Companies depend on quality information to make decisions that move their business objectives forward while minimizing risk exposure. And in today’s modern, tech-driven, innovation-led world, there’s more information available than ever before. Expansive datasets from sources, both internal and external, allow decision-makers to leverage a wide range of intelligence to fuel how they plan, forecast and set priorities.
But how can business leaders be sure that their data is as robust, up-to-date and thorough as they need — and, most importantly, that they’re able to use it to its fullest potential? That’s where the power of advanced analytics comes in.
By making use of cutting-edge datasets and analytics insights, businesses can stay on the vanguard of business intelligence and ahead of their competitors.
What is advanced analytics?
Advanced analytics is a form of business intelligence that takes full advantage of the most modern data sources and analytics tools to create forward-thinking analysis that can help businesses make well-informed, data-driven decisions that are tailored to their needs. Simply put, advanced analytics is an essential component of any proactive business strategy that aims to maximize the future potential of both customers and campaigns.
These advanced business intelligence and analytics solutions help leaders make profitable decisions no matter the state of the current economic climate. They use both traditional and non-traditional data sources to provide businesses with actionable insights in the formats best suited to their needs and goals.
One key aspect of advanced analytics is the use of AI analytics solutions. These efficient and effective tools help businesses save time and money by harnessing the power of cutting-edge technologies and deploying them in optimal use-case scenarios. These AI and machine-learning solutions use a wide range of tools, such as neural network methodologies, to help organizations optimize their allocation of resources, expediting and automating some processes while creating valuable insights to help human decision-makers navigate others.
Benefits of advanced analytics
Traditional business intelligence tends to be limited by the scope and quality of available data and ability of analysts to make use of it in an effective, comprehensive way. Modern business intelligence analytics, on the other hand, integrates machine learning and analytics to maximize the potential of data sets that, in today’s technology-driven world, are often overwhelmingly large and complex: think not just databases of customer decisions and actions but behavioral data points tied to online and offline activity and the internet of things.
What’s more, advanced analytics does this in a way that’s accessible to an entire organization — not just those who know their way around data, like IT departments and trained analysts. With the right advanced analytics solution, decision-makers can access convenient cloud-based dashboards designed to give them the information they want and need — with no clutter, noise or confusing terminology.
Another key advantage of advanced analytics solutions is that they don’t just analyze data — they optimize it, too. Advanced analytics offers the ability to clean up and integrate multiple data sets to remove duplicates, correct errors and inaccuracies and standardize formats, leading to high-quality data that creates clarity, not confusion. The result? By analyzing and identifying relationships across data, businesses can uncover hidden insights and issues.
Advanced analytics also automate some aspects of the decision-making process to make workflows quicker and nimbler. For example, a business might choose to automate credit scoring, product recommendations for existing customers or the identification of potential fraud. Reducing manual interventions translates to increased agility and operational efficiency and, ultimately, a better competitive advantage.
Use cases in the financial services industry
Advanced analytics gives businesses in the financial world the power to go deeper into their data — and to integrate alternative data sources as well. With predictive analytics models, this data can be transformed into highly usable, next-level insights that help decision-makers optimize their business strategies.
Credit risk, for instance, is a major concern for financial organizations that want to offer customers the best possible options while ensuring their credit products remain profitable. By utilizing advanced analytics solutions combined with a broad range of datasets, lenders can create highly accurate credit risk scores that forecast future customer behavior and identify and mitigate risk, leading to better lending decisions across the credit lifecycle.
Advanced analytics solutions can also help businesses problem-solve. Let’s say, for instance, that uptake of a new loan product has been slower than desired. By using business intelligence analytics, companies can determine what factors might be causing the issue and predict the tweaks and changes they can make to improve results.
Advanced analytics means better, more detailed segmentation, which allows for more predictive insights. Businesses taking advantage of advanced analytics services are simply better informed: not only do they have access to more and better data, but they’re able to convert it into actionable insights that help them lower risk, better predict outcomes, and boost the performance of their business.
How we can help
Experian offers a wide range of advanced analytics tools aimed at helping businesses in all kinds of industries succeed through better use of data.
From custom machine learning models that help financial institutions assess risk more accurately to self-service dashboards designed to facilitate more agile responses to changes in the market, we have a solution that’s right for every business. Plus, our advanced analytics offerings include a vast data repository with insights on 245 million credit-active individuals and 25 million businesses, as well as the industry’s largest alternative data set from non-traditional lenders.
Ready to explore? Click below to learn about our advanced analytics solutions.
