If you thought IBM analytics was big already, it has just announced today that it’s getting bigger. Bigger in a whole pile of ways: think Big Data, think larger number of offerings, think bigger market share. The announcement by Big Blue of its new predictive analytics services and software today contains an element of all three of these elements.
Everyone knows at this point that data growth is growing exponentially -- if you don’t know, it might be time to call in the liquidators -- and since 2005 IBM has made 28 acquisitions of targeted analytics firms to meet its revenue goal of US$ 15 billion by 2015.
But it seems that even with all this, it is still not happy with what it’s got. Using technologies taken from these different acquisitions, it has launched a number of new services and more software that is targeted at financial services.
Specifically it combines predictive analytics to manage financial operations, decrease fraud and nature next-generation customer relationships through the analysis of the Big Data.
From a commercial perspective, it will also significantly broaden the group of clients who will be able to use Big Blue’s analytics products and increase its market share specifically among C-Suite leaders (we had to look that up too and it means group of officers of a business organization, who have the word "chief" in their titles). Bridget van Kralingen, Senior VP IBM Global Business Services, said:
By integrating analytics into business processes and converting new insights into action, IBM is helping organizations transform big data from a threat into an opportunity, one that will be their most valuable natural resource."
So what exactly are we getting? IBM Smarter Analytics Signature Solutions aim to deal with three problems: fraud detection, financial operations and customer service
IBM Smarter Analytics Signature Solutions
Anti-fraud, Waste & Abuse
This is clearly targeted for the public sector, although there seems little reason why large private companies couldn’t use it, too. It embeds advanced algorithms directly into business processes and offers enterprises the ability to detect fraud in real time.
IBM cites the example of Infinity Insurance that was able to reduce the time needed to identify fraudulent claims from 14 days to 24 hours.
Next Best Action
Offers a comprehensive view of a customer derived from traditional enterprise data and customer sentiment gleaned from social networks, logged customer service and web click stream data.
Then, real-time analytics predicts customer behavior and preferences to inform decisions on the next best action on behalf of that customer.
CFO Performance Insight
IBM’s analytics offer insight, visibility and control over financial performance with predictive capabilities applied to key metrics and data on past performance.
Its predictive analytics, combined with what-if analysis, and traditional business intelligence in an executive-style dashboard, guides users with root-cause analysis. Organizations can uncover relationships among performance metrics, anticipate performance gaps and assess alternatives with scenario planning.
Typically there is no single solution that offers these kinds of insights, so IBM offers services and consultants that will work out the best solutions and offer insights through its Big Data technology platform that comes with Hadoop, stream computing, data warehousing and information integration.
It also comes with discovery and governance capabilities, as well as application development, systems management and industry accelerators. If you’re interested in more on this, check out the video below.