Today, everyone is constantly producing data. We’re accustomed to having everything at our fingertips. Consequently, the volume of data has skyrocketed. In fact, about 90 percent of all global data has been generated in just the past two years, and worldwide data is expected to increase tenfold by 2020. Whole industries are changing as a result. Successful companies will no longer be the ones that make the best products, but rather the ones that gather insights from their data and use it to offer better services.
In 2015, Gartner reported that businesses that have skillfully adapted their operational frameworks to fit the demands of the digital economy are performing better than those that have not started working on such projects. Yet studies have found that almost three-quarters (72 percent) of companies in the UK, France, and Germany collect data, but never use it, lacking the skills and technology to gain an edge over their competitors.
Data gives businesses in virtually every industry and region opportunities to bolster their decision-making through the use of advanced analytics. With the right analytics tools, and a strong strategic foundation for their use, businesses can achieve digital transformation and excel in their markets.
Staying Ahead with Technology
People often ask me how companies can stay competitive in today’s rapidly changing environment, where the speed of innovation is key to success. Some fear they will be left behind, while others fear they will be reduced to being widget makers.
Too few organizations truly capitalize on and create value from their data. When we look at some customers landscapes, we often see the same picture: several analytics solutions that are not connected, and which are designed around technologies and product silos, but not users. In addition, outdated technologies often force lines of business to implement their own solutions, tailored to their own purposes. Clearly, this approach does not scale. It’s artificial rather than dynamic or organic. Furthermore, it’s not intuitive or adapted to human behavior. It’s also expensive, time consuming, and inefficient, forcing users to jump between several analytics tools to get the answers they need – meaning, it’s the opposite of what’s needed in today’s digital environment.
So what can companies do to turn their data into insight and action? How can they ensure that users have insight into what’s going on in the business? How can they enable employees to perform key functions quickly – whether in the boardroom, in a line of business, or in front of the customer?
At SAP, we believe that companies must have data-driven, real-time decision-making power, with planning and simulation integrated across any source, accessible for all users within ONE product. This is the only way to manage resources in the digital economy. And this is why we launched SAP Cloud for Analytics.
No More Silos, Only Integrated Data
Built on the SAP HANA Cloud Platform, SAP Cloud for Analytics combines all analytics capabilities – including business intelligence (BI), planning, predictive analytics, data visualization, and digital boardroom tools – in a single cloud-based solution, designed for performance, scalability, and extensibility. The solution can be personalized according to users’ needs. Now, everyone from frontline workers to executives can find new insights and take action – anytime, anywhere, on any device, combined with a modern, intuitive user experience.
While the code is in the cloud, customer data can reside in the cloud or on premise, including data from any other system and external sources for market data – without any replication. Gone are the days of having to purchase, patch together, or use multiple, separate products to run your company. This is the next generation of analytics – and it meets the needs of a highly digitalized economy.
For example, Live Oak Bank is already reaping the benefits of SAP Cloud for Analytics. Specializing in small business loans for niche industries, Live Oak Bank is experiencing enormous growth because it’s able to make real-time decisions based on forecasts and strategic initiatives. With SAP Cloud for Analytics, they can use technology to differentiate themselves. They also benefit from improved internal collaboration and faster, better decision-making.
Live Oak proves that businesses need data discovery, analytics, predictive and simulation capabilities, all in one product, designed for the cloud and SaaS environment and built for high performance, scalability and extensibility. Furthermore, companies need one product that serves as their “mission control center” and can be used in the Boardroom, within the finance team, or in front of the customer.
Empowering Users in Real Time at SAP
SAP’s “Digital Boardroom” is built on SAP Cloud for Analytics. It uses line-of-business data taken from SAP S/4HANA and the SAP HANA Cloud Platform to provide a single source of truth about a company’s most critical business metrics. As a result, we can monitor and drive change in the digital economy.
At SAP, board meetings run differently now – thanks to the Digital Boardroom. They run on real time data. We can instantly dig into any aspect of the business at every level of detail, and examine opportunities, revenues, costs, support data and more. Discussions are supported by metrics and insights from various applications, including SAP hybris, SAP S/4HANA, as well as external sources – but without any replication from these sources, regardless whether they’re in the cloud or on premise.
Analytics will never be the same, because everything can – and must be – integrated. Eager to learn more? Then check out this video: Digital Boardroom brings companies to a new level. You can also try out the demo: SAP Cloud for Analytics can transform planning, visualization, discovery and prediction.