SAS to invest $1 billion in advanced analytics solutions tailored to specific industries

SAS, a leader in analytics, will invest $1 billion by 2026 to continue developing advanced analytics solutions, targeted to the specific needs of certain industries. The company will draw on its decades of experience to provide solutions tailored to business challenges, including banking, insurance, public sector, healthcare, retail, industrial and energy.

This $1 billion investment aims to fund R&D activities, create sector teams specializing in industries and specific marketing campaigns. It will also subsidize the work of datascientistsstatisticians and software developers from SAS, who collaborate with consultants, systems engineers and marketers with industry experience.

It is in line with the democratization of data analysis, a major SAS commitment.

Jim Goodnight, CEO of SAS, says:

“With this investment, SAS continues to support companies that use AI, machine learning and advanced analytics to fight fraud, manage risk and better serve their customers. We remain faithful to our primary commitment to innovation while offering the best analyzes on the market”.

All solutions will be available on SAS Viya, the cloud-native AI and analytics platform, which according to a recent study by The Futurum Group is, on average, 30 times faster than commercial open source alternatives and scales better increasingly abundant and complex data.

SAS’s recent industry solutions

As the use of AI, ML, computer vision and IoT continue to become more popular within companies, employees can now participate in the analytical process, regardless of their skill level, thanks to low code / no code options, such as those provided by solutions running on SAS Viya.

SAS already offers a wide range of industry solutions, which will be further deepened with this investment.

Coping with Economic Instability and Improving the Customer Experience in Financial Services

The economic upheavals of the past year have rattled global markets, reversing post-pandemic rebounds and multiplying risks. In order to help its customers in the banking and insurance sector meet these new challenges, SAS acquired in June 2022, Kamakura Corp, an American company specialized in financial data and risk management.

This acquisition has enabled SAS to expand its portfolio of integrated risk management solutions, particularly around asset-liability management (ALM). SAS Asset and Liability Management has been adapted to SAS Viya, to help banks predict and mitigate the liquidity and balance sheet risks that triggered the recent bank failures.

SAS also prioritizes innovation in decision-making within the company. By connecting siled functions (like customer onboarding, credit risk, fraud detection, marketing) onto a unified, AI-powered architecture and using shared data and analytics, finance organizations are streamlining the operational complexity. This allows them to make faster and more accurate decisions that improve the customer experience.

Detect tax fraud

Each year, governments lose considerable sums due to fraud and tax evasion: SAS Tax Compliance helps governments protect their revenue streams by applying advanced analytics to vast amounts of tax data to automatically monitor and detect non-compliance and fraud.

Tax administrations can thus improve the early identification of potential fraud, discover new systems of tax evasion, speed up controls and eliminate old files.

Dynamic insurance pricing in an unstable market

In 2022, following numerous climatic disasters, the number of claims has increased significantly. According to Coover, over the January-August period, insurers have thus covered the equivalent of 5.2 billion euros against 3.5 billion euros annually on average since 2017.

Insurers must therefore increase premiums in order to consolidate their liquidity, which risks frustrating customers in an already unstable market. It is therefore essential for them to price premiums quickly, accurately and impartially in order to remain solvent and competitive.

SAS Dynamic Actuarial Modeling provides optimized data processing and highly flexible modeling capabilities through ML. Insurers can thus offer fair prices in a fast and unstable market and maintain the relationship with their customers.

Driving responsible marketing and profitability

Today, marketers face more demands for accountability and transparency in their use of customer data technologies than ever before. Being accountable for a marketer today means considering changing customer expectations for privacy, embracing emerging technologies such as generative AI, and being able to measure the value of the marketing program in a timely manner. .

These circumstances make responsible marketing imperative. SAS Customer Intelligence 360 helps brands make responsible use of customer data, resources and technologies made available to marketing teams. Through the power of their analytics, brands are able to build customer loyalty and trust, ensure legal and ethical compliance, optimize marketing resources and increase profitability.

Accelerating the digital transformation of the healthcare sector

Whether advancing the development of life-saving therapies or improving patient outcomes and experience, SAS expertise is at the forefront of improving healthcare.

SAS Health provides industry-specific AI applications and solutions. This solution helps healthcare organizations deliver high-quality, safer, and more cost-effective care. From transforming patient data into analysis-ready cohorts to indicating the right care and payment models, SAS’s intuitive interfaces help clinicians and business analysts accelerate care transformation health and visualize trends through data.

SAS also promotes clinical research that helps develop new therapies and treatments. For example, almost 90% of clinical trials do not meet the deadlines for recruiting volunteers for the test phases. SAS Clinical Enrollment Simulation relies on powerful analytics to schedule registrations, avoiding these problems of delays.

Forecast and plan demand for distribution

Retailers and manufacturers of consumer goods need accurate demand planning more than ever. Thanks to SAS Intelligent Planning Cloud, companies can better anticipate consumer needs and potential disruptions in the delivery chain and offer the appropriate response.

This SaaS solution is automated end-to-end by the analytics and ML capabilities of SAS Viya and is available on the SAS cloud. This software allows distributors and consumer goods companies to quickly upgrade their data.

The essential role of partners

SAS’ extensive network of partners will help develop and implement industry solutions.

Azure confidential computing is a perfect example. This new technology, jointly provided by Microsoft, SAS and chipmaker AMD, is designed to provide enhanced protection for highly sensitive data while in memory. It can significantly improve the privacy and security of customer data in highly regulated industries such as financial services, healthcare, and the public sector.

Alvaro Celis, VP Solutions Area ISV Sales at Microsoft, says:

“SAS has been a leader for decades in creating powerful industry solutions. SAS Viya makes it possible to move these solutions to the cloud. That’s why customers love partnering with us. By adapting AI and advanced analytics to the needs of banking, government, insurance, healthcare and other industries, SAS and Microsoft now have a crucial competitive advantage for our mutual customers.”