Originally published 19 May 2010
IBM recently unveiled new software that places the power of predictive analytics directly into the hands of business users for faster, more insightful decision making.
With three simple clicks, business users can now build a predictive model within a configurable web browser interface, and run simulations and “what-if” scenarios that compare and test the best business outcomes before the model is ever deployed into an operational system. Business users now have full control over the analytic process, enabling them to make accurate decisions in real-time, based on changes in strategy, customer buying patterns and behaviors, or fluctuating market conditions.
IBM is delivering a new, configurable offering for the insurance industry, and another for marketing organizations within all business verticals. The first is designed to help identify fraudulent insurance claims, which account for approximately $30 billion in losses a year. The second manages every inbound customer and prospect interaction via call center, web, point-of-sale or email.
The new software, IBM SPSS Decision Management, combines predictive models, business rules and optimization to increase an organization’s confidence to automatically deliver accurate, high-volume, high-value decisions at the appropriate point of customer interaction.
For example, a retailer may need to decide which customers should receive information about a new line of products. The marketing manager can quickly build a model identifying the customers likely to respond – based on past purchasing patterns, demographics, responses to previous offers – and include those customers in the new product campaign. However, before deploying the results the business user can first “tweak the dials” using a simple web interface, and run what-if scenarios on the results. This ensures the campaign will yield optimal results by targeting only high-value customers.
"IBM Business Analytics software delivers complete, consistent and accurate information that decision-makers trust to improve business performance," said Rob Ashe, general manager, business analytics at IBM. "By making predictive analytics pervasive, and giving business users control of the technology, organizations can optimize the point of interaction, better anticipate change in real-time, and carry out strategies that improve outcomes. With today's announcement, we have empowered every single business user with the power of predictive analytics, so the best course of action can now be easily deployed into any operational system, minimizing the cost of bad decisions.”