IBM has announced new software that automatically correlates and analyzes large amounts of data, generating analysis on internal data in a matter of seconds, and also measures the impact of social networking channels and factors this into its decision-making and analysis suggestions.
IBM said this represents a new class of decision management software that will change the way organizations collect data, share it, and take action. The company said this engine can be applied to a variety of systems around marketing, claims processing, fraud detection, and public image efforts.
The new Analytical Decision Management software is part of a series of IBM Smarter Analytics initiatives, and can be automated with social and company information to be used for predictive decision-making. IBM is trying to create a single platform that allows business process management, predictions, and operations optimization, all with the ability to share and collaborate around this data through the IBM InfoSphere Streams technology.
This represents the first time both Analytical and Operational Decision Management are provided to clients jointly on one platform.
One big new effort in this is that the software can be used to send actions and suggestions to front-line employees for a variety of interactions. IBM said this could play a big role in interpreting and responding to customer demands.
The social features added in to the new system monitor what types of customers are talking about certain products and offerings, who is likely to read those thoughts, and why an offering matters to that segment of the population. This is largely based on analyzing social networks.
A recent Columbia Business School Center for Global Brand Leadership report found 90 percent of senior corporate marketers believe that successful brands use customer data to drive marketing decisions, but some 50 percent said they lack the ability to share customer-driven and customer-given data within their organization.
IBM hopes to address that issue not only in terms of collection but also in data mining and creating useful suggestions. One of the key issues around collecting massive amounts of data is the ability to parse out what’s useful and turn it in to actionable business plans. Companies are willing to invest heavily in this because data is expected to continue its exponential growth. IDC said this led it to projecting a $10 billion decision management software market by 2014.
IBM is also enhancing its analytics with a version of its Entity Analytics software. This new version allows companies to integrate with the decision management platform, allowing companies to manage all entities – people, facilities, and goods – in relation to their part in the supply chain and how that can be optimized for a smoother operation.
When looking at the market, IBM projects to see $16 billion in business analytics revenue by 2015 and said it will increase its staff to roughly 9,500 consultants and researchers in its global analytics centers. IBM has acquired more than 30 companies to help it expand in this space. - Geoff Whiting