Advanced Analytics Is a Top Business Priority

Advanced analytics is the fastest-growing segment of the business intelligence (BI) and analytics software market and surpassed $1 billion in 2013.

IT and business leaders must expand their efforts to move their organizations from using only traditional BI that addresses descriptive analysis (what happened) to advanced analytics, which complements by answering the "why," the "what will happen," and "how we can address it" (see Figure 1).

Figure 1

Figure 1: Four Types of Analytics Capability. Source: Gartner (October 2014)

However, creating value from data is not a simple task. Advanced analytics requires a union of many factors, from integration of systems into company IT-environment and data preparation, to architecting specialized computing/database environments, to data mining and intelligent algorithms.