Gaining a better understanding of customers is the key to success in today’s hyper-connected digital world. More and more organizations see the value in being proactive and predictive; they want to gain insight from consumer and product data for improved consumer engagement. With next generation analytics solutions it’s possible to detect buying patterns and usage trends, spot anomalies, and learn of changes in customer behavior so that staff can take actions that lead to desired business outcomes.
The resulting insights can be game changing for many business functions and operations, including marketing and sales, operations management, finance, and risk management. Predictive analytics is often an important first step for companies entering the world of next generation analytics, seeking these new insights, and according to a recent report adoption of predictive analytics is set to double in the next three years*.
Predictive analytics is all about the use of data, statistical algorithms and machine-learning techniques to identify the likelihood of future outcomes based on historical data. Thanks to new tools that are more powerful and easier to use, predictive analytics is moving from the labs of data scientists and onto the desks of business analysts and business users.
TDWI Research announced the release of its newest Best Practices Report, Next-Generation Analytics and Platforms for Business Success*. This original, survey-based research focuses on the factors driving organizations to use next-generation analytics (including predictive analytics, prescriptive analytics, and operational intelligence), discusses over 300 enterprises’ current and planned use of these technologies, and offers 10 best practices for using analytics to maximize business advantage. You can download the report here.
As report author Fern Halper explains, “Organizations realize that to be competitive, they must be predictive and proactive. However, although the phrase ‘next-generation platforms and analytics’ can evoke images of machine learning, big data, Hadoop, and the Internet of things, most organizations are somewhere in between the technology vision and today’s reality of BI and dashboards.” She notes in the report that “Next-generation analytics might move your organization from visualization to big data visualization; from slicing and dicing data to predictive analytics; or to using more than just structured data for analysis”.
For software providers – particularly those servicing data-intensive industries such as financial services, consumer products, retail, and utilities – this growth represents a significant opportunity to differentiate and extend their marketing, e-commerce, and customer relationship management (CRM) applications with next-generation analytics.
The top five reasons why companies want to use predictive analytics include: predicting trends, understanding customers, improving business performance, driving strategic decision-making, and predicting behavior. Check this Infographic to get additional information.
Through a co-innovation partnership with SAP, you can capitalize on this opportunity by differentiating and extending your customer centric applications with next-generation analytics powered by the in-memory computing technology of the SAP HANA platform, and enable your customers to:
- Instantly predict market trends and consumer needs
- Optimize direct marketing campaigns and boost response rates
- Leverage rich Internet of Things data streams to improve the consumer experience
- Target real-time e-commerce upsell and cross-sell offers based on customer purchasing histories and browsing patterns
- Adjust campaigns in real time based on social sentiment
- Personalize customer service and online experiences based on a 360-degree view of historic activity
- Target customers that have a high propensity to churn with custom offers and services
To explore the latest SAP Predictive Analytics solution and building predictive power into your applications, access the SAP Predictive Analytics solution brief.