Advanced analytics uses sophisticated quantitative methods like statistics, predictive data mining, simulation and optimization to produce insights that traditional approaches to business intelligence (BI) — such as query and reporting — are unlikely to discover.
You want simple, but powerful analytical tools that let you understand your data better so you can answer these kinds of business questions:
- Why are customers behaving a certain way?
- What can our organization do to get to the next level?
- How do we outsmart our competition?
Business Intelligence consists of querying, reporting, OLAP (online analytical processing), and can answer questions including – what happened,how many,how often.
Advanced Analytics goes beyond Business Intelligence by using sophisticated modeling techniques to predict future events or discover patterns which cannot be detected otherwise. Advanced Analytics can answer questions including What will happen? What will happen if we change this one thing? What’s next? what is the best that can happen?