In this exciting new world of advanced data analytics, usage trends analysis, and machine learning, Open iT launches a pioneering predictive analytics tool for Engineering Software Management (ESM).
The Open iT® LicensePredictor™ is a forecasting tool designed to help organizations in decision making, proper planning, and resource allocation of engineering software assets by providing essential inputs regarding their projected software license usage over the next 18 months. Moreover, it is designed to detect and alert users of data anomalies, i.e. collected values that are outside the forecasted range of values.
LicensePredictor is an advanced system that employs a variety of statistical techniques from data mining, predictive modeling, and machine learning. These techniques analyze current and historical usage data to make forecasts and predictions about future usage trends. The forecasts produced by this system are useful to identify risks and opportunities that would help the organization make decisions. It allows the organization to become proactive and anticipate outcomes based on the data and not on assumptions.
This forecasting tool provides actual visualization of the historical daily license usage pattern, which allows organizations to determine if they are utilizing their licenses efficiently. It also provides a daily forecast of license usage values based on up-to-date historical data, which is very useful in verifying if the number of available licenses will be sufficient in the future. Not only that, it can also tell users how many licenses will be needed in the future by showing the projected maximum number of licenses that will be in use in the next 18 months based on the user’s expected growth rate on the level of usage. And based on that information, users can then decide on the optimum time to purchase additional licenses, if necessary.
Aside from its forecasting capabilities, LicensePredictor can identify data anomalies, which could warrant further and more thorough investigation to see if there are any potential user or system issues that need to be addressed immediately. Early detection is key in making sure that something easily fixable would not turn into a larger problem that could take so much time and resources to resolve.
LicensePredictor adds new dimensions to the already robust capabilities of the Open iT Software Suite. Anomaly detection makes it possible to be on top of potential risks within the engineering software environment. And forecasts provide the necessary knowledge to make better plans and decisions with regard to engineering software management system. With this new tool, your ESM system goes beyond monitoring.
Learn more about the new Open iT LicensePredictor.