Advanced analytics

Definition

Advanced analytics refers to the use of sophisticated techniques and tools to analyze large sets of data in order to gain insights, make predictions, and inform decision-making. It involves using statistical models, machine learning algorithms, and other computational methods.

Related terms

Predictive modeling: Predictive modeling is a subset of advanced analytics that focuses on building mathematical models to forecast future outcomes based on historical data.

Machine learning: Machine learning is an artificial intelligence technique that enables computer systems to learn from data and improve their performance without being explicitly programmed.

Data mining: Data mining involves discovering patterns and relationships within large datasets by using various statistical techniques and algorithms.