Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of its free resource on the importance of advanced analytics in business decision making. The actual goal behind the ongoing analytics and digital transformation is to leverage the use of data and technology to drive business value. As such, monetizing data ranks among the major factors responsible for business profitability and innovation. The use of advanced analytics is also facilitating the use of data engineering techniques and cognitive technologies to bridge the skill gaps across organizations.
#Advancedanalytics models help companies gauge the monetary value of data to determine the gross profits generated by the business.
“Advanced analytics models help companies gauge the monetary value of data to determine the gross profits generated by the business,” says an analytics expert from Quantzig.
Although the different parts of an organization lies in different stages of their analytics journey, the main focus of all the parts lies in leveraging analytics to bring about a change in the decision-making process. Analytics should be embedded in the decision-making process such that it can help businesses to make the most of its investment.
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How advanced analytics can help businesses?
- Detailed level analysis helps in personalized marketing
Advanced analytics can help businesses to identify patterns from less aggregated datasets, such as individual customer level or store level datasets. This rule out the method of simply concluding the overall market demand of a customer segment and then offering the audience’s preferred product. By leveraging advanced analytics solutions, businesses can significantly enhance customer satisfaction as well as marketing effectiveness.
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- Identify the level of risk in the implementation of the decision
By leveraging advanced analytics solutions, businesses can gain a confidence level for their prediction and choose models based on performance measures. Also, advanced analytics help companies by conveying the risk level involved in the recommended action