Achieve better business outcomes with Smarter Analytics
Companies that experience the greatest impact from analytics are applying it throughout all aspects of their business. They embed data-based insights into every process — from scenarios that manage risk, to algorithms that process orders coming in through new digital channels — and they empower their employees to act confidently and decisively at the point of impact. Making analytics pervasive can help businesses:
Smarter Analytics, IBM’s holistic approach to analytics, comprises a full range of technologies and services that can help organisations in every industry see results. Read on to hear how companies in the financial, healthcare and retail industries are realising better business outcomes today.
Smarter Analytics at work in banking and insurance
Banks and insurance companies are overwhelmed with volumes of data stored in financial and operational systems throughout corporate offices and local branches. Smarter Analytics can give these institutions a comprehensive view across claims and applications, customer service, the workforce and overall performance. Risk, fraud and regulatory compliance can be managed across the entire business. More insight into customers provides an opportunity to build loyalty by offering the right products and services.
MoneyGram International, a leading global payment services company, uses a powerful algorithm-based software platform to help managers better understand who is using the company’s services. This knowledge has helped them prevent more than USD37.7 million in fraudulent transactions, reduce customer fraud complaints by 72 percent and quickly address regulatory requirements.
Westfield Insurance, stepped up its game through analytics. The insurer worked with IBM not only to update its business intelligence technologies but also to put change management processes in place that trained people to use information strategically. The company can now select and manage risk more confidently, and market and sell its products more effectively.
Primerica uses the IBM Cognos BI platform to enhance their “Primerica Online” portal, which provides the capability to actively drill down into deep volumes of critical business information. Insurance representatives can dynamically interact with this information to gain insights that would have been too time-consuming and labour-intensive — or just impossible — before the portal enhancements.
Smarter Analytics at work in healthcare
In the healthcare industry, organisations are using analytics to sift through the massive amounts of patient data and better understand the connections between different symptoms, diseases and treatments. They can actually predict outcomes by correlating and analysing information such as patient demographics, diagnostic information and clinical data to help to identify and develop more effective treatments, leading to more personalised care. Analytics can also be applied in healthcare organisations to increase operational efficiency and improve performance management.
The University of Ontario Institute of Technology uses a first-of-its-kind, stream-computing platform that was developed to capture and analyse realtime data from medical monitors, alerting hospital staff to potential health problems before patients manifest clinical signs of infection or other issues.
Novartis AG works with IBM to develop a Global Master Retention Management (GMRM) System, which helps the company to retain the data they need for business or legal purposes, and dispose of unnecessary data. Novartis has lowered litigation and regulatory compliance risk, and enhanced its ability to meet internal audit standards and respond to legal requests.
Seton Healthcare uses an IBM solution to minimise readmission of patients who had suffered congestive heart failure. The solution integrates various types of data, enabling physicians to deliver better care for patients during and after their hospital stay. By focusing on the patients who are most likely to be readmitted, Seton Healthcare both improves outcomes and controls costs.
Smarter Analytics at work in retail
In retail, understanding every facet of the customer is key to success. Smarter Analytics can help retailers see hidden patterns in customer data, keep track of customer sentiment, predict where the market is going, and give customers what they want, when they want it, at the right price. By applying analytics across corporate and retail locations, retailers can improve operational efficiency, better inform merchandising supply chains and deliver a smarter shopping experience.
ConAgra Mills keeps a commodity business competitive through analytics. Econometric models enable the company to optimise production at all its plants, which improves its operating margin. Now, the company can systematically predict demand and mitigate price risk — which adds great value and enhances its stature with customers.
The online retailer wehkamp.nl has developed a comprehensive behavioural retargeting programme that uses display ads, emails and on-site product recommendations to weave greater relevance into the customer experience, expand brand reach and drive impressive sales performance gains.
Elie Tahari uses IBM Cognos software to create a seamless reporting framework that delivers realtime insights on sell-through rates and inventory. This information makes it possible for the company to optimise store-level merchandising decisions to help ensure that the most popular fashions are in the right place at the right time.
IBM has 8 Analytic Solution Centres worldwide that have hosted more than 2,500 clients
IBM has more than 9,000 experienced strategy, analytics, technology experts and consultants
IBM analytics solutions are fit for purpose and address unique industry requirements
IBM is positioned in the Leaders Quadrant of Gartner's Magic Quadrant for Business Intelligence Platforms