Perhaps the most important driver in business decision-making in strategy is rooted in data. That means that if you want to thrive and grow in a business environment, you need tools that can help you make decisions that align with your strategy and growth plan.
Today, that means shifting toward data-driven decision making in large enterprises. Advanced analytics involves using tools and technologies intended to help you excel in these areas.
Let’s discuss what advanced analytics are, why they’re important, and how you can overcome common obstacles when implementing them in your business.
Understanding Advanced Analytics
Advanced analytics refers to the process of using data science tools like predictive modeling, data mining, big data analytics, and machine learning to evaluate business data from several sources. By using a variety of tools to mine this information, businesses can get a more accurate and detailed idea of data insights and can even find insights that might have otherwise been missed.
But what makes advanced analytics special versus traditional analytic methods?
Traditional business analytics focuses on collecting raw data, cleaning and organizing it, and then storing it. Then, data experts use their knowledge, expertise, and tools to analyze the data before building reports and sharing insights. While this method does provide insights into company data, it leaves plenty of room for missed insights and is time consuming and costly.
Advanced analytics packs a much more impressive punch when it comes to increased depth, insights, and even predictive capabilities when compared to traditional business analytics. With advanced analytics, you can harness insights from both structured and unstructured data, since artificial intelligence (AI) and machine learning algorithms are used to analyze information from within your data platform.
The bottom line is this: with advanced analytics, you can harness more valuable business insights, which leads to more strategic decision making. Ultimately, this will help you scale your business and increase profitability, longevity, and help you gain an edge over the competition. We will discuss this more in the next section.
Advanced Analytics for Enterprises
If you’re looking for a way to gain an edge over your competitors, advanced analytics is a great strategy to help you achieve that goal.
Remaining competitive means being on top of market trends, prioritizing forecasting, and making sound decisions. With advanced analytics in your toolbelt, you’ll be well-equipped to place these measures at the forefront of your business strategy. AI technologies used within this analytics method can also provide a more personalized customer experience, which aids in retention and growth.
Let’s take a look at how advanced analytics can help you on each of these fronts:
- Identifying market trends: Did you know that properly analyzing your existing data is one of the best ways to identify trends in your unique market? For example, machine learning algorithms use AI to automatically unveil patterns in data, and don’t even need to be programmed to do so.
- Optimizing operations: Advanced analytics makes it easier than ever before to optimize workflows and operations within your organization. By using this method, you can implement things like real-time monitoring that constantly captures and stores data. This can help you quickly and efficiently implement changes to optimizing operations.
- Driving Innovation: The first step to innovation is understanding the areas where there is room for growth. By using advanced analytics, you can get an in-depth picture of where you stand, which enables you to create a roadmap for where you want to go.
Implementing Advanced Analytics
Implementing advanced analytics can seem like an overwhelming undertaking, but with the right plan, you can be successful. Let’s take a look at the initial steps you’ll need to take.
First, you’ll need to assess your current data capabilities. Consider these questions:
- Where are you sourcing your data from?
- How is data stored?
- Does your current infrastructure and architecture support easy merging of data?
Keep in mind that getting creative with where you source your data is the key to success. Make sure your data sources offer a clear picture of operations, customer experience, and strategy for the best results.
To get the most out of advanced analytics, you need to define what objectives you want to achieve with the information you receive. For example, if you want to improve customer satisfaction, make sure you identify and implement data pools that can help you identify where you’re doing well and where you can improve.
Implementing advanced analytics is not a small task. Luckily, you don’t have to do it alone. Forming an analytics team or partnering with experts is a great way to make the process easy.
Overcoming Challenges in Advanced Analytics Integration
Implementing advanced analytics can present some challenges, especially if your database isn’t configured for it. Navigating this new data strategy can be difficult if you’re dealing with data silos, legacy systems, or even skill gaps in your workforce.
The good news is that solving these problems is easier than you think. Simple solutions like investing in training, adopting scalable cloud-based analytics platforms, and fostering a culture of data literacy can all help you overcome these challenges.
Tools and Technologies
Advanced analytics uses carefully crafted tools and technologies to help businesses focus on scalability and integration in enterprise environments. Here are a few examples:
- Data mining: analytics and AI processes data sets to identify trends
- Machine learning: a branch artificial intelligence that gives computers the ability to learn
- Data visualization: the representation of data via graphics like charts or infographics
- Forecasting: a technique that uses historical data to predict future trends
Keep in mind that it’s important to select tools that align with your company’s strategic goals and existing IT infrastructure. This will make the process of transitioning to advanced analytics efficient and stress-free.
Advanced Analytics in Action
Advanced analytics has the capability to help you increase efficiently, accelerate growth, and improve customer satisfaction within your business. Don’t take our word for it – here are some real-world examples:
The American Heart Association is using aspects of advanced analytics to improve heart health. Through integrating machine learning technology, they have been able to use AI to evaluate cardiovascular health through the analysis of echocardiograms.
Another example of advanced analytics in action is at vineyard vines. The data and analytics solution we provided gave vineyard vines the benefit of an immediate understanding of customer behavior, including how, when, where, and why they buy.
Conclusion
Advanced analytics can help you tackle the data you already have to help you scale your business and streamlining your processes. If you want to maintain a competitive edge, now is the time to embrace this method as a part of your digital transformation journey.
The best way to implement advanced analytics into your business is to work with 3Cloud for personalized strategies to integrate advanced analytics into your organiztion. Get started today!
