Getting started with your advanced analytics initiatives can seem like a daunting task, but these five fundamental algorithms can make your work easier.
There is a fervor in the air when it comes to the topics of big data and advanced analytics. Top analyst firms have written extensively on what initiatives around these concepts can do to revolutionize businesses in a digital era. Fortune 500 companies around the world are investing heavily in big data and advanced analytics and are seeing direct benefits to their company’s top and bottom lines. The problem is that many companies want to achieve incredible results as well but are not sure exactly where to start.
Advanced analytics often starts with a single use case. This includes the application of new methods of data transformation and analysis to uncover previously unknown trends and patterns within their data. When this new information is then applied to business processes and operating norms, it has the potential to transform your business.
To extract greater value from your data, put these five categories of algorithms to work.
Linear regression is one of the most basic algorithms of advanced analytics. This also makes it one of the most widely used. People can easily visualize how it is working and how the input data is related to the output data.
Source : tdwi