advanced analytics definition

Contributor(s): Emma Preslar

Advanced analytics is a broad category of inquiry that can be used to help drive changes and improvements in business practices. 

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, allowing businesses to conduct what-if analyses to predict the effects of potential changes in business strategies. Predictive analytics, data mining, big data analytics, and location intelligence are just some of the analytical categories that fall under the heading of advanced analytics. These technologies are widely used in industries including marketing, healthcare, risk management, and economics.

Although doing such complex analyses typically requires teams of experienced statisticians, new tools and data visualization technologies have made predictive modeling more accessible to the average business user.

See also: data scientist, big data analytics

This was first published in October 2013

Next Steps

Read our introduction to security analytics tools in the enterprise to learn why they are valuable and how they work. Then read expert advice to understand the benefits of using security analytics tools and discover which security analytics tools offer the most value to your organization. Also, consider that an investment in Alteryx advanced analytics tools might be worth the cost for your enterprise.

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