In the New Digital Economy, Everything Can Be Digitized and Tracked : Now What?

Woman Buying ClothesWelcome to a world where digital reigns supreme. Remember when the Internet was more of a ‘push’ network? Today, it underpins how most people and businesses conduct transactions – providing peer-to-peer connections where every single interaction can be tracked.

Enterprises are still not taking full advantage. With hundreds of millions of people connected, it’s possible for them to connect their suppliers with their customers and their payment systems, and reach the holy grail of seamlessly engaging in commerce, where a transaction can be tracked from purchase, to order received, to manufacturing, through to shipment— all in real time. It’s clear that end-to-end digitization delivers enormous potential, but it has yet to be fully tapped by most companies.

In the latest #askSAP Analytics Innovations Community Webcast, Reimagine Predictive Analytics for the Digital Enterprise, attendees were given an introduction to SAP BusinessObjects Predictive Analytics, along with some key use cases. The presentation covered native in-memory predictive analytics, deploying predictive analytics on Big Data, and how to bring predictive insight to Business Intelligence (BI).

The live, interactive call was moderated by  SAP Mentor  Greg Myers and featured expert speakers Ashish Morzaria, Global GTM Director, Advanced Analytics, and Richard Mooney, Lead Product Manager for Advanced Analytics.

The speakers noted that companies used to become leaders in their industries by establishing an unbeatable brand or by having a supply chain that was more efficient than anyone else’s. While this is still relevant in the digital economy, companies now have to think about how they can turn this new digital economy to their advantage. One of the keys is turning the digital economy’s key driver —the data— to their advantage.

Companies embracing digital transformation are outperforming those who aren’t. With predictive analytics, these companies can use historical data to predict behaviors or outcomes, answer “what-if” questions, and ensure employees have what they need to make optimized decisions. They can fully leverage customer relationships with better insight, and make meaningful sense of Big Data.

One big question delved into during the call: How can companies personalize each interaction across all channels and turn each one into an advantage? The answer: By getting a complete digital picture of their customers and applying predictive analytics to sharpen their marketing focus, optimize their spend, redefine key marketing activities, and offer product recommendations tailored to customers across different channels.

Real-World Customer Stories

The call also focused on some real-world examples of customers achieving value by using and embedding predictive analytics in their decisions and operations, including Cox Cable, Monext, M-Bank, and Mobilink.

These companies have been able to improve performance across thousands of processes and decisions, and also create new products, services, and business models. They’ve squeezed more efficiencies and margins from their production assets, processes, networks, and people.

One key takeaway is the importance of using algorithms, as they provide insights that can make a business process more profitable or competitive, and spotlight new ways of doing business and new opportunities for growth.

The speakers also presented a very detailed customer case study on Harris Logic. The company is using SAP BusinessObjects Predictive Analytics for automated analytics and rapid prototyping of their models. They execute models into SAP HANA for real-time predictions using a native, logistical regression model. This approach is allowing for the identification of key predictors that more heavily influence a behavioral health outcome.

Learn More

Lots of food for thought. See what questions people were asking during the webcast and get all of the answers here. Check out the complete presentation, and continue to post your questions and watch for dates for our upcoming webcast in the series via Twitter using #askSAP.

AmickBrown.com

2016-11-29T20:56:28+00:00 September 27th, 2016|Analytics, Big data, Predictive Analytics, SAP|

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