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Advanced Analytics is the process of using sophisticated methods such as machine learning, natural language processing, and artificial intelligence to derive meaningful and actionable insights. Advanced analytics is not limited to traditional business intelligence and descriptive statistics. It goes beyond them.
Advanced programming languages like Python and R are leveraged in advanced analytics. Some of the popular advanced analytics techniques include cluster analytics, text analytics, predictive analytics, statistical analytics, sentiment analysis, and big data analytics.
Traditional analytics is limited to simple techniques like SQL queries and visualization tools like Excel. It helps answer questions like – What happened? Why did it exactly happen? Advanced analytics helps answer questions – What is going to happen next? What are the best steps to be taken?
Use Cases for Advanced Analytics
Companies across domains like healthcare, retail, financial services, manufacturing leverage advanced analytics to gain business benefits. Here’s how:
Healthcare
Predict chronic diseases, optimize hospital workflows, personalize treatment plans, & detect insurance fraud
Retail
Forecast product demand, segment customers for targeted marketing, predict & prevent customer churn
Financial Services
Score credit risk more precisely, detect fraud in real time, & predict customer lifetime value
Manufacturing
Predict equipment failures, detect defects, optimize supply chain routes.
Advanced Analytics with LumenData
LumenData is top advanced analytics consulting company in the U.S. When you partner with us, you get end-to-end support with real-time and historical data reporting, data mining, statistical analysis, self-service business intelligence tools, and a lot more. Learn more about our services here.
Why choose us:
Get data visualization tools, technologies and accelerators for data ingestion
275+ Certifications by Informatica, Snowflake, Databricks, & more
6 to 12-week quickstart program for self-service analytics
On-demand & scheduled post-project support for big data analytics
