What is predictive model in SAP GRC-TC - SAP Tax Compliance?

SAP Term: predictive model

• Component: GRC-TC

• Component Name: SAP Tax Compliance

• Description: Model that can be created and trained by business users based on historical data to predict if a hit is a compliance issue.

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  Key Concepts: 
  Predictive models are a type of analytics used to predict future outcomes based on past data. In the context of GRC-TC SAP Tax Compliance, predictive models are used to identify potential tax risks and opportunities. They can be used to identify areas where tax compliance processes may need to be improved or where additional resources may be needed. 
  
  How to use it: 
  Predictive models can be used to identify potential tax risks and opportunities in GRC-TC SAP Tax Compliance. The model will analyze past data and identify areas where tax compliance processes may need to be improved or where additional resources may be needed. The model can also be used to forecast future tax liabilities and help organizations plan for potential changes in the tax landscape. 
  
  Tips & Tricks: 
  When using predictive models for GRC-TC SAP Tax Compliance, it is important to ensure that the data being used is accurate and up-to-date. Additionally, it is important to ensure that the model is regularly updated with new data as the tax landscape changes. 
  
  Related Information: 
  Predictive models are just one type of analytics used in GRC-TC SAP Tax Compliance. Other types of analytics include descriptive analytics, which provide insights into past performance, and prescriptive analytics, which provide recommendations for future actions.