What is advanced data analytics technology?
Advanced data analytics is a type of business intelligence tool which analyses data sets. It integrates predictive modelling, machine learning, automation and has other sophisticated capabilities to give businesses insightful information.
Essentially, advanced data analytics enables you to discover patterns in the data and equips you with actionable insights that can drive your marketing strategy. Here at Yonder, our mission is to help our clients grow with a clear focus, and the advanced analytics and data science services we offer helps businesses do just that.
What are the business benefits from advanced data and analytics?
Data helps to drive decision-making and to create strategies which deliver impact. Advanced data analytics is essential for businesses for the following reasons:
- It helps to develop your business strategy – more informed decisions help lead to greater success as you’re not relying on guesswork. You’ll have a deeper knowledge of your customers so you can better cater to their needs as you continue to analyse new data.
- You can improve your marketing tactics – as you’ll have a better understanding of your audience, you can ensure that your campaigns will be more effective at targeting the right audience segments in the most powerful way.
- You can improve your customer service as you’ll be able to make improvements to your operations and services that help to build stronger relationships. Collecting data will also help your marketing and customer service teams collaborate more constructively.
- You’ll be able to make better use of your resources and improve your processes – As you’ll be creating content which is tailored to your customers’ interests, your money and resources will be spent more wisely, helping to increase your Return-on-Investment (ROI) through more conversions and revenue.
Types of advanced analytics
Advanced data analytics and data science is all about understanding the ‘what?, why?, when?, where? and how?’ of data and actions you can take. The main types of advanced analytics include:
- Descriptive – this looks at historical data and what has happened so that businesses can understand their previous performance.
- Diagnostic – this dives into the ‘why?’ behind the data so that you can pinpoint what caused any anomalies. This information is essential as it informs your future decisions.
- Predictive – based on historical data, predictive analytics is used for forecasting what is likely to happen (i.e. it could predict a customer churn which you could then look to prevent).
- Prescriptive analytics – this is what drives an organisation’s decision making as it helps you to determine the best course of action based on the data found.
Speak to an advanced analytics consultant today to get the answers you need.
What is data science?
Data science involves taking actionable insights from big sets of collected data by analysing and processing data and then presenting results to highlight any noticeable patterns which can be used by businesses to draw conclusions. The predictions made through advanced analytics and data science are validated by scientific tests and experiments and uses algorithms as well as machine learning.
What problems can data science solve?
Advanced analytics and data science can be utilised to help your business solve many challenges. Firstly, it allows you to be more innovative, as you can create customer demand forecasts to base your decisions off of. You can also identify new opportunities for business growth and create new services as well as continuously make improvements to your marketing strategy which is backed by data you can rely on. Finally, you may even stumble across a major issue within your organisation which can be investigated through data science. It’s important to spot any problems early on and to take advantage of emerging trends and opportunities so that your business can truly thrive.