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Predictive Analytics allows your organization to become proactive, forward looking, anticipating outcomes and behaviors based on upon data and not on hunch or assumptions, below you’ll find the step by step to implement a Predictive Analytics project.
- Define the project outcomes, deliverables, scoping of the effort, business objectives and identify the data sets which are going to be used
- Collect the data from multiple sources to get an overview of the interactions between all entities that will participate
- Analyze the data for inspect, clean, transform and build a mockup to discover useful information
- Run statistics to validate the assumptions, hypotheses and test them through standard statistical models
- Create accurate predictive models about future to choose the best solution with a multi model evaluation
- Deploy the analytical results into the every day decision making process to get results, reports and output by automating the decisions based on the predictive model
- Monitor the model performance to ensure that it is providing the results expected
In other hand, Prescriptive Analytics goes further and suggest actions to benefit from the prediction and also provide decision options to benefit from the predictions and its implications.
|SAP Predictive Analytics