking in. Businesses that can use data analytics properly are more likely than others to succeed and thrive. But with all of the advantages of data analytics, the key benefits can be described in this way:

  • Data analytics reduces the costs associated with running a business.
  • It cuts down on the time needed to come to strategy-defining decisions.
  • Data analytics help to more-accurately define customer trends. Determining the Effectiveness of Your Analytics Program

Given the growing familiarity and popularity of data analytics, there are a number of advanced analytics programs available on the market. As such, there are certain traits to look for in any analytics solution that will help you gage just how effective it will be in improving your business.

 

However, if I be a little biased, I would like you to read one of my blogs that debunks some major myths about data analytics.

Even when data analytics has got people in every industry talking, a lot of people still consider analytics and big data as something that they can ignore – when in reality, they are about to be run over by the steamroller that is data analytics.

The volume of data is exploding; more data has been created in the past two years than in the entire previous history of the human race.

Many of the early adopters of big data and analytics have faced a lot of challenges in setting a right implementation plan in place, and unfortunately, have experienced a poor return on investment. Since then, we have witnessed loads of improvement in this area and have overcome many of the shortfalls. However, what still prevails is a series of myths surrounding the discipline of data analytics that some feel still has some truth to it.

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