What Is Advanced Analytics?
Advanced analytics is a part of data science that uses high-level methods and tools to focus on predicting future trends, events, and behavior. This allows organizations to perform advanced statistical models, such as what-if calculations, and future-oriented aspects of their operations. The main areas that make up advanced analytics are predictive data analytics, big data, and data mining. The advanced analytics process includes all three areas at different times.
Why You Need Advanced Data Analytics
Advanced analytics uses artificial intelligence to optimize business performance and create new opportunities for promotion. Advanced analytics is used to prepare data and analyze and interpret them. It expands human capabilities in studying data and increases the company’s efficiency. Advanced analytics goes beyond traditional business intelligence solutions’ historical reporting and data aggregation and uses mathematical, probabilistic, and static modeling techniques to enable predictive processing and automated decision-making. Advanced analytics solutions typically perform the following workloads.
- Interactive exploration and data visualization.
- Training machine learning models.
- Predictive batch processing or predictive real-time processing.
What Benefits Does Advanced Analytics Bring to a Business?
Setting up advanced web analytics will allow you to improve your site and its conversion rate, allocate marketing budgets more efficiently, change their effectiveness, and make decisions based on specific project numbers in the past period. Machine learning methods for data mining allow you to get more information about customers, products, offers, and retail outlets and create demand forecasting models, customer behavior, and personalized offers.
- Accuracy. You don’t have to rely on employee intuition and outdated, inefficient tools. Make the most accurate and objective decisions, considering dozens of influence factors.
- Speed. You do not have to wait several days for analysts to complete the task in Excel spreadsheets. Get a solution in a few minutes or a maximum of a few hours when it comes to hundreds of thousands of products or millions of customers.
- Flexibility. Do not limit yourself to one forecast option because there are no resources to calculate several alternatives. Get multiple options with varying degrees of detail.
Data Exploration and Decision Making
- Descriptive analytics. Reflection of the fact and procedural forms to answer the question “What happened?” Projects to implement solutions based on descriptive analytics and reporting account for about 70% of all projects to implement tools for reporting and data analysis.
- Diagnostic analytics. Aggregation and data mining to answer the question, “Why did it happen?”.
- Advanced analytics. Statistical processing and modeling to answer the question “What can happen?” In advanced analytics, we use machine learning approaches and methods for data mining about customers, products, offers, and outlets. This allows you to create models for predicting demand, customer behavior, personalized offers, etc.
- Prescriptive analytics. Mathematical models and optimization algorithms to answer the question “What should we do?” Prescriptive and predictive analytics projects have the greatest impact on business outcomes.
How Your Business Will Change with Advanced Analytics
The use of advanced analytics is effective in the operating and investment activities of the company, as well as in the field of customer service. With the help of the Airslate platform, you can contribute to the development of your business. Forecasting covers several essential areas in which balanced management will significantly reduce costs and increase profits.
Customer Churn Forecast
Advanced analytics tools help you identify and mitigate key factors leading to audience churn. Airslate analyzes a vast amount of data, including quantifiable and behavioral factors. Effectively retaining customers allows businesses to significantly save money because maintaining and developing relationships with a counterparty is 4-5 times cheaper than attracting them.
It helps to manage financial resources most rationally, not freezing them in commodity stocks that are incommensurate with needs but also avoiding a shortage. When making a forecast, advanced analytics relies not only on historical data but also on the availability of interchangeable products and the dependence between product groups.
Optimization of Promotional Activity
It allows you to quickly create several options for promotional offers that will increase the buyer’s interest in your business. The program takes into account the specifics of the promotional policy of the organization as well as its goals. Based on the initial data, the optimal proportions of goods from various categories, groups, or segments will be selected, making your offer attractive to the maximum number of customers.
Helps develop proposals for building long-term relationships with clients. The design studies consumer demand, the frequency of purchases, and key interests. Using these data, the Airslate platform personalizes product offers and discounts. It creates an activity calendar, which allows you to keep the target audience’s interest and increase sales.
It is formed based on your audience’s dozens and hundreds of characteristics using machine learning methods. To carry out intelligent segmentation, the program thoroughly studies customer profiles and groups them into separate clusters. This approach helps to accurately predict your offer’s impact on the audience and create the most exciting and motivating communications to buy.
Advanced analytics is based on a comprehensive study of data, their interpretation, and the prediction of changes. The Airslate platform will identify and calculate various kinds of patterns that open up new opportunities for your business. This approach helps avoid subjectivity in decision-making and significantly reduces possible risks.
Key Features of Analytics on the Airslate Platform
One of the main differences between specialized programs designed for business intelligence is the system’s ability to self-learn. Machine intelligence tracks the patterns of data changes and establishes a correlation between them, which allows you to build the most accurate forecasts. Such a complex analysis of individual hypotheses “manually,” without the use of specialized software, takes much more time and requires the involvement of specialists. The Airslate platform is devoid of such shortcomings.
The accumulation of a large amount of diverse information in an organization’s activities significantly complicates analytics and limits the ability of management to make informed decisions. The introduction of advanced analytics programs is rational for large enterprises needing complex, comprehensive forecasting and small firms striving for sustainable development. You can learn more about the capabilities of the Airslate platform by submitting an application for a presentation on our website.