IBM Smarter Analytics Signature Solutions
Outcome-based analytics solutions for complex, real-world challenges and high-value initiatives
A tremendous volume and variety of data is available to organizations today ranging from call detail records (CDRs) and financial performance metrics to insurance claim information and social media posts. This data holds great potential for addressing business challenges and discovering new opportunities, but organizations will realize that potential only if they have the tools to collect, analyze the data and deliver clear insights at the point of impact.
For many organizations, using analytics is swiftly moving from a business initiative to a business imperative. According to a study published by the IBM Institute for Business Value in collaboration with MIT Sloan Management Review, businesses are embracing analytics as a way to drive competitive advantage. Implementing analytics solutions is highly correlated with positive business outcomes: the study shows that top-performing organizations use analytics five times more frequently than lower performers.
Beyond analyzing historical data, analytics solutions must provide real-time insights into data in motion and include predictive capabilities to anticipate future trends and behaviors. These solutions must provide value at the point of customer interaction and be accessible to a wide range of users across the enterprise, from the CFOs who need to evaluate financial performance metrics to the call-center agents who need real-time customer insights for cross- and up-sell opportunities.
IBM® Smarter Analytics Signature Solutions are designed to give organizations the state-of-the-art predictive analytics and big data capabilities they need to address complex, real-world problems and tackle high-value initiatives. Signature Solutions geared toward improving customer interactions, enhancing financial performance insight and reducing losses from fraud are built on a rich portfolio of predictive analytics and big data technologies that IBM has developed and acquired plus innovations from IBM Research and experiences accumulated from more than 20,000 global analytics engagements.
Next Best Action
Organizations in telecommunications, banking, insurance and other fields recognize that they must do more to optimize customer interactions so they can improve customer loyalty, reduce churn and increase profitability. Applying advanced predictive analytics to the growing volume and variety of available customer-related information in real time is essential for accomplishing those goals.
The Smarter Analytics Signature Solution for Next Best Action is designed to help organizations build long-term customer relationships that drive enterprise business results by using analytics to determine the most appropriate action for every customer interaction, across every channel. Drawing on capabilities from IBM’s Big Data platform such as master data management, information integration, big data analytics, and data warehousing, the Next Best Action solution brings together a large volume of customer data from a wide variety of sources—from online transactions and clickstream data to customer service interactions and social media—in order to create a comprehensive, trusted, single view of each customer. IBM’s Big Data platform moves analytics closer to the data enabling advanced analytics solutions such as the IBM Signature Solutions to cost-effectively process and analyze petabytes of information.
Real-time, predictive analytics capabilities help organizations better understand customer sentiment, define potential cross- and up-sell opportunities, identify optimum marketing plans and account types, and detect potential churn. Business intelligence capabilities deliver timely insights to people who need them, from call-center representatives to branch agents.
A telecommunications company might use Next Best Action to increase customer retention. For example, if a high-value, long-term customer calls with a bill query toward the end of his contract, a call-center agent can use insights from Next Best Action about previously successful incentives with this customer and the age of his existing equipment to offer a complementary handset upgrade for an early renewal. In addition, telecommunications companies can analyze millions of CDRs and examine sentiment from social media posts to identify service issues such as dropped calls, recognize growing customer frustration and proactively assign service follow-up to address the problem along with free minutes to restore customer satisfaction.
Organizations are realizing impressive results from the analytics capabilities in Next Best Action. For example, one telecommunications company discovered when churn is most likely to occur by predicting consumer behavior with 78 percent accuracy. The company implemented strategies to reduce churn from an average of 19 percent to just 2 percent.
CFO Performance Insight
Advanced analytics solutions are essential for anticipating and shaping the impact of financial decisions. CFOs and other finance executives who are leaders in their industry are transitioning from the manual production of metrics and reliance on analytics experts to solutions that enable rapid and easy access to insights. The Smarter Analytics Signature Solution for CFO Performance Insight is designed to increase visibility, insight and control over financial performance through predictive analytics using trusted and secure enterprise information.
CFO Performance Insight helps measure, monitor and anticipate business performance. Organizations can use predictive analytics capabilities to uncover temporal-causal relationships among performance metrics. They also can conduct guided root-cause analysis and what-if analytics through an executive-style dashboard that provides graphic displays with drill-down and drill-through capabilities. As a result, organizations can visualize performance trends and gaps, deliver trusted financial information and generate timely, reliable answers to financial questions.
One bank used the capabilities in CFO Performance Insight to facilitate decision making by showing which departments and products were most profitable. With increased visibility into subsidiary business processes, the bank improved business performance, enabled management to respond to problems quickly and allowed decision makers to take preemptive moves for more efficient use of company resources. At the same time, these capabilities helped enhance the efficiency of financial processes, reducing the time to prepare budget reports by 70 percent by constantly collecting and analyzing data.
Anti-Fraud, Waste and Abuse
In healthcare, insurance and government, increasingly complex fraud schemes cost organizations billions of dollars every year. Implementing comprehensive, analytics-driven solutions can help organizations thwart fraud before it happens and pursue fraud cases more rapidly and efficiently when fraud does occur. The Smarter Analytics Signature Solution for Anti-Fraud, Waste, and Abuse offers the advanced analytics capabilities organizations need to significantly reduce the losses from fraud.
Predictive analytics capabilities allow organizations to proactively identify fraud attempts, detect suspicious transactions and stop fraud before payments are issued. Analytics and business intelligence capabilities deliver recommendations for the best ways to handle the interactions and transactions that can lead to fraud or other abuses while also providing greater certainty for non-fraudulent claims. Entity Analytics capabilities provide a comprehensive picture of who the person is, who the person knows, and what the person does. In addition, case management capabilities can help enhance efficiency and optimize the use of fraud investigation resources.
One insurance company used this solution to accelerate claim scoring and reduce the investigation referral window from up to 60 days to just 1 to 3 days. The company generated a 403 percent return on investment and doubled the accuracy of fraudulent claim identification. By capturing policy and claim data in a central system and implementing an automated workflow across departments and claims adjusters, the company is also improving operational efficiency.
IBM Global Business Services
Drawing on extensive experience with advanced analytics solutions, IBM Global Business Services offers services to design, implement, and manage Smarter Analytics Signature Solutions.
An advanced approached to analytics
Organizations need new technologies that complement existing investments to capitalize on the tremendous explosion in the volume, variety and velocity of available data to gain competitive advantage. Whether the immediate goal is to build long-term customer relationships that drive business results, anticipate the impact of financial decisions, or minimize losses by preventing fraud and reducing waste, IBM Smarter Analytics Signature Solutions can help organizations realize a rapid return on investment while providing a foundation for long-term business and industry transformations.
For more information about Smarter Analytics Signature Solutions, visit:
For more information about IBM big data analytics capabilities, visit:
|[followbutton username='IBMdatamag' count='false' lang='en' theme='light']|