IBM has announced 20 new industry-specific solutions with pre-built predictive analytics capabilities, targeting organisations across industries like retail, banking, telecommunications, insurance and others, to uncover and act on critical business insights.
To ensure these solutions address the most critical business requirements in each industry and to optimize the accuracy of the predictive insights, IBM is working with clients and partners across various industries who are innovators in the use of advanced analytics, such as Urban Outfitters, National Grid, Deloitte, Bolsa de Santiago, Interactive Data Managed Solutions, and Bendigo and Adelaide Bank, among others.
The new solutions draw on IBM’s vast industry and analytics expertise from over 50,000 client engagements. Each solution includes pre-built predictive analytic modeling patterns and interfaces for focused industry use cases, as well as data preparation capabilities to manage unique data and streamline collection and preparation of data for analytics. With interactive and role-specific dashboards, business users can share predictive insights across teams and organisations that can give them a deeper understanding of their customers, assets and operations to help them make better decisions and act with greater speed and fewer resources.
With the help of these solutions; retailers can understand the potential overall revenue impact of individual products and product lines to make smarter decisions about what products to carry and how to best promote them. Banks can use customer spending patterns to predict financial and life events and deliver more relevant offers. Wealth management firms can understand behaviors associated with higher profit clients to determine who they should target and how to drive increased activity. Oil & gas companies can reduce high costs associated with inspections and maintenance of submersible pumps to predict outages before they occur and optimise production. Media & entertainment companies can better understand their audience and viewing behaviors to deliver advertisers higher value micro-segment targeting capabilities.
“We believe organisations need capabilities that enable greater speed and minimise the effort required to generate actionable insights,” said Alistair Rennie, General Manager of Analytics Solutions at IBM. “This requires pre-built solutions that are tailored to address each industry’s unique challenges. With today’s news, IBM is putting powerful analytics in the hands of every business user to help them see patterns, pursue ideas and improve all types of decisions impacting their industry.”
For example, financial information and technology firm Interactive Data will be bringing together its high performance financial information platform with capabilities from IBM’s industry analytics solutions to provide its wealth management clients with more mature solutions that allow them to address some of the biggest challenges in the wealth market. To improve client satisfaction, trust and revenue growth with private clients, financial institutions need to move from mass distribution of products and information to a highly personalized omni-access engagement model which is centered around turning huge amounts of structured and unstructured data into personalized actionable information and making it available at any point in time to advisors and investors.
“Smarter decision making and hyper personalization are at the core of IBM’s new industry analytics solutions. Combining client data, market data and product data with predictive analytics and intelligence in the solution allows us to provide financial institutions with a level of customer insight and service never before accessible to advisors or self directed investors,” said Joachim Lauterbach President, Interactive Data Managed Solutions.
Australian financial institution, Bendigo and Adelaide Bank, is aiming to be Australia’s most customer connected bank. “We are very excited to be working with IBM to develop a deeper understanding of our customers,” said Kevin Dole, General Manager, Technology Services, at Bendigo and Adelaide Bank. “We are continuing to advance our use of cloud based technology and exploring advanced analytics options so that we can provide an even greater level of service and value to our customers.”
The new analytics solutions from IBM provide integration with IBM Customer Engagement solutions, enabling the insights to be used to drive what offers are sent to customers and what is displayed when they visit the website. IBM Maximo Asset Management has also been pre-integrated, providing capabilities for work management, job plans, work order tracking, service requests and reporting. As potential equipment failures are identified, work orders can be generated automatically. Consultants from IBM Global Business Services can help clients implement and tailor the solutions to fit their needs and broader strategy.