Predictive analytics. Data mining. Machine learning. Forecasting. Text Analytics. Optimization. Are you starting to hear more about advanced analytics these days? Are you trying to get past the hype and figure out what’s real and what’s not? Are you still wondering how you can use analytics to improve your business results?
Research firm Hurwitz & Associates surveyed and interviewed people across all industries to better understand which tools they are using to find hidden patterns in data. Hurwitz has published “Advanced Analytics – Hurwitz Victory Index Report,” a good reference on the concepts, tools and players in the advanced analytics market. I want to highlight three sections and topics that have been resonating with our customers.
First, not everybody knows what we mean by “advanced analytics.” Like many business and technology terms, it makes more sense when you give real-world examples. The Hurwitz report (p.13) calls out four use cases for advanced analytics that make the term much easier to grasp:
So the technology angle on advanced analytics includes the algorithms for finding patterns and the visualization tools to display them as charts and graphs. The business angle is how you make decisions based on them.
The Hurwitz report identifies 11 trends (p.8), and I want to emphasize three:
In large enterprises, data scientists are developing complex models with high-end analytic software and making the biggest strides in the use cases I described above. Because the tool landscape is still far from one-size-fits-all, many data scientists prefer to maximize their effectiveness and productivity by working with a particular vendor.
The data scientists interviewed for the Hurwitz report (p.6) understand how to spot patterns in large amounts of data that point to fraud, market trends and customer preferences. Of course, in spite of how much they enjoy swimming in the analytics, the best ones never lose sight of the interests of business users.
However, not every organization can afford data scientists, and that underscores the need for easy-to-use, accessible tools that put model development and analysis in the hands of more business analysts and managers.
Whether your organization is already basing decisions on advanced analytics or still gauging the fit, you’ll find the report useful. If you’re already using Dell Statistica, you’ll be pleased to see that Hurwitz ranked it a high leader in Go-To-Market Strength and a victor in Customer Experience Strength. (Don’t you love it when an independent survey validates your buying decision?) In fact, Dell Statistica received the highest score for value compared to price.
Have a look at “Advanced Analytics – Hurwitz Victory Index Report” and start planning your next move. Send me any questions in the comments below and let me know what other content you’d like to see from Dell around advanced analytics.