Definition

advanced analytics

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 focuson 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

Contributor(s): Emma Preslar
This was last updated in October 2013
Posted by: Margaret Rouse

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