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Big data is creating new opportunities for data-driven enterprises, and turning more and more companies into competitive digital businesses. The IRI Voracity data management platform consolidates big data discovery, integration, migration, governance, and analytics in an affordable, agile Eclipse framework that IT and business users, data scientists, and data security teams can share.
Take a look at just some of the opportunities in big data that Voracity can help you leverage!
BFSI
Expose Insurance Fraud
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Tracking transactions in one account, lender, or provider is easy. But across thousands or millions or transactions, the data can become too large and interwoven to handle, which creates the opportunity for risk. Use Voracity to sort and filter data for values out of range. Join values against known problems or people to identify suspicious transactions, and flag events that “fit the profile” of fraud. Tie your own algorithms to Voracity jobs, and use the visualizations you prefer in its GUI. Combining data munging and mining helps find and disable accounts faster so you can prevent losses and enforce laws more effectively.
Optimize Loan Performance
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Commercial lenders can leverage big sources of external and internal data to avoid risky loans. In addition to the borrower’s credit history, they examine legal regulations and market forces, climate, social data, industry repayment statistics, and the financial health of similar businesses in the region. With this information, repayment rates can be adjusted to match the weight of these factors before they ever become an issue. Use CoSort or Hadoop engines in Voracity to filter, sort, join, aggregate, mask, and hand-off these data points to tools like Tableau so visualizations can materialize at least 8x faster.
Assess Credit Risk
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Credit risk scoring was one of the first applications of big data in the financial services industry. It started decades before Hadoop and advanced analytics in large credit bureaus like Equifax using CoSort and big servers to sort and integrate millions of historical data points. Companies like CoreLogic use similar techniques, and can now leverage CoSort and Hadoop engines in Voracity to blend traditional credit data with sources like utility bill and rental payments. This can improve score accuracy, and facilitate bank and non-bank lending, marketing, and collection for previously unscorable, or higher-risk, borrowers.
Telco/Media
Monetize CDRs
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Telecommunication and cable companies have a unique position in the world of big data in that their customers provide valuable, granular information every time they use a service. Onboarding and Call Detail Records (CDRs) provide data ranging from demographic and geographic to device usage and content preference, as well as predictive data from call, SMS, web, and app history. Use Voracity to process CDRs and clickstream data not only for billing and analytics, but for legal investigations and infonomics; i.e., selling what’s permissible to “affiliates” who can use preference data relevant to their businesses.
Anticipate Trends
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Big data means data extracted from traditional and current sources of consumer preferences to trend the demanded and popular content. Use Voracity to extract string and pattern-matching values from social data from Hubspot and Marketo, and mash it up with internal transaction and public demographic data to identify viewing, surfing, and spending habits, establish ratings and rankings, understand opinions, and discover other factors that identify target audiences and predict the kinds of content your customers or prospects will want … before they even know they want it.
Transport
Improve Traffic Flow
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Street cameras, highway sensors, speed monitoring devices, cell phone apps, weather reports, and other traffic-related devices are automatically generating more and data. Your agency can process it rapidly in Voracity data integration engines and feed that data to BIRT in its Eclipse GUI, which in turn works with Integeo to produce geospatial maps. See how weather is affecting congestion and safety conditions. Acknowledge and respond to accidents and other hazardous incidents to keep roads freely flowing. Analyze all of this information as it comes in, and better manage the roads you run.
Ride the Data Train
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Railroads use big data for track safety, departure scheduling, fare setting, scheduling, fuel savings, and cargo security. For example, acoustic and visual sensors beneath each car feed can feed predictive analytics to detect track and wheel problems before a derailment. Other sensor data from rails, switches, brakes, engines, and terminals can be integrated with weather data to making timetable, staffing, and freight delivery adjustments. Churning origin and destination data with historical and competitive price in Voracity helps Sabre airline and rail customers predict demand, and thus help them forecast, price, and allocate, and book seats, employee scheduling, shipping capacity, etc.
