SAS has announced a $1 billion investment over the next three years to develop advanced analytics solutions tailored to the unique needs of various industries.
The company will leverage its decades-long industry expertise to address banking, government, insurance, healthcare, retail, manufacturing, and energy challenges. All industry solutions will be built on SAS Viya, a cloud-native, massively parallel AI and analytics platform.
SAS aims to democratise data analytics by empowering people with diverse skill sets and job roles to participate in the analytics process. The investment will enable low- or no-code options for individuals at all skill levels to access the power of advanced analytics through solutions running on SAS Viya. This move aligns with the trend of making analytics more accessible and beneficial to organisations and society as a whole.
Enabling industry-specific solutions
The $1 billion investment encompasses direct research and development, dedicated industry-focused teams, and marketing efforts. SAS already offers a range of industry-specific solutions, which will be further refined and expanded through the investment. Here are a few examples:
Navigating Volatility and Enhancing Customer Experience in Financial Services: SAS acquired Kamakura Corp., a renowned financial risk firm, to bolster its suite of integrated risk solutions. SAS Asset and Liability Management (ALM) on SAS Viya helps banks predict and mitigate liquidity and balance sheet risks, improving customer experience.
Protecting Taxpayer Dollars: SAS Tax Compliance applies advanced analytics to vast amounts of tax data, enabling governments to detect non-compliance and fraud automatically. This solution enhances the early identification of potential fraud, accelerates audits, and strengthens revenue protection.
Dynamic Insurance Pricing for a Fraught Market: SAS Dynamic Actuarial Modelling leverages machine learning to provide optimised data preparation and flexible modelling capabilities. This helps insurers offer fair pricing in a fast-paced and volatile market.
Accelerating Digital Health Transformation and Therapeutic Development: SAS Health offers industry-specific applications and AI solutions, enabling healthcare organisations to deliver high-quality, cost-effective care. SAS Clinical Enrolment Simulation uses analytics to inform enrolment planning, reducing delays in clinical trials.
Predict and Plan Demand for Retail and Consumer Goods: SAS Intelligent Planning Cloud, powered by AI and machine learning on SAS Viya, helps retailers and consumer goods manufacturers anticipate and address shopper needs while addressing disruptions and transforming data into value.
Improving the Reliability of Electric Grids: SAS Grid Guardian AI combines IoT data from service vehicles with AI, machine learning, and streaming analytics to predict equipment failure in utility power lines. This enables utility companies to prioritise maintenance and reduce service interruptions.
Boosting Responsible Marketing and Profitability: SAS Customer Intelligence 360 empowers brands to use customer data and marketing resources responsibly, ensuring compliance, building loyalty, optimising assets, and driving profitability.
SAS will leverage its extensive network of partners to develop and implement industry-specific solutions. Collaborations, such as the one with Microsoft, have resulted in crucial advancements. For example, Azure confidential computing, jointly delivered by Microsoft, SAS, and AMD, enhances data security and privacy for highly regulated industries like financial services, healthcare, and government.
“Businesses face many challenges, from the threat of economic recession and stressed supply chains to workforce shortages and regulatory changes,” said SAS CEO Jim Goodnight. “With insights from industry-focused analytics, resilient organisations can find opportunity in these challenges.
“Through this investment, SAS will continue to support companies using AI, machine learning and advanced analytics to fight fraud, manage risk, better serve customers and citizens, and much more. We remain steadfast in our ongoing commitment to innovation while delivering the market’s best analytics.”
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