What differentiates “advanced analytics” from what are considered “typical” analytics?
When the layperson thinks about analytics, they visualize a data-cruncher generating reports on how stacks of data have affected the business process. In general, “typical” analytics reports only focus on what has happened (and/or what is currently happening) in a business process as part of their value chain. In “advanced analytics”, however, this data is used to decipher not only what factors are affecting the business processes, but how these factors can be quantified to help improve future business processes and make educated predictive propositions. Today’s growing businesses are investing more in ways to better manage their future processes while learning from their past initiatives. Advance analytics marries these two concepts objectives together to produce an optimal end result. It can be used to deliver optimization, predictive modeling, and forecasting solutions.
