Advanced analytics involves applying mathematical functions to data to understand and forecast trends, define clusters using common features, and discover relationships. For example, in an industrial setting, advanced analytics can detect and predict potential faults.
Advanced analytics can be described in the following approaches:
- Automated: This performs continuous analysis and applies the results back into the system to improve optimization and performance.
- Real-time: Analysis occurs as data is received to provide immediate results and prescriptive actions
- Streaming: Analysis is performed on a data flow in memory or other transient location without loading the data into a full-fledged data-management system