BALTIMORE, Nov. 18, 2013 (GLOBE NEWSWIRE) -- A new survey of companies reveals that cloud-based predictive analytics, something that was previously available to only large companies, is becoming increasingly available to more companies of all sizes. The survey reveals that the interest in, and adoption of, predictive analytics has grown substantially over the last two years, with more than 90% of companies surveyed saying they expect to deploy it within the next several years.
The survey of more than 350 companies was conducted by Decision Management Solutions, a California-based research firm. Lityx, an emerging leader in advanced predictive analytics, co-sponsored the survey along with FICO and SAP.
"Predictive analytics in the cloud is becoming mainstream, with broader and accelerating adoption. This adoption is increasingly driven by the value of predictive analytics to improve customer treatment and engagement," said James Taylor, chief executive office at Decision Management Solutions. "As organizations gain more experience with predictive analytics, their approach to data and to Big Data is changing and evolving."
The survey revealed that:
- 43% of companies surveyed believe that predictive analytics have delivered either a transformative or significant impact to their organizations, an increase of more than 50% from the results of a survey conducted in 2011;
- Fully half of the respondents said they are using predictive analytics to increase customer satisfaction, with more than 30% saying they have implemented it to increase customer profitability and reduce customer churn;
- Cloud-based, pre-packaged analytics offerings were more widely deployed than cloud-based analytic modeling or embedding, with more than half of the survey participants saying they are currently using pre-packaged solutions. That is an increase of more than 65% from two years ago.
"Such pre-packaged offerings generally offer a rapid time to value with little need for configuration, integration or modeling before value is realized," Taylor said. "These solutions are central to increasing the reach of predictive analytics, spreading the benefits to organizations that were previously excluded from the predictive analytics market."
LityxIQ, a powerful and intuitive tool set for delivering better results and higher marketing campaign ROI, helps firms achieve analytics success without expensive capital investments, staffing requirements, maintenance contracts or software purchases, while reducing costs by as much as 90%. As a cloud-based offering, LityxIQ enables companies to build and implement predictive analytical models in days or hours, instead of months.
"Cloud-based analytics platforms are a perfect opportunity to bring advanced analytics to the business user," said Paul Maiste, chief executive officer of Lityx. "Companies have turned to us because of the ease of access, development, and implementation of predictive analytics we deliver. Our cloud platform enables them to optimize their marketing effort more quickly and at less cost. That translates into significant advantages on the bottom line, especially for firms for whom until recently predictive analytics were simply not a viable option."
Lityx (www.lityx.com), based in Baltimore, is an emerging leader in predictive analytics. The company, recently named as one of the "20 Most Promising Analytics Consulting Companies" by CIO Review Magazine, is the developer of LityxIQ, a cloud-based integrated platform for data management, predictive modeling, data mining, marketing optimization, visualization and reporting.