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1 . Data mining
3 . Prescriptive analysis
The next step up from predictive analytics is prescriptive analysis . This technique not only considers what can happen in the future , but then suggests the best way to implement a business decision . When a business decides on a particular path , there is often more than one possible way to go down it .
Jeff Keyes , VP of Product at Plutora
Data used by businesses varies widely and only some of it is genuinely useful . To improve their business , CIOs should make use of the most relevant data that ’ s vital to their organisation . Data mining is the process of retrieving useful data from raw data , primarily through patterns and relationships . Data mining can extract different kinds of datasets such as transactional data , streaming data , heterogeneous data , etc . Once this data is extracted , it can be used for deeper analysis to understand customers better and build more effective business strategies .
2 . Predictive analysis
Predictive analysis is another popular use for advanced analytics whereby businesses can accurately predict future trends . Using Machine Learning algorithms , this technique identifies relationships and patterns by analysing large amounts of past and present data , ultimately producing a prediction model . The more data the model has access to , the more accurate the prediction will be – however , it will never be 100 % accurate . There are multiple factors that can affect businesses that the model might not take into account , such as natural disasters , changes in demand for a service , etc . Predictive analysis can ’ t tell what exactly will happen in the future , but CIOs and senior leaders can get a good idea of what might happen if they make certain decisions .
Prescriptive analysis uses current and past data to calculate different possible outcomes before the final decision is made . It then recommends the best course for implementing a business decision based on what will meet the needs of the business most .
4 . Big Data analytics
Finally , there ’ s Big Data analytics . Another popular method , this involves taking a large volume of data and examining it to highlight the pieces that could be most beneficial . Big Data can be used on both structured and unstructured data and it can provide the greatest benefits when the data generated isn ’ t in a proper format .
For businesses that regularly produce large amounts of data and leaders often have to make a range of business decisions , Big Data analytics is perfect . It will help businesses increase revenues , decrease strategy cost and keep up with competitors .
The technology industry is widely embracing advanced analytics – particularly as many businesses may have struggled to stay afloat in the past 12 months – and are looking for new ways to stand out from the competition . Customers are the most important piece in the puzzle and advanced analytics is helping more businesses to meet their demands while avoiding unnecessary decisions that put profits at risk . p
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