IBM Introduces Behavior-Based Predictive Analytics by Industry

IBM on Thursday announced 20 new industry-specific solutions with pre-built predictive analytics capabilities that will make it easier and faster for organizsations 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 optimise 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,'' IBM said in a statement.

Each solution includes pre-built predictive analytic modelling 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.

The  solutions will help:

• Banks use customer spending patterns to predict financial and life events and deliver more relevant offers.
• Retailers 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.
• Wealth management firms understand behaivours associated with higher profit clients to determine who they should target and how to drive increased activity.
• Oil & gas companies reduce high costs associated with inspections and maintenance of submersible pumps to predict outages before they occur and optimize production.
• Media & entertainment companies 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 minimize 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 personalised 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.

The new analytics solutions from IBM provide out-of-the-box 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 their website.

IBM Maximo Asset Management has also been pre-integrated, providing enhanced 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.