When a new technology comes along it goes through a fairly predictable process of evolution, starting with a long period where nothing much happens as the market gets to learn what it’s all about. That’s followed by an equally fallow period of early adoption then, if all goes to plan, there follows a rush of ‘me-too’ products as the market finally wakes up to the benefits and everyone tries to get in on the action.
And that’s kind of where we’d got to with data analytics and visualization over the last couple of years, but it’s not the end of the evolutionary story by any means. The next stage is, typically, to find other ways of exploiting what a technology has to offer and integrating it into the wider IT landscape beyond the original brief. In the case of data analytics, that means the development of increasingly sophisticated modeling tools that turn the insights they provide into action through automated business processes, as part of the much talked about digital transformation companies are now looking to achieve.
It can also involve doing all of this in real time, to build what analyst firm Forrester has identified as an Insights-Driven Business able to apply data and analytics at every opportunity to differentiate its products and customer experiences.
Introducing the insight platform
To achieve these goals, the Insights-Driven Business model effectively combines data analytics with real-time action using business process automation together with other technologies we’re hearing a lot about these days, such as machine learning and AI (Artificial Intelligence). The end result is what Forrester refers to as Insight Platforms, and in their recent report identified TIBCO as a strong performer in this rapidly emerging space.
One reason for identifying TIBCO as having the strongest current offering is the way in which the TIBCO Insight Platform brings together familiar applications already recognized as leaders in their own spheres. Such as TIBCO Spotfire for data visualisation and dashboard creation, TERR (TIBCO’s Open Source R platform) as the predictive analytics engine that all TIBCO products engage with and add to that our streaming analytics solution, TIBCO StreamBase and automation tools in TIBCO BusinessEvents, and you have an Insight Platform that’s pretty hard to beat.
Using TIBCO integration technologies these components can be combined and deployed in concert to build the next generation applications needed to empower the Insight-Driven Business and take real advantage of what data analytics has to offer. Moreover, we’ve customers doing just that and gaining real competitive advantage from not only understanding how customers behave and how best to influence what they might do next, but doing it right now and already seeing the benefits in terms of competitive advantage.
Find out more by joining a webinar I’m presenting for The Innovation Enterprise titled Understanding your Customer and Turning that Insight into Actions. In this session, through two use case examples, I’ll be discussing how TIBCO products are used to develop insightful applications - one to enable businesses to deliver the right offers at the right time, while the other is all about understanding and curbing customer churn. You’ll also hear how TIBCO customers are using the TIBCO Insight Platform to not only turn customer insight into action, but also their customers into fans.