Advanced analytics today
Thanks to advanced analytics, we can understand customers, markets, competition, weather, and a wide range of natural and manmade environments, conditions, and situations. We can use historical data to characterize and understand patterns inherent in past behaviors and situations. We can use characterizations, rules, and understanding to build models from algorithms and formulas. We can embed these in systems to recognize the precursors to behaviors or actions that we want to forestall, lessen, or eliminate – or that we want to amplify, encourage, or extend.
Of the many advanced analytics applications available today, the commonly used includes the following:
- Recommending next actions (such as next purchases for online retailers)
- Recognizing images (for example, for security and surveillance systems)
- Real-time scoring of large volumes of streaming data (such as for financial services firms)
- Optimizing operating parameters (in...