I'm going to be live blogging the IOD 2011 Conference Opening General Session. (Check back here for updates, or follow along live at http://www.ibm.co/iod11 )
First speaker - Jeff Jonas, IBM Distinguished Engineer. Enterprise Amensia - having two pieces of information in the organization that aren't connected.
Organizations are getting dumber - increase in available information, but large gap between sensemaking algorithms
Major retailer found two out of every thousand people they hired had already been arrested for stealing... from the same store!
Analogy between trying to extract value from enterprise data and trying to do a jigsaw puzzle (with missing pieces, duplicates and "false negatives")
Big Data. New Physics
More data: better the predictions
Lower false positives
Fewer false negatives
More data: bad data... good
Suddenly glad your data was not perfect.
More data: less compute [the last few puzzle pieces to put together go faster than the first ones]
Sense and Respond --> Explore and Reflect
Closing thoughts - The most competitive organizations are going to make sense of what they're doing while there's still time to do something about it.
Sarah Diamond - Managing Partner, Financial Services, IBM Global Business Services. Firms must dramatically improve their levels of transparency and level of data and analytic capabilities to satisfy regulators, successfully manage risk and enable growth.
HP Bunaes - Senior Vice President Corporate Risk Management, SunTrust
In 5 years SunTrust made quantum leap in analytics.
Each region used to have to fend for itself. Now standardized reporting as a shared service
Used to use Excel and ccess, now Data Warehouse and Business Analytics
Intranet portal fo one-stop shopping and self-service.
Now put customer in center - everything produced is client relationship based.
No more tower of Babel problem - standard definitions and quality metrics.
Can now do in seconds what used to take days to do.
Managers and lines of business used to divert hundreds of people to create reports, now they can focus on growing their business.
One of lines of business was in auto finance. Could use tools and data to build sophisticated models on exposure to auto dealers at granular level. Similarly, exposure to homebuilders. Thanks to data, knew exactly what exposures where and knew strengths/weaknesses of every single builder. Allowed to mitigate risk. Residential mortgage business took a beating. Could use tools to isolate areas of stress... concentrated in a few narrow segments, while most of the business held up well. Informed loss mitigation strategies and could focus where stress was worst. And could provide that to analysts, investors and regulators.
Paul Edmisten, Senior Vice President, Corporate Business Intelligence and Analytics, SunTrust How take those capabilities and explore over Sun Trust. Transform to take analytics across company. Launched strategic initiative to differentiate based on analytics. What was series of siloed teams has come together under common operating model.
Analytical value = managed data + talented people x embedded analytics
All 28,000 people in company needs to understand value of data (down to the teller).
How use analytics: 1. Risk Analytics- Understanding/modelling risk 2. Finance Analytics- Increased value when overlay risk and finance analytics - e.g., risk-adjusted profitability. (Probability of default for given protfolio) 3. Operational Analytics- Call centers, lending operations, bank operations. Embedding analytics inside of workflow systems and imaging. Can be smarter in how process loans, be more effective and sensitive to clients' specific needs. Or can use to determine where to place ATMs. 4. Client Analytics - e.g., Amazon knows what you want to buy next... want to understand full relationship to better offer, bundle products.
Video highlighting benefits seen by companies like Directv and Pepsi
SVP IBM Software Solutions Business Group - Mike Rhodin Outcomes that are possible when harness information and make it work for you instead of against you. Innovation across industries is opening new possibilities for business optimization. Analytics create a competitive advantage. More organizations see analytics as competitive advantage. 57% increase in organizations citing it as an advantage over same survey in 2010. Organizations competing on analytics substantially outperform their peers - by 220%. 60% of CEOs agree they have more data than they can use effectively. The performance gap is widening - Organizations that apply advanced analytics achieve more profit growth - 12x
Opportunities for analysts exist across the business: 71% of CMOs see data explosion as having the biggest impact 25% of CHROs using analytics to make future workforce decisions 74% of CFOs see a need for faster decision making.
By embedding analytics into the fabric of your business processes, businesses can anticipate and shape business outcomes.
Becker Underwood - 50% increase in inventory turns. (They were making decisions based on rearview mirror. Now can make more accurate predictions to better manage inventory. More timely and accurate raw material orders.)
JM Family Enterprises - $2.1M annual call center savings
Santam Insurance (South Africa) - Saved $2.4M in just 4 months, improved claims processing by 70%. Automatically scored each claim based on risk level and moved on to appropriate group to process. Identified pattern of fraud by major crime syndicate in first 4 months, leading to $2.4M in savings.
Vivo (largest mobile provider in southern hemisphere) - Reduced campaign execution time by 86% by use of Unica.
Algorithmics - IBM closed acquisition last week. Financial risk management - 4,000 risk factors monitored.
SVP Middleware Software, IBM Software Group - Robert LeBlanc Possibilities today - Information from everywhere, radical flexibility, extreme scalability We need to adapt to these changing set of requirements. Key question: Is your information strategy bold enough?
Are you prioritizing and delivering specific business outcomes in your industry
Are you applying the right technology?
Do you have a proactive partnership between business and IT?
Have you made an investment in innovation, skills and IT efficiency?
Has your organization made a lasting commitment to strategic/cultural change?
Think about the platform you have that supports information, that supports what you're trying to do around analytics and information in your org.
HealthNow - needed one view of the client. Now provide better care and are saving $5M a year.
