There is a growing trend for small to midsized enterprises (SMEs) to look to predictive analytics to find new ways to become more competitive. As a basic example of the benefit and application of predicative analytics, consider an online retailer. With an online shopping cart system that leverages predictive analytics, the company can provide product recommendations and associated upsell offers based on a customeres previous purchasing behavior. However outside of this scenario, the positive benefit and application of predictive analytics available to SAP Business One HANA users are numerous.
From Sales, marketing, customer relationship management, production and financial management -all of which have been shown to ultimately directly relate to improved revenue. In fact 68% of organizations that use predictive analysis have realized a competitive advantage. Here are several examples of where else an organization can employ the use of predictive analysis:
- Instantly predict market trends and customer needs,
- Create customised offers for each market segment and channel,
- Predict how market-price volatility will impact your production plans, &
- Foresee changes in demand and supply across your entire supply chain,
Put another way, the idea behind predictive analytics is for businesses to move from answering the question “what happened?” with standard reporting, ad hoc reports and OLAP analysis to “What is the best thing that could?” This provides organizations with a window into their customers’ needs so that it is possible to increase customer satisfaction and outthink the competitive moves made by other businesses. To learn how SAP Business One users can obtain access to predictive analytic, read more about SAP Business One HANA.