“Without data you’re just another person with an opinion.” – W. Edwards Deming, Data Scientist
The concept of Predictive Analysis has been around for decades. It incorporates advanced modeling and data visualization capabilities utilizing advance data science algorithms via the open-source statistical and data mining language “R”.
What’s new are the 3 V’s of Big Data: volume, velocity, and variety; more data with more variety and more quickly.
Data is being generated at such a rapid rate today that it has been estimated that 90% of the world’s data has been created in just the last two years.
SAP Predictive Analytics Allows Clients to:
- Identify new opportunities and provide targeted products and services
- Take advantage of intuitive and iterative predictive modeling
- Create advanced and powerful data visualization
- Maximize operations by combining historical analysis and by identifying new trends, as they happen, to predict future performance
- Based on these trends, model actionable scenarios to impact business decisions
- Incorporate results of these analytics to the business plan
So They Can:
- Leverage data defined predictions, not opinions, as starting point for more accurate plan
- Use correlation rules to determine the most impactful factors for each business use case
- Allow non-technical, non-data scientist users to leverage predefined algorithms to identify correlations and key factors in the data set
- Very quickly analyze big data and model results for forecasted trends
- Embed predictive algorithms in your big data store or data warehouse to constantly monitor and analyze results to more quickly identify trends, outliers and opportunities
- Model against your existing data environments (SAP HANA or not)
How to get started with Predictive Analytics?
First, define the business case to be address. Then define the technology roadmap and data governance required. Start with a more modest plan initially. What can you measure first that will be most impactful: high value and low effort? Set up the algorithms in SAP Predictive Analytics. Automate the collection of data and reporting. Measure and monitor the results. Apply lessons learned by refining and/or expanding your models. Then, move on to more complex challenges. Lather. Rinse. Repeat.