Google Analytics is moving to a new home called 'Universal Analytics' (UA). Universal Analytics is an innovation in processing and will provide better data collection and the ability to analyse site statistics in greater detail. There is also the ability to customise dimensions and metrics using more simplified configuration options for organic search sources, timeout handling plus referral and search term exclusions.
Currently UA is a suggested upgrade from Google but will shortly become a 'required' upgrade to continue to make the most out of your Online Business statistics. Exact dates for migration have not yet been set (Phase 1 is currently is progress). But by Phase 4, UA will be the standard operating system for all GA users.
The standard Google Analytics upgrade involves transferring over to the Universal Analytics processing technology which is required on a per account, per property basis. Standard transfers take between 24-48 hours to complete plus the time for tag and tracking code upgrades to your website html. Currently the new UA coding does not support the dc.js Javascript that is used in Adwords Remarketing and Display Reporting and DoubleClick Campaign Manager Integration so if you are using any of these features, it is advised to wait until full support is available before upgrading your account.
The Universal Analytics Upgrade Centre is a great place to get started on your GA upgrade or contact Business Catalyst SEO to organise your GA migration and make the most out of GA now.