Big data is finding its way into all parts of the business with 'advanced analytics' being a term you may begin seeing.
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.
Search Business Analytics and TechTarget
What methods are used?
- Collecting data from multiple channels
- Customer journey profiles (personas)
- New data sources
- Real-time analysis
- Predictive models
- Including more data segments (demographics, behaviors, psychographics, etc)
How Marketers Use Advanced Analytics
While data and analytics can seem too large to tackle, a solid analytics plan can bring valuable insight to your business.
Marketers can use advanced analytics in a few different ways.
1. Responding to real-time analytics
Marketers can analyze complex events in real-time to further guide their research into the audience.
2. Segmenting audiences
Segmentation can further narrow who is being targeted for a product or service to best reach that individual. T
3. Personalizing experiences
Predictive methods used in advanced analytics can help personalize a customer experience by using next-best-offers or content recommendations.
4. Measuring media impact
Measuring media impact will give insight into the true efforts of advertising.
5. Using programmatic advertising
Programmatic advertising relies on using segments and models to determine a target users' behavior for programmatic advertising markets such as a real-time-bid.
As advanced analytics grows, we will see more trends over the upcoming year. We outlined some of the most notable ones that are being predicted.
- Predictive and prescriptive analytics tools such as Artifical Neutral Networks and Autoregressive Integrated Moving Average
- Artifical Intelligence
- Cloud Analytics
- Embedded business intelligence using tools like datapine
- Visual data discovery
- Data storytelling and data journalism