Success in today’s Digital Business world is determined by quick and right decisions taken across all levels in the organization. The main challenge for businesses is gathering, organizing and interpreting this Big Data with right tools and techniques, which can statistically predict the future outcomes. If any business has the capability to extract this information in real time in order to take informed decisions, it will minimize losses, reduce costs and increase profitability in all the areas on the business.
For example, a company wants to predict accurately how many cars should be produced in the next quarter. A wrong decision in this case could end up in not meeting the market demand, less business or stock not sold, and hence, increasing the inventory cost.
Statistical techniques are used to analyze current and historical data, and relate Explanatory Variable (Independent Variable) and Predicted Variable (Dependent Variable) to predict future outcomes as trends and behavioral patterns.
Many statistical techniques such as Predictive Modeling, Machine Learning and Data Mining are used to perform predictive analysis. The insights are inevitable and crucial for making well-informed decisions. Due to the complexities of Big Data, many businesses are still not using it in the full Potential, leading to incorrect decision making resulting in lesser growth, losses and increased cost.
For example, how many Apple iPhone must be manufactured in 2018? Several factors and assumptions are made to arrive at nearly accurate results. Business leaders can work on these assumptions to make the final decision.
However, powerful SAP HANA In-memory computing technology brings SAP Predictive Analysis to deliver accurate results based on various analytics modeling.
SAP Predictive Analysis Offering
SAP Predictive Analysis is advanced analytical software designed for the Digital Enterprise. It aims to improve Predictive analytical capability, organization’s decision making ability, and improve business performance across the entire organization. It comprises of:
- SAP Business Object Predictive Analytics
- SAP Business Object Cloud
SAP Predictive Analytics is capable of deploying various models, embedding it into business processes without a need for programming by using analytical tools, machine learning, and big data analytics.
10 Reasons to Choose SAP Business Objects Predictive Analysis
- Deploy Predictive Models in Days
- Increase Accuracy & ROI
- Build Robust and Accurate Models Quickly
- Find the Optimal Predictive Model every time
- Manage thousands of model in single environment
- Preserve data security and governance at all time.
- Tackle big data in a fraction of few seconds.
- Integrate real-time data insights into SAP enterprise application.
- Embed predictive models into processes and applications across the entire organization.
- Reveal insights that are driving business outcomes with real-time data analytics.
SAP Business Object Cloud
SAP Business Objects Cloud comes with the following benefits:
- Identify variables influencing specific business problems or targeted entities; use predictive analytics to assess reliability of outcomes.
- Forecasting along with your main activities whether accessed by a BI analyst or a financial analyst.
- Predictive forecasting using visual guidance – and dynamically interact with the results.
SAP Predictive Analytics Implementation Approach
SAP Activate Methodology is recommended for implementation of SAP Predictive Analytics. But, prior to this implementation, your client needs to revisit their existing areas of decision making and report analysis with a futuristic view. This will provide information about determining the scope of using SAP Predictive Analytics. The client can make changes to the areas of interest for decision making and choose appropriate SAP Predictive Analysis tools and techniques.
SAP Activate Methodology
Note: The above approach will change based on the nature of the client’s business on which it is being implemented.
- Predictive Analysis is widely used in almost all industries and business functions.
- Existing SAP HANA Customers business.
- SAP HANA New Implementations and Migration Projects.
- SAP R/3, SAP ECC customers have need for Predictive Analysis for creating substantial value to their core business.
SAP Predictive Analytics is inevitable for organizations in the dynamic digital economy, best use of the big data to drive key business decision for successful growth of the organization. SAP Predictive Analysis is easy to use and provides organizations to take much better informed decision across functional areas and at all levels in the organization. This synchronization thoughts and analysis in the organization leads to take bottom level to top level decisions quickly in real time.