Advances in Analytics – a lively review of where we are and where we are going

Author: Donald Farmer

In recent years, executives have become increasingly interested in advanced analytics as a way to gain both tactical and strategic advantage. While traditional business intelligence (BI) techniques are still widely used, advanced analytics is gaining traction as a more comprehensive and sophisticated approach to data analysis.

Traditionally, BI relied on a set of tools, such as data visualization, reporting, and dashboards, to provide a snapshot of business #performance. While these techniques are still valuable, they can only provide a limited view of your businesses’ historical data, and do not offer in-depth insights into the underlying patterns and trends.

In contrast, advanced analytics leverages machine learning algorithms, #predictive modeling, and data mining techniques to uncover deeper insights and help teams make better-informed decisions. Increasingly, natural language #technologies bring these capabilities within the reach of executive users, helping with both analysis and interpretation. The recent excitement about chatbots is just an example of the public catching up with technologies which have emerging from research and development for a long time.

To look at this trend in more detail, on February 23rd, I will be taking part in an expert panel with Fern Halper of TDWI and Jason Yeung of SAP. I will be intrigued, as an advisor to Lumenore, to compare and contrast our experiences in the #webinar. The very different viewpoints of #Lumenore and SAP as vendors and practices, and TDWI as a research and training organization, should make for a great conversation. I think this format, a lively exchange of ideas, is a great way for anyone to take in a broader range of perspectives than you would get from a purely promotional event.

Register for the webinar here …

As an example of where this dialog could get “interesting”, it’s important to note that advanced analytics is not a silver bullet. In order to get the most out of these technologies, teams must have the right #data, tools, and expertise in place. This requires an investment of time and resources even for rapidly deployed solutions and a commitment to continuous learning. But where should one begin that process and how can we help it succeed at scale? We could have very divergent ideas, given our different backgrounds, about where the pitfalls lie and how they could be avoided.

Still, despite some of the challenges of advanced #analytics, we all recognize that many #executives are eager to embrace new technologies, and are investing in data science and machine learning. They recognize that advanced analytics can provide an advantage for staying ahead of the curve in a rapidly changing environment.

In short, advanced analytics is a powerful tool that can help you make well-informed decisions, often with real insight. Whether you are an executive, data scientist, or business analyst, attending the upcoming webinar on advanced analytics is a great opportunity to learn more about this exciting and rapidly evolving field. You’ll learn about the latest trends, best practices, and real-world case studies, and have the chance to ask questions and connect with other like-minded professionals. What’s more, I think you’ll enjoy the breadth and depth of the dialog to come.