We as humans, have always wanted to see the future. In the same way, businesses have been shifting away from legacy business management and ERP software to self learning tools. The surge of predictive analytics has provided a new frontier for ERP systems. Predictive analytics leverages an ecommerce company’s business knowledge and provides them with new analytic techniques.
According to a post from Zach’s Equity Research, SAP is planning to acquire KXEN, a proven provider of predictive analytics and solutions in the analytics space. The acquisition of KXEN will broaden SAP’s solution services and its portfolio in the advanced analytics space. This will be a revolutionary way for comanies to use the petabytes of archived data to make better decisions.
The predictive analytic mechanism helps in analyzing customer information, people’s behavior and attitudes. ERP systems, along with the help of data science practices, have the capability to utilize all of this information. The data science algorithms are used to generate models for real time analytic pattern recognition, batch forecasting, classification, forecasting, segmentation, text mining, data governance, as well as creating Business Intellegence and visualized reports using BI tools.
All this helps the ecommerce business provide the right product at right time to right people in the right place. The hot areas of enterprise software, such as big data, data analytics, and cloud computing have created a new universe for ecommerce. ERP solutions like HotWax Media’s SixthSense are using predictive analytic tools to get the most out of the data available. SixthSense e-commerce and ERP, developed by HotWax Media on the Apache OFBiz platform, is helping small and large enterprises with their ecommerce activities. Tactically, predictive analytics identifies precisely who to target, how to reach them, when to make contact, and what message or information should be communicated.
Rahul Lokhande is Senior Business Analyst at HotWax Systems. He is also a Social Marketer with expertise on SaaS, Big Data Analytic and Open Source technologies. His current focus is on providing e-commerce SaaS and ERP solutions to retail and manufacturing enterprises with HotWax Commerce. He assists the HotWax Systems team in various areas such as Product Management, Business Analysis, Social Media Campaigns and Strategies. He is a geek turned avid reader and a writer.