Financial companies and organizations have been facing a lot of pressure as the world turns more and more digital. The sheer bulk of digital data that may be useful and needed to be parsed to gain insight, has gained manifold in volume. So now IBM has announced consulting services and software that will enable different people and organizations to perform efficient predictive analysis.
These new analytic services and tools offered by IBM will be very beneficial in letting the organizations parse through huge amounts of data and minimize the risk of fraud. What IBM is offering is a combination of IBM Research’s innovations plus predictive technologies of many other IBM-acquired companies.
The sheer size of data analytic market can be gauged from the fact that by 2015, about $120 billion will be spent by enterprises. According to senior vice president of IBM Global Business Services, ‘These new capabilities target the agendas of global business leaders operating in a world of accelerating complexity, unpredictability and massively available information. By integrating analytics into business processes and converting new insights into action, IBM is helping organizations transform big data from a threat into an opportunity, one that will be their most valuable natural resource.’
Part of the package being offered by IBM comprises of IBM Smarter Analytics Signature Solution. This solution from IBM allows embedding very advanced algorithms into business processes, hugely reducing the chances for fraud. It will enable organizations to detect fraud or similar attempts with the help of effective and efficient data analysis, for instance by digging through historic data.
With these new tools and services, IBM has further confirmed its leadership position in the strategic market for business analytics.
Image courtesy Patrick H.