What feature should be used to track various versions of a model in SAP Analytics Cloud?

The feature that should be used to track various versions of a model in SAP Analytics Cloud is version management. This capability allows users to create, manage, and compare different iterations of a model, ensuring that changes can be documented and referring back to earlier versions is seamless. Version management encompasses functionalities for saving multiple versions of a model, which facilitates effective collaboration and enables users to revert to a prior state if needed.

In environments where alterations to data models occur frequently due to evolving business requirements, leveraging version management enhances the overall governance and control of data assets. Furthermore, it assists teams in tracking progress and maintaining accuracy in reporting and analytics, allowing insights drawn from these models to remain reliable over time.

The other choices, while useful in their contexts, do not serve the specific purpose of tracking model variations. Data locking relates to preventing changes during critical reporting periods, collaborative enterprise planning focuses on enabling teams to work together on financial and operational plans, and Smart Discovery is a feature that helps analyze data patterns but does not manage model versions. Thus, version management is the go-to feature for effectively tracking different model versions in SAP Analytics Cloud.