A full-scale shift towards analytics is underway today in almost every domain. Things have become so complicated that shooting from the hip has lost its allure.
Advanced analytics is the use of modern data mining, pattern matching, data visualisation and predictive modelling tools to produce analyses and algorithms that help businesses make better decisions.
It answers the questions: "Why is this happening?" "What if trends continue?" "What will happen next?" "What is the best outcome?" These answers relate to matters such as customer, pricing, supply chain, logistics and workforce analytics.
A full-scale shift towards analytics is underway today in almost every domain. Things have become so complicated that shooting from the hip has lost its allure. For some, it is a welcome change. For others, it is something to resist. It all depends on one’s perspective. Every domain must be optimised to meet demands.
Many organisations don’t exploit – or even realise – the competitive insights hidden within their data. Advanced data analytics helps to reveal information that can drive better decision-making (e.g. forecasting, prediction, simulation and optimisation).