Nearly 90 percent of organisations agree that employing predictive analytic software has given them a competitive advantage, according to a new survey commissioned by SAP.
As part of its commitment to delivering solutions that address customers’ business needs, the company conducted research in association with LoudHouse, an independent research agency in both the United Kingdom and the United States and found that respondents see predictive analytics software as a key investment for their organisations.
More than 60 percent of those surveyed agree that predictive analytics is currently an investment priority for their organisation, while almost 80 percent think predictive analytics will be a crucial investment within the next five years.
Nearly 95 percent have seen an increase in the volume of data they are dealing with over the past year. This explosion of data puts pressure on businesses to make sense of it and predict future trends. Increasingly, businesses are looking for a way to bring predictive analytics to the masses and move its use beyond the realm of data scientists to business users. Other key findings of the survey include:
“Despite some of the skills and resource challenges, there is a real sense from the research that the emphasis on advanced predictive analytics has moved from minimising risk to maximising future growth potential in areas like next best activity for customer relationship management,” said James Fisher, Vice President, Marketing, Analytics, SAP. “If businesses can put the right investment into developing a data-driven workforce, alongside data-driven decisions, processes and applications, they can accelerate their performance, reduce decision latency, unlock new global markets and uncover new revenue opportunities.”
To harness this growing market, customers will seek solutions that are user-friendly and easy-to-navigate. A leader in the business intelligence (BI) market, the portfolio of analytics solutions from SAP helps everyday business users to evaluate data and unearth actionable insight. With its recent acquisition of KXEN, SAP deepens this commitment with solutions to enhance the existing portfolio.
