What Are Advanced Analytics Tools?
It’s an exciting time in the data industry. Not only are the ways we collect and store data undergoing a massive change (i.e. the cloud and massive data stores), but so are the ways we actually use that data. Artificial intelligence advanced analytics are pushing the boundaries on how humans and machines can work together to produce optimal insights.
We’re past the point where making sense of data means outsourcing analysis to teams of data analysts and waiting for static reports back. But we’re not at the point where it’s a completely machine-driven process, either. Advanced analysis means humans ask the questions and AI software returns relevant insights in about the blink of an eye.
Advanced analytics tools like ThoughtSpot’s SpotIQ put self-service analytics into the hands of organizations who seek to turn their data warehouses into insights they can act on in real time—and not just into the hands of upper management and executives, either. While gatekeepers can set specific access rules to uphold security and privacy, anyone with permission can run complex algorithms without the need for specialty training.
Basically, advanced analytics tools bridge the gap between human curiosity and a machine-driven algorithm called DataRank. The result?
- Nonconforming patterns are obvious at a glance.
- The links between business drivers and outcomes become crystal clear.
- Extraneous data gives way to identifiable trends.
- Segmenting data to highlight similarities and differences takes only seconds.
These insights help businesses streamline their operations and plan for the future. And the machine-algorithm only gets better over time, thanks to human feedback. Assigning a simple “thumbs up” or “thumbs down” to each insight helps SpotIQ refine its AI advanced analytics.
Organizations across many industries—retail, healthcare, financial services, supply chain management, communications and more—are already making better use of their data thanks to AI in business intelligence.
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