Hennepin County (Minnesota). Improving child welfare and saving $2.5M annually. Integrated case management, across paper and electronic. Now case workers have infor they need and can spend more time in field with clients.
Pacific Northwest Smart Grid - $178M smart grid project. Tapping into new information sources.
GM, Information Management Software - Arvind Krishna How harness info to turn into insights and turn insights into increasing revenue and profits. The key is turning insight into action.
Announcements this week: DB2 Analytics Accelerator - leveraging Netezza. Improving speed of queries by 10-100 times IMS 12 - doubling performance to 60k transactions per second Both reduce cost of managing data
IBM Content and Predictive Analytics for Healthcare - natural language processing, speech, info from diverse sources. IBM Case Manager v5.1 - bringing together case management and business process management
InfoSphere MDM10 InfoSphere Information Server 8.7 InfoSphere Optim Test Data Management Self Service Center --> Reduce time it takes to get capabilities into production.
Cognos with native iPad support (search Apple App Store for Cognos Cognos BI v10.1.1 - Speed and Flexibility Sneak peek in the labs - Analytics go Personal (breakthrough analytics performance on the desktop)
Algorithmics - address market, credit, operational and liquidity risk
Q1 Labs - pending acquisition - managing security
InfoSphere BigInsights and InfoSphere Streams - bring together any data source, at any velocity, to generate insight; enterprise class platform to enable creative discovery
BAO Jumpstart Services - driving deep insights from over 2,000 client workshops that have done.
Watson Analytics in Action (demo)
Thu, Oct 9th 2014 3:11p Adam Gartenberg Do you want to see how easy it is to add data and see the resulting analysis from Watson Analytics? Here's a demo of how a fast food chain could analyze the impact of different marketing campaigns they tried out in test markets. [read] Keywords: ibm
Introducing Watson Analytics: Analytics for Everyone
Tue, Sep 16th 2014 11:11a Adam Gartenberg When you've got a new solution being compared to the transformational power of the spreadsheet and the iPhone, you just might be on to something. From Steve Lohr in The New York Times: Developing technology is one thing; democratizing it is another. The latter involves finding the innovation that opens the door to widespread adoption with usefulness and usability. In the personal computer era, it was the spreadsheet that transformed a hobbyistsâ plaything into a must-have machine in co [read] Keywords: collaboration
Your Participation is Needed: 6th Annual Analytics Survey
Tue, Jul 22nd 2014 9:11a Adam Gartenberg IBM's Institute for Business Value is currently collecting responses for the 6th annual IBV Analytics survey, and needs your participation. The survey, the largest of its kind in the industry, will investigate how organizations can create a competitive advantage with big data and analytics. Responding will only take 15 minutes, and all responses will be anonymous. If you opt in to register (your contact data will be disassociated with the survey data to ensure privacy), you will be sen [read] Keywords: ibm
$600 Early Bird Discount for Insight 2014 (formerly IOD)
Wed, May 21st 2014 11:11a Adam Gartenberg Early bird registration for Insight 2014 (formerly Information on Demand) is now open. Registering now will save you $600. The call for speakers is also open, so if you've got a topic you'd like to present, please go ahead and submit it. You can learn more about the conference curriculum and see highlights of past conferences here. Register today! [read] Keywords: ibm
Putting analytics into the hands of decision makers
Tue, May 20th 2014 1:10p Adam Gartenberg As far as analytics has come in recent years, there are still challenges around making sure that the data and analysis gets into the hands of the people who need it most in a timely and easy to understand fashion. At the IBM Vision conference today, IBM made announcements that will bring us one step closer to making the notion of "analytics everywhere" a reality. The new technologies previewed today include: An analytics offering now available on the IBM Cloud Marketplace that can manage [read] Keywords: collaboration
Amtrak Writer’s Residencies - Social media done right
Thu, Feb 20th 2014 11:11a Adam Gartenberg Via @austinkleon (Link to his post with more detail). Excellent job, @Amtrak. Amtrak writerâs residencies Hereâs what went down: in his PEN Ten interview, @AlexanderChee was asked where he best liked to write: I still like a train best for this kind of thing. I wish Amtrak had residencies for writers. Thatâs it. Two sentences. And then this happened: [read] Keywords: twitter
IBM Predictive Analytics to Detect Patients at Risk for Heart Failure
Wed, Feb 19th 2014 3:11p Adam Gartenberg More great work coming out of our analytics group, working in partnership with leading healthcare providers and IBM Business Partners. ARMONK, N.Y. - 19 Feb 2014: IBM (NYSE: IBM) today announced that Virginia health systemCarilion Clinic has indentified 8,500 patients at risk for developing heart failure in a pilot project that could lead to early intervention and better care for these patients. The pilot was completed in collaboration with IBM, Epic and Carilion Clinic. The results were [read] Keywords: collaboration
Quantified Athletes: Using Analytics to Reduce Injuries
Wed, Feb 5th 2014 12:10p Adam Gartenberg Those of you who attended the IOD conference back in 2011 were treated to an interview with author Michael Lewis and Oakland A's general manager Billy Beane, of Moneyball fame (amongst many other achievements). One comment that's stuck with me was a question tossed in at the very end of the interview. Billy Beane was asked how it's possible to still get a competitive advantage from the type of statistical advantages he discovered, now that everyone was on to the approach (and, as he comm [read] Keywords: ibm