Trends and Outliers
TIBCO Spotfire's Business Intelligence Blog
2013
Data Analysis to Rule a New Manufacturing Era – Part 2
Developing countries have been the go-to options for US manufacturers for many years because of low labor costs. But a new global consuming class will have emerged by 2025 and the majority of consumption will take place in developing economies, according to a new report from McKinsey Global Institute.
This will provide a wealth of new opportunities for manufacturers in these emerging markets, especially given the recent decline in US manufacturing during the recession, according to the report.
But these opportunities are developing in a volatile new landscape with dramatic swings in the cost and availability of things like labor and natural resources – a landscape that combines with rising complexity, uncertainty and risk to create an environment that is far more uncertain than it was before the Great Recession, according to McKinsey.
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Filed under: Big Data Analytics, Manufacturing analytics
2013
Data Analysis to Rule a New Manufacturing Era – Part 1
As the world slowly recovers from the Great Recession, the competitive landscape for at least one sector – manufacturing – is entering a new era, ripe with opportunities but also fraught with challenges, according to a new report from McKinsey Global Institute.
The winners in the global manufacturing arena will be those companies that can adeptly harness big data with manufacturing analytics to uncover customer insight, identify new markets, monitor sensors and collect after sales data.
This is the first article in a series that delves into how manufacturers can effectively compete domestically and globally in the new post-recession era by wielding big data as a weapon to drive innovation and growth.
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Filed under: Big Data, Big Data Analytics, Manufacturing analytics
2013
Making Visual Data Pop for Top Brass
Chief among the critical areas of functionality for a business intelligence (BI) platform is its ability to offer end users rich visualization capabilities to enable and strengthen data discovery and data exploration.
These features are vital because they enable executives and other employees to access, analyze, and grasp large volumes of big data sets quickly and effectively, according to the Gartner BI Magic Quadrant.
Data visualization also lets executives and other end users view information in a variety of different formats and find previously unnoticed trends and insights that can help lead to business or operational breakthroughs.
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Filed under: Big Data, Big Data Analytics, Business Intelligence, Enterprise
2013
How to Deliver More Value with Your BI Solution
Does your BI solution deliver real value to your organization?
Most BI solutions under deliver value to organizations, Steve Dine (@steve_dine), founder of Datasource Consulting, opines over at Information Management.
Dine makes a very good point about why organizations continue to struggle with the “value” factor – it stems from three areas: “lack of business involvement, long delivery cycles and poor data quality.”
Using some of Dine’s recommendations for value-driven business intelligence, we’re going to look at three ways to find real value in your BI program and solution.
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2013
Data Analysis Powers Paradigm Shift for Insurers
Consumers are becoming increasingly demanding about the way they purchase products and services – a shift that is affecting every industry from consumer product goods to health care.
This new competitive landscape – where consumers expect the seamless choice and accessibility that online retailers offer – is also challenging the insurance industry, according to a study from PricewaterhouseCoopers.
The research report, “Coming to Grips with Market Transformation,” summarizes key findings from interviews with 92 insurance CEOs in 39 countries.
The report notes that the insurance industry is poised to evolve from a “reactive claims payer to preventative risk manager,” a move that’s powered in large part by data analysis and data discovery.
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Filed under: Big Data Analytics, Data Analytics, Insurance, Predictive Analytics
2013
Data Analysis to Unearth Banking ‘Silk Roads’
It likely will not be as Herculean an effort as it was for China’s Han dynasty to expand the Silk Road trade routes, but banks are turning to big data to help uncover their own Silk Roads, according to a recent Wall Street Journal article.
Four of the nation’s largest banks are beginning to exploit data analysis to successfully tap into the gold mine of information often hidden in big data, unstructured data like social media posts and call center notes that don’t easily fit into conventional databases.
For example, JPMorgan Chase & Co is combining its credit card and transactional data with publicly available information from the US government to unearth consumer trends, which the bank is then offering to its clients.
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Filed under: Big Data, Big Data Analytics, Financial Services, Vertical Markets
2013
Strengthening Customer Loyalty via Data Discovery
One of the strengths of analytics tools is their ability to reveal previously hidden insights about customers to help companies strengthen their relationships with those customers.
This includes mining information that customers share in social media channels and contact center interactions that can uncover the types of things that matter most to customers (e.g., timely service, consistent experiences, private shopping opportunities).
Strategies for attracting and retaining customers are much simpler when efforts to drive repeat business are largely centered around segmenting customers and creating the right incentives and rewards to earn loyalty, as a recent article in Information Management highlights.
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Filed under: Data Discovery, Financial Analytics, Financial Services, Retail
2013
Applying Analytics to Manufacturing Capacity Planning
As manufacturers continue to face intensified global competition and increased pressure on profit margins, they can use analytics to identify ways to improve efficiencies and run their operations more effectively.
“Virtually every facet of the manufacturing operation – product design, customer relations, finance, risk, supplier and partner management, and sales and marketing – is now on a quest for more accurate and accessible information,” according to a Deloitte post in The Wall St. Journal.
Analytics can help manufacturers with a number of opportunities including the ability to identify, quantify, and prioritize margin improvement opportunities by delivering thorough information that provides insights into SKU velocity, price band and segment performance, etc.
2013
Why Businesses Without Analytics Are Non-Starters
Thinking back on last week’s Gartner Business Intelligence Summit in Barcelona, I’m struck by how important context is to what we take away from conference presentations.
For example, one of the Gartner keynoters drew the analogy between cars on the road 30 years ago and analytics today.
“Remember how back before the mid-1980s cars wouldn’t always start when you needed them to? Then the auto manufacturers applied technology and innovation to ensure that their products always started up as a matter of course, he said.
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2013
Video: How Data Visualization Helps Customer Complaint Management
In a recent webcast, Ram Ramachandran (senior manager), Lisa Ducharme (senior manager for customer experience practice) and Jacob Thiel (manager) of Ernst & Young Financial Services, explain how visual data can make customer complaint management more effective.
By leveraging data visualization, a manager or executive can track complaint resolution as well as associate workload and analyze opportunities for service improvement.
In addition to helping the manager improve processes and customer experience, leveraging visual data analytics for customer complaint management decreases costs and offers a much deeper view of the customer relationship.
Ducharme, who specializes in helping banking institutions improve the customer experience, says that these institutions can benefit from better complaint management via visual analytics.
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