Advanced analytics tools are focused on predicting future events and market trends that allow companies to forecast the possible outcomes of their business strategies. The modern data analytics tools have a completely contrasting focus as compared to the traditional analytical tools, which revolve around past data. Advanced analytics helps organizations improve its business practices and operations with a future-oriented perspective. Every industry, be it manufacturing, healthcare or retail, has placed its bets on the evolution of advanced analytics and its widespread benefits. But what exactly is advanced analytics and how can it be applied in various industries, you ask? We all have a vague idea about predictive analytics, customer analytics, and other related data analytics but fail to understand the multifold advantages it offers to organizations. Read on to know more.
Advanced Analytics in A Nutshell
With big data gaining momentum across industries, organizations are seeking to build their advanced analytics capabilities. Analytics, as defined by the Oxford dictionary, is “a systematic computation and analysis of data or statistics,” which the organizations can make use of to improve business decisions. The global market for data analytics services is characterized by the presence of many big players such as Google and IBM as well as several small players who are increasingly investing in capability building and improving the advanced analytics landscape. Several industries such as manufacturing, telecommunications, oil and mining, and telecommunication among others leverage predictive analytics, data mining, market analytics, customer analytics, and big data analytics to drive profitability.
If you want to know more about advanced analytics and its application in your industry, speak to our industry experts.
Advanced Analytics – Which Industries Does It Benefit?
Data analytics is set to transform how organizations interact with their audience and improve customer experience. This is a result of evolving market dynamics and the gradual shift from traditional strategies and tactics to an analytics-driven landscape. Wondering how can advanced analytics benefit different organizations? Here’s how.
- In the manufacturing industry, advanced analytics and market analytics helps organizations to monitor the processes proactively and gain insights to minimize downtime, boost productivity, and schedule regular maintenance activities
- In the financial services industry, companies can improve customer satisfaction and ensure data security with big data analytics and customer analytics
- With the help of predictive analytics and big data analytics, the retail industry can devise attractive marketing outreach activities, develop customer retention strategies, and personalize their product offerings
