Social network analysis also included in product revamp
IBM has unveiled new analytics software it says can automatically correlate and analyse big data. Part of the new software will include sentiment analysis from social networks, IBM said.
IBM said the new software combines business rules, predictive analytics and optimisation techniques into a single platform.
The new Analytical Decision Management software, as IBM calls it, is aimed at end users rather than any specific data analysts. Big Blue says it will help those end users to improve their decision making by presenting them with the next-best-action.
The platform will analyse data pulled from everyday internal business processes such as marketing, claims processing and fraud detection. These data rich processes can result in anywhere between one thousand and five billion decisions being made daily.
In fact it can analyse data from any operational process and provide that insight in real-time, IBM said.
Part of the capabilities of the Analytical Decision Management software is social network analysis. As well as picking up what people are saying it also looks for what it calls the "influencers" on any given subject and analysis how big their field of influence is. It also examines whether any customers know other customers within a particular circle.
Tthe update sees IBM Entity Analytics included in the Decision Management engine. The company says it enables identification and matching of all entities, whether it’s people, places or things. This element can learn as well, IBM says, meaning it can build up a better picture as more information on each entity becomes available. The company says this provides end users with a more accurate picture of the data they have.
"In today’s marketplace, when a customer says they’re not happy, companies must decide how to react – not later that day, or in an hour, but instantly," said Deepak Advani, vice president business analytics products and solutions, IBM.
"With these new technologies, winning organisations can embed analytics into under-served areas of their business, empowering all employees to make information based decisions," he added.