Next up in this transformations series is the sixth enabler: sense and respond systems. These systems are critical to the transformation agenda, as most of the disruptive technologies likely to impact the enterprise in the next decade have data at its core. The resulting data explosion promises to complicate information management for most companies. As the speed of business accelerates and the amount of data flowing through company ecosystems expands, the need to sense stimuli and enable a real time response intensifies. Fortunately, rapid advancements in the price and performance of technology make realizing this sense and respond paradigm achievable and economical for a wide range of use cases – but this is arguably one of the most difficult components of transformation road maps.
Tag Archives: Text Analytics
The explosion of data and content is not limited to social media and represents a top of mind issue for many companies. The opportunity exists to create unprecedented business value – but there are significant hurdles like greater risk exposure, more complicated risk management, and difficulty extracting relevant insight from large volumes of data.
As volume grows, automation is critical. For example, social media monitoring is a common practice today, one that becomes increasingly ineffective and costly as the social web expands. Monitoring tools that enable the analysis of dialog on social networks like LinkedIn, FaceBook and Twitter provide a basic level of insight. But a deeper level of insight still requires a manual process, where irrelevant content is filtered before finding meaningful insight. Information management is therefore a growing challenge.
This very good Article by Anand S. Rao discusses the growing use of predictive analytics in the Insurance Industry. I believe Mr. Rao is right on the mark – although I continue to emphasize the expanding role of Text Analytics in the analytic value equation. In this article, he identifies some of the drivers of predictive analytics adoption.