New Smarter IBM Analytics

The quantity of financial sector data is increasing at some 70% a year, says an article in CIO.  So it is clear that even if small and medium, size businesses don't have 'big data' today, it won't be long before they do.  In addition it used to be entirely about gathering your own data, but now in addition there are increasing sources of econometic and search able predictive and even completely public data that make it easier to come to useful conclusions.   You just need to have a toolbox of methods that are easily applied to the data to make it useful.  In addition, there are new methods that deal with specific vertical known problems that are wasting personal and enterprise problems.  A recent example is IBM has done with its smarter analytics solutions:

"The IBM Smarter Analytics Signature Solutions include the IBM Smarter Analytics Signature Solution - Anti-fraud, Waste & Abuse. Each year, health care fraud tops $250 billion, according to the FBI. Tax fraud costs billions more. IBM's adaptive systems learn from the latest data, helping to protect against emerging fraud. The solution embeds advanced algorithms directly into business processes, providing government agencies and insurers with the ability to detect fraud in real time - before funds are paid out. Using IBM's sophisticated analytics, the solution recommends the most effective remedy for each case, optimizing an organization's finite resources. For example, the system might recommend that a simple letter requesting payment be sent to resolve one case, while recommending that a full investigation be opened in another case .." 

As we continue to see this increase of available data, new examples of tailored problem-specific solutions will continue to emerge.   They will also start to include specific expertise for these areas, so that the application of the analytics methods will no longer need room fulls of experts for their application.

In addition the methods will leverage pattern recognition techniques to first detect the problems, then apply the  right methods to solve them.  So it all about being smarter.  Being smart is first knowing you have knowledge about a substantial problem, gathering the right data to support a solution, finding a solution that can be applied and adapted to the given problem and then support the decision maker to apply the right solution correctly.


Such smarter solutions are what every size organization needs.

This post was written as part of the IBM for Midsize Business program, which provides midsize businesses with the tools, expertise and solutions they need to become engines  of a smarter planet. More on that here: goo.gl/VQ40Cg