This symptom can occur when something was missing in installation.
The component (SAS.IOMProvider) is an OLE DB data provider that allows access to SAS data on a local or remote SAS session. The IOM provider component has certain prerequisites, including Microsoft runtime pieces that the SAS system requirements wizard *should* install for you.
However, when we see this error, it's almost always an indication that the system requirements were not completely installed. So to fix, you might want to follow the steps in the "Pre-emptive deployment steps" as documented here:
http://www.sascommunity.org/wiki/SAS_9.2_and_SAS_Enterprise_Guide_4.2_on_Windows_7
And then you should reinstall SAS Enterprise Guide, which should reinstall the provider and register it properly.
My guesses here are based on my own experience with this. If you continue to have problems, you should definitely work with SAS Technical Support.
Chris