The future of business intelligence looks brighter than ever, with various tools becoming corporate necessities for companies that want to gain greater insight into their targeted markets. This particular trend is clear, but what is not so evident is just which IT options are truly behind the wheel of this development. Biztech's Karen Schwartz recently highlighted the analytics solutions that are the cream of the crop in this space.
- Social media analytics
- Cognitive analytics
- Content analytics
- Context analytics
- Predictive analytics
- Text analytics
- Business analytics
Businesses interested in improving their financial management may not have a better way to do so than predictive analytics. Schwartz asserted that these solutions are "must-have" tools for finance organizations.
"The process uses a variety of techniques, including statistical analysis, regression analysis, correlation analysis and cluster analysis, along with text mining, data mining and social media analytics, to learn from historical experience what to expect in a given area. Financial services firms can use the resulting models and patterns along with real-time data to develop proactive actions in areas such as loan approval determination and product development," Schwartz explained.
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