Predictive Analytics, The Right Tool For Marketers
For marketers with a mandate to increase RoI, data mining is the best tool. Predictive analytics is growing at a rapid pace with increased focus on understanding newer patterns of marketing and selling products.
To deliver best product or service, they need to understand customer behavior, vendor trends, employees and the market.
According to Gartner, the business intelligence market will be worth $136 billion by 2020, compared to $57 billion at the end of 2010.
Gartner describes predictive analytics in four steps: An emphasis on prediction; Rapid analysis measured in hours or days; An emphasis on the business relevance of the resulting insights and An emphasis on ease of use, thus making the tools accessible to business users.
B2B companies have been using predictive analytics to get sales leads, forecast sales and to study customer behaviour. There are several options in the market and they need to do their home-work well to arrive at the right platform. “Companies need to be discerning in choosing the right analytics framework that accumulates unstructured data from diverse sources like in-house and syndicated data, social media and other sources, processes the same, and addresses complex analytics problems,” says Paddy Padmanabhan, SVP –Healthcare Analytics, Symphony Analytics.
A day ago, Infosys went live with SAP Business Suite powered by SAP HANA, which helps companies drive their rapid transformation toward the real-time enterprise.
This software helps companies drive their business in real time so they can simulate, plan, execute, analyze and predict almost instantly along business-critical end-to-end processes.
The software can provide customers with an exceptional ability to translate real-time insights to actionable business decisions while simplifying IT by combining transactions and analytics into a single in-memory platform.“With this deployment we are running the core processes of our more than 165,000 people, more than US$8.25 billion in revenue, tens of millions of square feet of real estate and facilities and tens of thousands of projects running on SAP HANA,” said U B Pravin Rao, chief operating officer of Infosys.
The predictive analysis library of SAP HANA contains numerous powerful, native predict algorithms for in-database processing resulting in quicker insight and faster implementation.
Gartner analysts say: Analytics is the combustion engine of business, and it will be necessary for organizations that want to grow, innovate and optimize efficiency,” she said. “Given its far-reaching impact, it is one of the few software markets that thrive even in adversity.”
Though the BI market is on the rise, B2B companies are facing several challenges, including the lack of skill.
Among the major challenges that companies face in using predictive analytics are cost of investment, need for specialist skills and data security concerns, according to a SAP report.
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