Open Source Business Intelligence Tools Aiding Global Insurances – ARMONK, N.Y. , Nov. 3, 2022 /PRNewswire/ — IBM (NYSE: IBM ) announced new software designed to help businesses break down data and analytics silos to make faster data-driven decisions and manage unpredictable disruptions. IBM Business Analytics Enterprise is a suite of business intelligence planning, budgeting, reporting, forecasting and dashboard capabilities that provides users with a powerful view of data sources across the entire business. In addition to IBM Planning Analytics with Watson and IBM Cognos Analytics with Watson, the suite also includes the new IBM Analytics Content Hub, which helps simplify how users find and access analytics and planning tools from multiple vendors in a personalized dashboard view.
According to a Forrester report in August 2022, organizations supported by advanced insights are 1.6 times more likely to report using data, analytics and insights to create experiences, products and services that differentiate them in the market compared to newcomers.
Open Source Business Intelligence Tools Aiding Global Insurances
. However, companies today face a highly dynamic operating environment where they must navigate unpredictable events such as supply chain disruptions, labor and skills shortages, changing regulations and more. The complexity of storing data in different silos can make this more challenging as teams collaborate across multiple analytics and business intelligence tools. To become a database, companies can differentiate themselves by creating a corporate strategy that allows them to integrate tools and put insights into the hands of decision makers.
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Building on our existing portfolio of business intelligence solutions, IBM Business Analytics Enterprise includes the new IBM Analytics Content Hub. It is designed to allow users to view planning and analytics dashboards from various vendors, including tools such as IBM Cognos Analytics with Watson, IBM Planning Analytics with Watson, and other common business intelligence tools in a single view that combines elements of each in a dedicated. unique needs dashboard. In addition, it features algorithms that can recommend content based on roles to help users discover new stories, reports and dashboards from across the organization to help them make decisions. As more users click on material in the IBM Analytics Content Hub, the solution analyzes usage patterns to recommend content that matches their specific interests.
New capabilities for IBM Cognos Analytics with Watson; IBM Planning Analytics with Watson is expected to be available on AWS
With today’s news, IBM Cognos Analytics with Watson, an AI-powered business intelligence solution, now also includes new integration capabilities and improved forecasts that allow users to consider more factors and seasons in forecasting trends. In addition, IBM Planning Analytics with Watson, an AI-powered solution that helps simplify financial and operational planning, is expected to be available as a service on AWS later this year.
IBM Business Analytics Enterprise is designed to help break down silos so the right team can get the right data at the right time. For example, the organization’s sales, HR, and operations teams need access to data and insights from a variety of business intelligence and planning tools for specific needs, such as optimizing sales targets, building workforce forecasts, or forecasting operational capacity. But when data and reports need to be shared between departments, complexity can arise as the team uses different solutions. This can lead to duplicate content in applications, which can compromise data consistency and quality. IBM Business Analytics Enterprise helps make corporate data easier to share while keeping it protected and avoiding data duplication by giving users across departments a single point of entry to view the data they need.
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“Companies today are trying to become data-driven more than ever in the face of unexpected supply chain disruptions, labor and skills shortages, and regulatory changes,” said Dinesh Nirmal, general manager of data, artificial intelligence and automation, IBM. “But to be truly data-driven, organizations must be able to provide diverse teams with more comprehensive access to analytics tools and a more complete picture of business data, without compromising compliance, security or privacy programs. IBM Business Analytics Enterprise offers a way to consolidate analytics tools in one view, regardless of which vendor or where the data is.
ALH Gruppe is a leading financial and insurance company in Germany, and with thousands of employees needing access to data insights, most of whom are not data scientists or technical users, they are looking for a solution to simplify their data infrastructure.
“We have been using IBM Cognos Analytics with Watson for more than ten years to support decision-making of all kinds in our business. We often use it in combination with other business intelligence tools, and one of the challenges is that these tools always sit on the other side without having any connection in between and the data is separated,” says Bernd Oerthle, head of reporting and analytics infrastructure, ALH Gruppe. “With the new IBM Analytics Content Hub, we plan to connect internal stakeholders with a variety of BI solutions to easily access self-service data, in order to better support end users.”
The launch of Business Analytics Enterprise further builds on IBM’s strategy to provide businesses with tools to support data-driven decision-making. IBM Cloud Pak for Data and IBM Business Intelligence solutions work together to help clients create a data architecture that simplifies data integration, enabling them to run analytics anywhere and take advantage of data in their environment.
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Learn more about IBM Business Analytics Enterprise by reading this blog post or get started today by visiting: https://www.ibm.com/products/business-analytics-enterprise
Statements about IBM’s future direction and goals are subject to change or withdrawal without notice and are indicative only.
IBM is a leading global provider of hybrid cloud and artificial intelligence and business services, helping clients in more than 175 countries leverage insights from data, streamline business processes, reduce costs and gain competitive advantage in their industries. Nearly 3,800 government entities and companies in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to drive digital transformation quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services provide open and flexible capabilities to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, accountability, inclusiveness and service. For more information, visit www.ibm.com. In this article, we will discuss how digital transformation applies to the insurance sector, the benefits and challenges facing the industry as a whole, and what can be expected in the future.
The insurance industry has undergone tremendous changes not only in the last few years, but also in the last ten years. Low rates over the past 12 years have meant safer investments for insurers, and companies have been tested again by increasing claims in 2020-2021 due to the coronavirus pandemic. In addition, customer expectations are changing at digital speed – and service providers are expected to continue to do so.
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According to a recent study, 43 percent of customers will leave their current service provider if it becomes difficult to get support or service (Accenture, 2017). Digital transformation can help insurers meet new customer expectations and needs by expanding product development and offering channels such as a digital-first experience and 24/7 support. In addition, digital capabilities can help achieve operational goals such as fraud prevention and assist with Integrated Risk Management (IRM) initiatives.
In essence, digital transformation is the process of using technology to create new – or improve existing – business processes, products or services. This can be done using new technologies, such as artificial intelligence (AI), big data, the Internet of Things (IoT) and robotics.
One of the earliest examples of digital transformation in the insurance sector is the use of scanners and complex algorithms for more accurate insurance premiums. This increased accuracy results in insurance companies being more profitable and also able to better manage risk. In the late 1990s, insurance companies began using the Internet to sell insurance products directly to consumers. This has created a new source of revenue for insurance companies and has also helped increase customer loyalty and retention.
In recent years, insurance companies have used digital technology to drive further transformation in the way they do business. For example, insurance companies are now using data analytics to better understand customer needs and preferences and to identify new opportunities for growth.
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Other factors driving the transformation include the increasing digitization of the economy, new technologies such as the Internet of Things (IoT), and the changing needs and expectations of insurance customers. Today’s insurance sector is more focused on customer experience, making data-based decisions and providing innovative products and services that meet the needs of the digital world. This transformation will continue in the coming years, as insurance companies increasingly adopt new technologies and approaches that will help them remain competitive in a rapidly changing market.
The insurance industry is under pressure from digitization to remain competitive. Consumer expectations have changed and customers now expect a digital experience from insurance companies. To meet these expectations, insurance companies must digitize their products and processes. This digital transformation will enable insurance companies to increase customer engagement, streamline operations
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