What is SAP Analytics Cloud?
SAP Analytics Cloud is a cloud-based Software-as-a-Service solution (SaaS) that combines business intelligence, enterprise planning, and predictive analytics into one software. This cloud-based software offers companies the benefits of unlimited storage, easy sharing, and greater security. With SAP Analytics Cloud, all data and analytics planning are combined into one unified cloud solution without compromising data integrity or compliance with industry regulations.
So, what is SAP Analytics Cloud? In this piece, we explore the key features of the solution and the value it brings to businesses across industries:
WHY IS DATA ANALYTICS IMPORTANT?
Data analytics is the process of extracting valuable insights from raw data. Optimizing data analytics helps companies save time and money, no matter what industry they are in. By synthesizing and analyzing data from various sources, companies can gain a deeper understanding of their data to make informed decisions about operational activities and market behavior. However, turning unprocessed data into useful insights can be challenging – and this is where a software solution like SAP Analytics Cloud comes in.
SAP Analytics Cloud provides a one-stop software solution that automates data-driven processes to enhance value for businesses. It can be broken down into three key components: advanced analytics, artificial intelligence (AI), and collaboration features.
KEY FEATURES OF SAP ANALYTICS CLOUD
Advanced Analytics
SAP Analytics Cloud offers an advanced analytics program that unifies various technologies to develop an accurate understanding of market and business operations beyond the surface level. SAP Analytics Cloud elevates its Business Intelligence (BI) to integrate all data sources, real-time or historic, into a single view with a variety of visualization options. BI grants companies the ability to gain automatic data insights using augmented analytics, an approach that combines AI and machine learning (ML) technology.
In addition, Smart Predict, an SAP Analytics Cloud-specific component, uses machine learning to create predictive models given certain conditions, such as demand fluctuations or price changes. Predictive analytics allows companies to have end-to-end insight into future scenarios. For example, a retailer could use the predictive analytics feature to optimize supply chain efficiency by running different warehouse utilization or inventory management scenarios. As such, SAP Analytics Cloud delivers industry-specific analytics by synthesizing pre-built business content with company data, allowing for efficient and effective data insights.
Artificial Intelligence
Another component of SAP Analytics Cloud harnesses the power of artificial intelligence (AI) to automate reporting, generate business plans, and comb through data to uncover key insights. SAP systems are hallmarked for their ability to collect and store large quantities of data. Generative AI, a type of AI whose algorithms are trained to create new content from data, transforms SAP systems from data holders to data interpreters. With generative AI, companies can visualize trends in the data and speed up the development of personalized content with just a click of a button.
To maximize efficiency, SAP set the goal of incorporating generative AI into the major workflows of SAP Analytics Cloud by the end of 2024. This plan has turned into action as SAP continues to announce new AI integrations. Last year, SAP Analytics Cloud came out with Joule, a generative AI copilot assistant. This year, they have revealed Meta’s Llama 3, an AI open-source large language model, to create auto-generated models, forecasts, and scripts in SAP Analytics Cloud. These upcoming changes suggest AI will continue to be a key feature in SAP Analytics Cloud, enhancing efficiency across companies.
Collaboration
Beyond data analysis, SAP Analytics Cloud offers a modern approach to collaboration, supporting new ways for employees to work together remotely. This is a crucial feature as companies transition to an increasingly remote workplace. For instance, data visualizations and simulations can be easily shared with other users, allowing employees to collaborate with live changes and real-time data. In addition, users can comment or start discussions on data points or models on the same platform.
Beyond collaboration capabilities, SAP Analytics Cloud integrates enterprise planning into its solution. Here, all planning capabilities, from sales to supply chain, are accessible on one interface and updated in real time. Through these collaboration tools, users of all organizational levels can stay easily connected, companies spend less money on other integration tools, and information is exchanged at a faster rate.
ENHANCING DATA ANALYTICS WITH SAP ANALYTICS CLOUD
SAP Analytics Cloud offers an opportunity for companies across industries to save time, money, and resources by providing a powerful interface for complete and efficient data analysis and reports.
From life sciences companies to consumer products businesses, SAP Analytics Cloud is a modernized take on analytics platforms without having to look for other third-party support. It is especially helpful for small to mid-size businesses, as it offers a unified and scalable platform for predictive analytics, data analysis, and planning, and users can easily access and interact with the information needed to make strategic decisions.
Connect with Crescense today to learn more about SAP Analytics Cloud and how its features can optimize your organization’s data organization and interpretation.
Contributions from Natasha Shrestha