By Madeleine Neisler
Happy New Year everyone, and welcome back! Today we are going to discuss SAP Predictive Analytics. To begin, what exactly is SAP Predictive Analytics? It is an all-encompassing formula that uses a broad range of statistical techniques derived from machine learning, data mining and predictive modelling used to make future predictions, in this case, regarding business. SAP Predictive Analytics allows businesses to utilize the software in order to forge better, faster, more efficient predictive results, provide machine learning at scale using a factory approach, and convey predictive insights where people can intermingle. Ultimately, businesses can re-think their processes around the digital economy by means of predictive insights so as to enhance their resources as well as discover trends and configurations ranging from IoT, Big Data and current existing data.
So now that we know what SAP Predictive Data is and how it works, let us talk about the why factor. In addition to the above, SAP Predictive Analytics can do several other things. This includes but is not limited to: Automate data prep, predictive modeling and deployment, harness in-database predictive scoring for a big range of target systems, leverage innovative visualization proficiencies to rapidly reveal insights, integrate with R to enable a vast number of algorithms and custom R scripts and lastly it can be used on its own or with SAP HANA. Ultimately, this platform benefits any business in any different industries that would like to predict results based on analysis – at incredible speed.
An article published in E-3 Magazine International, Review – SAP Predictive Analytics: The Comprehensive Guide is a primer for those looking to implement SAP Predictive Analytics. It offers helpful insights as to how it works and how it can benefit your business. To go deeper – the ultimate guide is a book by the same title, which goes further in depth than the article. The article states; Once you’re ready to start making predictive models, the book is full of helpful information on setting them up. Take a look at regression, time series forecasting, clustering, and more.
Published at the end of 2017 on Digital Journal, the aptly titled Companies Will Make More Use of Predictive Analytics in 2018 kicks off by saying; In 2018, companies will be utilizing predictive analytics at a faster rate. This enables better understanding and service for customers at or even before the point of need, helping businesses staying ahead of the pack. To me, this is one of the most valuable aspects of SAP – Predictive Analytics, taking the data you already own, and using it to get an edge. For some companies that may mean better product development, for others it may mean no downtime lost to failing machines. What would it mean for you? The article talks about how predictive analytics is a part of business intelligence that will enable companies to become part of the smart business model. This way businesses can adjust to the ever changing market and see it coming before it even happens. The article goes on to mention SAP Predictive Analytics and how it helps businesses to expect future outcomes and behavior, with the goal of better guidance and an increase in profitable decision making. Sounds pretty great to me. What do you think? Are you planning to deploy or further use Predictive Analytics in your company?