Analytics Trend: Move from Reporting to Prediction By Karthik Palanisamy, Vice President, Analytics and SAP Services How to drive revenue based on predictive analytics
Frustration is high among organizations utilizing spreadsheets across the enterprise for analytics or reporting especially when dealing with disparate data sources. Further, companies going through strategic acquisitions need a quick and repeatable process for system/ data integrations. They need visibility to understand the market impact, the ability to manage it efficiently and take actions quickly to maximize on any potential opportunities. To get the most benefit, consistency is critical: consistency of information wherein sales can see the same information as the finance department to make their respective decisions. Traditionally, both functions have been using different systems to drive decisions. Taking this a step further, sales executives are pushing the envelope with predictive analytics to not only analyze customer/consumer information but also better understand and manage their behaviors. Built once for multiple users Predictive information is possible when a framework of analytical components is identified based on key metrics that drive the organization. The components can be, for example, list generation or customer scoring. They are objects that can be moved around – reorganized, decoupled and recoupled – to establish an analytical environment that is built once for multiple uses. An example of an analytical environment could be combining the scoring and list generation objects with customer segmentation data to create a relationship marketing campaign based on campaign targets and desired outcomes. Trends impacting future business The end vision – business goals and objectives – is the place to start, not the kind of reports that users order up. In the end, it is the ability to measure: How has the business performed? How is the business doing today? What are the trends that will impact future business? Predictive analytics will help organizations to see what issues in the economy they may need to navigate, avoid future pitfalls, and identify and take advantage of opportunities coming their way. Contact me with questions on how to get started. |
||||||
