According to a survey by SAP, about 90% of organisations believe that predictive analytic software has given them a competitive advantage.
According to the survey conducted by the firm with LoudHouse, the companies are citing the predictive analytics software as a key investment area for their organisations.
Over 60% of the respondents said that predictive analytics is currently an investment priority for their organisation, while about 80% believe that predictive analytics will be a crucial investment within the next five years.
About 95% of the companies surveyed have experienced a rise in the volume of data they are dealing with over the past year.
The increasing data drives businesses to make sense of it and predict future trends, the report said.
SAP Marketing, Analytics vice president James Fisher said 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.
"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," Fisher said.
The majority of respondents have reported to have seen a major positive impact from predictive analytics software, between six to nine months of deployment, wherein the finance, sales and marketing expect to get most benefit from the application.
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