Advanced Analytics

Advanced Analytics is the autonomous or semi-autonomous examination of data or content using sophisticated techniques and tools, typically beyond those of traditional business intelligence (BI), to discover deeper insights, make predictions, or generate recommendations. Advanced analytic techniques include those such as data/text mining, machine learning, pattern matching, forecasting, visualization, semantic analysis, sentiment analysis, network and cluster analysis, multivariate statistics, graph analysis, simulation, complex event processing, neural networks.

Benefits of Advanced Analytics

1. Collecting and analyzing your data can transform your business: Data is only ones and zeros until you turn it into insights that provide business impact. The integrated emergence of the Internet of Things (IoT) and advanced analytics marks an opportunity for organizations to gain views of their business that weren’t available before. IDC estimates companies that are leaders in using data assets to their advantage will capture $1.6 trillion more in business value than those that lag behind. Whether the data suggests a new business model or presents a potential new revenue stream, when you apply advanced analytics to the data from the Internet of Things, you can see new ways to transform your business.
2. Connecting things you already have makes economic sense: You have untapped data all over your business. By using the Internet of Things you can make use of these data sources to improve your business. Start with the things you have already—your systems, devices, sensors and data—and focus on the areas of your business that can yield data insights that provide quick return. A common place to start is operations by connecting systems and line-of-business assets, such as machines on your factory floor or trucks you use to deliver products, to improve performance visibility, which can streamline maintenance and help to reduce downtime.
3. Analysis of diverse data sources provides deeper insights: Start with your existing IT investments and build upon them to access diverse data sources. You can apply advanced analytics to the data those assets generate to gain deeper insight into what your customers want and your employees need.
4. Integrating new data streams delivers a more comprehensive view of your overall business: Whether you’re seeking a top-level view or drilling deep into certain metrics, integrating existing systems with new data sources, such as those from devices, can provide a more thorough picture of your business. Use these combined insights to create new business models and find new ways of staying ahead of the competition.
5. Process automation offers remote monitoring possibilities so you know the status and health of your assets: By 2020, Gartner estimates more than 85 percent of data will be automatically generated – from every device, sensor, upload, tweet, purchase, shipment and keystroke. Remote monitoring offers better visibility into operational status by collecting data from your assets and using that data to trigger automatic alerts or actions, such as maintenance requests. By automating alerts from your systems and devices, you can respond proactively to potential issues rather than reacting after the fact. You can also analyze previously untapped data to improve business outcomes.
6. Predictive maintenance provides opportunities to better manage and maintain your business assets: Take action earlier on emerging trends, streamline processes and avoid costly downtime by anticipating the maintenance needs of devices and other assets from insights within data. Dive deeper with asset optimization to gain comprehensive intelligence from advanced analytics that can inform your maintenance schedule or create new business opportunities altogether. For example, by gathering data from new or existing sensors and systems, companies can go beyond preventative maintenance to offer predictive and even preemptive maintenance to avoid costly downtime.
7. Your data can help your business learn and adapt: Businesses that learn and adapt will continue to thrive. By monitoring and analyzing data from multiple sources in near real time, you can enable your business to innovate and make the most of the situation. By analyzing purchasing behavior, for instance, you can predict what your customers will order and suggest those items and complementary products at their next visit, providing better service to your customers.
8. You gain more certainty when insights are easier to uncover: Spend less time wondering and more time taking action. Data insights can help you respond more quickly to competition, supply chain changes, customer demand, and changing market conditions. Collecting and analyzing data gives you quick insight into developing trends, so you can change your production activity, fine-tune your maintenance schedule, or find less expensive materials.
9. Bringing solutions to scale is smooth and efficient: New ideas are born when you work with new partners, new technologies, new assets and new data streams. Comparing results from different store locations, for instance, lets you identify the most successful services and roll them out nationwide. The Internet of Things lets you scale from the smallest data point to global deployments, and advanced analytics lets you turn those data insights into intelligent action.

Thanks to

1. Pravin Prashant, Editor, Indian Chemical News
2. Ruchika Tawani, Data Analytic Engineer, Trendminer