by Analytics Insight
September 19, 2021
Advanced analytics represents a collection of techniques used to model internal and external data to yield valuable and insightful business decisions. Advanced analytics employs predictive modeling, statistical methods, machine learning, and process automation techniques to generate highly accurate predictions about future business trends.
The technology facilitates organizations to function on ‘what if’ calculations based on its predictive capabilities used to forecast trends, events, and behaviors.
The global advanced analytics market is anticipated to reach US$59.1 billion by 2027 with a CAGR of 25.3% during the forecast period between 2020 and 2027.
Benefits of advanced analytics
Advanced analytics specifically focuses on forecasting the trends and future using the data it has gathered.
Advanced analytics detects the exact problem for an issue in an organization using the gathered data. The technology also helps businesses find the right customers who pay their invoices on time.
By enhancing data sharing, advanced analytics allows organizations to produce fast and dependable insights, and improves the value of business analysis across the enterprise, democratizing the use of advanced analytics and augmented predictive tools among business users.
Advanced analytics directly improves demand capacity management by allowing real-time insights into demand and capacity curves.
- Banking and finance
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