Big Data Science Takes the “If” Out of “What If’s”
- Retailers could see how store-by-store pricing sensitivity would impact markdown strategies to optimize the depth and timing of price markdowns.
- Transportation and logistics providers – or any company with complex routing and scheduling requirements – could match service with demand to optimize routing, scheduling, pricing, capacity, and maintenance.
- Capital-intensive companies could plan maintenance on condition monitoring rather than manufacturer timetables to catch potential failures well ahead of time, optimizing both reliability and wrench time.
In an SAP video, David Ginsberg, chief data scientist at SAP, highlights these scenarios as examples of the granularity and precision you get when you apply advanced analytics to Big Data. You no longer have to stop at “what happened?” You can now know “why?” “how?” and “what’s next?” Big Data becomes an accurate forecaster of future performance.
Performance insight and optimization
With such promise, the buzz around data science is no surprise. How could folks like David Ginsberg, who combine math, physics, and technology with subject matter, industry, and business knowledge, not be buzz-worthy? Indeed, SAP data scientists know how to structure the right questions to get more information out of massive volumes of data. They can help define and execute a Big Data strategy with tools for:
- Forecasting with mathematical models and algorithms designed to efficiently process large volumes of data and provide accurate forecasts of future performance
- Visualization and decision support to identify and assess business options and tradeoffs to create the best portfolio of possibilities
- Optimizations to move from “sense and respond” to “predict and act”
According to Ginsberg, SAP data scientists are laser-focused on enabling businesses to “answer complicated questions about out-maneuvering the competition and improving profits. We can help them do this using the right computations and technology.” To learn more, check out the video. You might also be interested in how SAP analytics services to help businesses make the most of Big Data.