What is stage 3?
You may be beginning to use analytics not just show you what’s already happened, but to plan for the future. Through comparing data to future plans and harnessing tools like scenario planning, you’re able to take a proactive approach to meeting your business objectives and preventing risk. This assists with tasks such as financial budgeting and forecasting, as well as industry-specific use, such as student planning or stock forecasting.
You may have established a data warehouse to hold all of your data in one place, which gives you the ability to carry out more accurate analysis. It’s also possible that you’re just starting to see clear standards emerge, with people, processes and technology becoming coordinated throughout the business.
But you still have work to do – the standards in place are not necessarily mandated and there may be areas of the organisation that are still yet to catch on. Moreover, you still haven’t conquered an advanced understanding of analytics, and expertise is limited to a few key members within a team.
What's the problem?
- Large amount of data to feed in
- Requires making large changes to models
- Although some coordination has begun, multiple applications are still used across the business
- Enterprise’s projects do not consistently share data or analytics models
- Lack of specialist knowledge around advanced analytics
Current situation: Business Intelligence (BI) standards emerging
You have a number of things working in your favour: you have a corporate data warehouse in place to feed data from multiple systems, your data quality is generally good, and you have a clear set of data analytics standards that are steadily becoming established within your organisation.
The main challenge at this stage is in increasing specialist knowledge throughout your organisation to ensure that you continue to develop the above.
In order to progress to the next phase of the data journey, it’s important that you provide specialist business analytics knowledge to employees in order to build their skills. Doing this will make way for employees to harness predictive analytics so that they can anticipate future events before they even happen.
You’re already leveraging planning analytics across the business to support with forecasting and analysis across the business, but now it’s time to consider the power of predictive - here are some of the tools you’ll need to get to the next stage.
SAP Predictive Analytics
Predictive Analytics is a stand-alone software solution that can empower a broad spectrum of users to spot opportunities in real time, make fast and accurate predictions and act with confidence at the point of decision.
Collect and connect to any data in real time. Our next-generation data warehouse solutions offer a unique, modern interface, guaranteed high-performance, simplicity and incredible flexibility, allowing you to leverage huge amounts of data – live and in the moment.
SAP Analytics Cloud
A superior hybrid system that allows you to report, discover, analyse, plan, predict and collaborate all in one cloud solution. Uncover insights no matter where you are so that you can constantly align your plans and take appropriate action.
When it comes to market-leading BI tools, we truly know what we’re talking about. Whether you need technical support, training or guidance on the next step of your data strategy, our team can help you get the insights that add the real value.
Want it all?
If you're looking for the full analytics package, take a look at our one-stop-shop where you can visualise, plan and predict all in one solution.
SAP Analytics Cloud
A superior hybrid system that allows you to report, discover, analyse, plan, predict and collaborate all in one cloud solution.