"Unlike traditional business intelligence tools, which for the most part aggregate historical trends only, Spotfire 3.1 projects them forward with what-if scenarios," says Mark Lorion, vice president of marketing for TIBCO Spotfire. "Anyone in the company can ask questions on demand and our analytics will provide future predictions based on behind-the-scenes data-driven methods. Users don't have to understand the methods. They just have to ask the questions - and they get answers instantly rather than waiting days like you would with today's business intelligence (BI) tools."
Spotfire 3.1 in action
Let's say you're trying to promote a new product in the consumer goods market. Spotfire 3.1 lets you choose input variables based on what you suspect might be driving the advertisement response, such as price, discounts, packaged offers, age of the respondent or length of time as a customer. You would then press a button that asks, "Are these related?"
After you push that button, Spotfire 3.1 works behind the scenes to run predictive models, using analytics and statistics to compile sensitivity analysis and correlations, then return a colorful graph that shows the response rate and which factors are most closely correlated to people clicking on your advertisement.
The software's multiple scale bar charts and combination bar and line plots offer analysis of unstructured, ‘free-dimensional' data to identify key outliers and trends amongst the data.
While BI gives you historical data, the predictive analytics aspect of Spotfire 3.1 offers insights into what could happen next time you run a similar promotion. It can also help you fine-tune your promotions by targeting the customers that clicked on your ad, or offering different promotions to different audiences - and it does it almost instantly.
Unlike traditional BI or static spreadsheets, Lorion says Spotfire 3.1 also includes conditional coloring and lasso and axis marking that allow for better data analysis of patterns, clusters and correlations among sets of variables. The software's multiple scale bar charts and combination bar and line plots offer analysis of unstructured, "free-dimensional" data to identify key outliers and trends amongst the data.
"IT organization and statistician groups aren't able to respond quickly enough to the many questions that arise from business users, so they go to their gut," Lorion says. "Spotfire lets you make fact-based decisions rather than gut-based decisions."
Spotfire 3.1 works in tandem with Spotfire Application Data Services to let companies analyze data from various sources, including SAP NetWeaver BI, SAP ERP, Salesforce.com, Siebel eBusiness Applications, and the Oracle E-Business Suite.
A good VoIP provider will offer additional benefits as well, but many first-time buyers find assessing each option to be difficult. Nevertheless, this is an important step in the buying process because a substandard provider can easily waste both your time and money. more
While this may have been true at one time, the days of BI requiring a dedicated team of experts to implement are over. Self-service solutions are making it possible for everyone, including small, local businesses, to easily implement BI in their decision making process. more
A contact center often brings about a prospect’s first real-time interaction with your company. As such, if it’s not a positive one, they’ll likely look elsewhere for help. With 69% of Americans more inclined to recommend a company to friends and family after a positive customer service experience, you’ll need to exceed expectations on the following fronts. more