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Advanced Analytics is Growing UP
Well it has been a real long time between Blog entries. I spent a very productive several days at The IBM Information on Demand (IOD) conference. I had the opportunity to participate in an Executive Roundtable discussion regarding the use of Text Analytics to support critical business objectives. The Advanced Analytics space is rapidly gaining both attention and momentum and IBM’s marketing machine has a lot to do with this (not to mention their acquisition of SPSS).
I continue to describe Advanced Analytics as an evolution from rear-view mirror reporting (traditional Business Intelligence) to forward looking analytics focused on enabling desired business outcomes. This is sometimes referred to as “Prescriptive Analytics” in that it is used to prescribe outcomes. In my view, Advanced Analytics combines Predictive Analytics (where SPSS plays), knowledge management, domain expertise, Text Analytics, and the emerging “Visual Analytics” space. The use of new visualization methods makes analytical results easy to digest. As volumes of data continue to grow, visualization becomes critical. I do not believe that any one of these analytic approaches can truly drive desired outcomes in isolation. It is the combination of these methods that creates considerable business value.
We are using this Advanced Analytics approach to address Insurance fraud. With this solution, we combine domain expertise (fraud specialists), Text Analytics (Cognos Content Analyzer), Predictive Analytics (SPSS) and Visualization/Analysis (Cognos), to identify and address highly suspicious claims. This approach can be applied to drive business outcomes across any process or Organization.
You will be hearing a lot about analytics in the months ahead. Smart Organizations will increasingly utilize these methods to start looking forward instead of backwards.
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