Healthcare
Improve Treatments
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Patient health should be evaluated as a spectrum, not just through discrete data points from hospital or office visits. Blood pressure and glucose checks, pacemaker-to-EMR feeds, etc., produce data streams for more holistic patient observation. IoT healthcare data can flow through slowly changing dimension or changed data capture reports in Voracity to compare new data baseline and diagnostic values that can spot abnormalities. The same workflows can also produce visualizations, and email patients and physicians with reports before a crisis occurs … potentially improving treatment outcomes, and saving lives.
Individualize Therapies
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Data on human cell-lines and the genetic and environmental factors that affect them produce phenotype data, which in itself is a great source of knowledge. Drug studies conducted on known human and mouse phenotypes reveal changes in gene and protein expression in their cell-lines. Voracity can help you rapidly integrate genetic data into single-node-type networks, gene-set libraries, and bi-partite graphs so you can reveal more relationships between genes, drugs and phenotypes. This kind of digital science application to biodata can help produce more individualized, and effective, therapies.
See the Whole Patient
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Much like the unified view of the customer, the unified view of the patient can be a golden electronic medical record (EMR) containing their medical, pharmacological, and family history, plus demographic, diagnostic, treatment, and prognosis data. Voracity can join dimensional data in different files or tables to a patient, remove duplicates and reconcile conflicts, and de-identify protected health information (PHI). These data integration, cleansing, unification (MDM), and masking features help you create HIPAA-compliant views of patients to improve medical care and support research.
ECommerce
Micro-Target Customers
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Customer data you record at different touchpoints is often inconsistent, or in disparate silos. And now with even bigger sources (e.g., social, mobile, and demography) to analyze for promotion, loyalty and sale decisions, the problems of standardizing, correlating, and leveraging all this data grows. Yet so does the business opportunity, as big data affords larger frames of reference for trend analysis, and “higher resolution” views of each customer. Use Voracity to segment purchase groups for targeted marketing, and to create holistic, unified views of each customer that help you customize service and build loyalty.
Leverage Buyer Psychology
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Knowing the products customers want is key to understanding when and where to supply them (in-store, on-line, or geographically). Use sales data, survey responses, demographic data, and social media to identify color, style, and design preferences, for example, and tout what’s popular to increase brand appeal and peer permeability. How? Use the data integration and analytic features in Voracity to munge buyer behavior and sentiment data against seasonal, regional, weather, and other factors, and mine it with regression analyses that reveal trends. Act on them before competitors do to win more market share.
Price More Intelligently
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Big data helps retailers track market forces, demand trends, income demographics, and pricing histories in order to adjust inventories and prices, and plan sales events. They get in front of changing business conditions to avoid lost opportunities and mis-timed spends. Use Voracity to integrate preference and pricing data from retail data brokers, public data, your own pricing history, and competitive research. By identifying and understanding these trends, you can fine-tune pricing to: meet market conditions, preempt competitors, and improve profits with better-timed discount start, and profitable stop, dates.
Energy
Conserve via "Ernenet"
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Thanks to the growth of smart sensors and the big data they produce, business and home owners can track their energy usage and reduce waste in ways could not before. The Pecan Street Research Project in Austin collects 90 million unique electricity use and voltage reads a day from only 900 meters. Smart meter technology and devices like WiFi-enabled thermostats communicating over the Internet (the “Enernet”) can drive data through tools like Voracity to create detailed audit reports (that look more like cell phone bills) so customers can better identify energy use, and prevent or minimize waste.
Master the Grid
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Beyond Enernet sensors, grid management technology now exists to measure, sense, and report on the condition of every part of a grid in real-time. Troubleshoot customer issues and discover exactly where the problems lie, extract data to expose potentially systemically-weak parts and systems before they become a wider threat, and monitor the movement of energy. By correlating this data with weather or other demand factors in Voracity, you can understand when to shift energy usage to save money, which lines to inspect or repair, and make site-specific recommendations remotely.
