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Customers are the most important piece in the puzzle and advanced analytics is helping more businesses to meet their demands while avoiding unnecessary decisions that put profits at risk .
When you click on various items on a website , there will often be product suggestions lower down the screen that highlight other items that you might be interested in . It does this based on what you have recently viewed and it uses advanced analytics to predict what else you might be interested in , thus increasing the chances of you buying something . This is just one way in which advanced analytics helps businesses market their products . These websites take your search data to determine what other content can be promoted to you that might convince you to purchase .
The business benefit
Every business offering a product or service can make use of advanced analytics . Some of the main benefits include :
• More informed choices – Advanced analytics generates data based on logic and reliable information . It also uses past and current data to help CIOs make smarter decisions for the business ’ future .
• Better business knowledge – Advanced analytics helps CIOs to recognise the factors that improve their business as well as those that are negligible . Strong reporting and analytics can also recommend which parts of the business to focus on .
• Risk management – Businesses can use advanced analytics to highlight risk based on existing data . Understanding the metrics that affect the risk can help leadership teams to design a business model that reduces it . Additionally , advanced analytics helps with governance , which mitigates regulatory and compliance risk .
• Developing clearer strategies – CIOs must understand their business based on data as they generate new ideas to improve . Advanced analytics does the heavy lifting , giving senior leaders more time to focus on the strategy to drive the business forward .
Where analytics can help
To start using advanced analytics and reap their benefits , it is necessary to understand the principle ways in which they can be used , leveraging multiple techniques that provide benefits in different use cases .
These techniques can include Machine Learning , pattern matching and sentiment analysis , among others . In terms of the use cases , here are four of the most popular :
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