how analytics works?

There are three critical phases in the underlining technology. At the preprocessing stage, search echnology is indexing information, piece by piece, so that search services are readily available. At the analysis phase, the data are being processed for pattern recognition and structured information extraction. Finally, this advanced analysis is turned into insight which directly point to optimal action lans. Users have now the unprecedented advantage of overseeing both all of the available information and the recommended action plans, and thus they are able to make informed and solid decisions.

Imagine how hospitals could be benefited by modern analytics. Doctors would be able to make better diagnostic and treatment decisions while intelligent systems would be able to help even at the prevention level. Imagine the efficiency achieved for insurance companies for identifying fraudulent claims and thus focus on taking good care of the valid ones. And imagine also the benefits in economic departments in terms of identifying patterns in huge amounts of financial data and of cross-validating in a higher, more abstract level. And the list does not end here.

Previously, knowledge was hidden in massive amounts of data and thus unobserved even by the most trained and talented workers. Now, modern intelligent analytics is shedding light onto what was previously unobservable and thus change the conventional wisdom of business once and for all!

by Panos Toulis (Monday, 12 April 2010 14:10)