To better inform decision-making, IBM unveiled on Wednesday new predictive analytics software that combs big data and social networking channels to provide actionable insights.
The Armonk, New York-based technology giant said that the new Analytical Decision Management software, part of its Smarter Analytics initiative, represents “a new class of Decision Management capabilities that revolutionizes the way organizations gain, share and take action.” The decision-informing data is gathered from business processes in such areas as marketing, claims processing and fraud detection.
When Customers Are Not Happy
IBM cited a Columbia Business School report, which found that 90 percent of senior corporate marketers think successful brands employ customer data in their decision making process -- but half of those said that the marketing efforts in their own companies could not be effectively measured because of a lack of shared customer data.
Deepak Advani, vice president for business analytics products and solutions at IBM, said in a statement that companies must decide how to react when “a customer says they’re not happy,” but, in the modern marketplace, that reaction must be instant. He added that the new IBM software enables organizations to embed analytics “in under-served areas of their business,” so that all employees can immediately make decisions based on relevant information.
The company noted that the new software combines business rules, predictive analytics, scoring and optimization techniques into one platform, and it allows employees to utilize automated, real-time analytics on any data, in order to discern trends.
The result, IBM said, are real-time recommendations, delivered where they matter most, with an automatic assessment of resource trade-offs. One example is a recommendation for a specific up-sell, cross-sell or retention offer that has the greatest likelihood of being accepted by a given customer.
A social network feature in the new software extends what has become known as “sentiment analysis,” providing insights into specific influencers. IBM said that this feature provides such intelligence as what other customers of a specific social network knows or influences.
In one use case cited by IBM, telecommunications service provider C Spire is using the new analytics tool to predict customer behavior, delivering personalized messages that address a customer’s need before they ask.
Both the new Analytical Decision Management software, and the recently released Operational Decision Management software, are available on a single platform. The Operational Decision package refines the management of business rules that inform decision making for business processes and applications.