Enterprise software vendor SAP has launched SAP InfiniteInsight solution.
The solution will provide businesses the simplicity and productivity to deploy predictive analytics across the business, said SAP in a statement.
Nearly 95 percent of organizations report an increase in the volume of data they have been dealing with over the last 12 months and 75 percent of organizations say it is difficult to reap the benefits of predictive analytics without specialized employees.
Shekhar Iyer, global vice president, Business Intelligence and Predictive Analytics, SAP, said that SAP InfiniteInsight, along with its existing advanced analytics capabilities, provides help analyze business in real time and provide predictive insight across the enterprise by integrating predictive insight into applications, processes and decision-making.
While 78 percent of businesses agree that investments in predictive analytics will be a priority over the next five years, only 29 percent say they are using predictive analytics today. Of the organizations currently using predictive tools, 94 percent see a positive impact.
SAP InfiniteInsight is designed to bring greater insight to more people by extending the power of predictive analytics from data scientists to line-of-business users.
Eldorado, a retailer of consumer electronics and household appliances in Russia with more than 700 stores and franchisees in 450 cities, relies on SAP to help analyze data stored in the SAP 360 Customer solution. The retailer has over 1.5 million point-of-sale transactions spanning 420 product groups and 8,000 products each month.
Elena Zhukova, head of Analytics, Eldorado, said that the retailer has seen 10 percent improvement in forecast accuracy compared with prior forecasting techniques. Creating forecasts for pricing and promotion analysis, store clustering, store location selection and sales and purchasing planning has become faster and more accurate.
SAP InfiniteInsight is available as a bundle with SAP Predictive Analysis software, which gives line-of-business users and analysts the ability to acquire and manipulate data as well as to visualize results with embedded SAP Lumira software.