Enterprises Don’t Have Skills for Predictive Analytics
Nearly 95% of organizations report an increase in the volume of data they have been dealing with over the last 12 months and 75% of organizations say it is difficult to reap the benefits of predictive analytics without specialized employees, according to an SAP Loudhouse study.
“As data rapidly expands, more and more companies are finding competitive advantage by combining advanced analytics and business intelligence to capture, analyze and predict trends,” says Shekhar Iyer, global vice president, Business Intelligence and Predictive Analytics, SAP. “Our research shows companies need new ideas and tools in order to capitalize on their data. We constantly hear that the lack of skilled resources, high total cost of ownership and the manual iterative approach that existing legacy solutions have are all challenges for broader adoption. Put simply, the old approach is not working.”
While 78% of businesses agree that investments in predictive analytics will be a priority over the next five years, only 29% say they are using predictive analytics today. Of the organizations currently using predictive tools, 94% see a positive impact.
According to the report, the three business functions that are likely to benefit the most from predictive analytics are: Sales (46%), finance (44%) and marketing (42%). The key benefits of using predictive analytics are considered to be better business performance (61%), greater insight into business dynamics (50%) and making greater use of data already available (49%).
Among the major challenges that companies face in using predictive analytics are cost of investment, need for specialist skills and data security concerns. Uncertainty around ROIs is also a big concern for many companies, says the report.
To address such issues, SAP has recently launched SAP InfiniteInsight, a solution to provide advanced analytics capabilities to a broad spectrum of users. Based on patented automation technology from KXEN, an SAP company, the solution will provide businesses the simplicity and productivity to deploy predictive analytics across the business. “SAP InfiniteInsight, along with our existing advanced analytics capabilities, provides a platform to help analyze business in real time and provide predictive insight across the enterprise by integrating predictive insight into applications, processes and decision-making,” explains Shekhar Iyer.
John Ball, CEO, KXEN says, “We feel that we are in a unique market position to offer unmatched analytics breadth and depth in the marketplace and leveraging the real-time Big Data capabilities of SAP HANA can deliver predictive solutions easily consumed by the business and which provide tremendous value.”
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