TIBCO’s release of Spotfire 6.0 is big news in decision management, with substantial implications for companies looking to close the loop between data insights and action. But what are the benefits of bringing these two processes closer together when we already use data analytics to inform business decisions? Don’t businesses already enjoy the benefits of this relationship?
Two Loops Coming Together
The diagram below shows two loops—one represents how insights come about—capturing, understanding, and modeling data. The other represents how we act—through monitoring, deciding, and acting on events to constantly understand and anticipate future action. The intersection of these two processes is a big leap forward with Spotfire 6.0.
Reducing Lag
Previously, businesses operated with insight and action, often disconnected by a lag in knowledge. For example, if a company was running a back-to-school sale, they forecast promotion performance before the event, targeting consumers and monitoring performance at different points throughout the process. The processes of analysis and execution could be separated by days, but with Spotfire 6.0 the entire decision process can happen in real time.
Making Real-Time Decisions
As someone who has experience implementing promotions in packaged goods, I can see the benefits of bringing these crucial processes together to dramatically shape the way I run events. There’s so much pre- and post-work associated with these types of promotions, but the lag in data during event execution always creates a nail-biter. If (I knew) the tactics of a program were going well, I would extend the promotion. If they weren’t going well, I would want to conserve funds and cut bait as soon as possible. However, I usually don’t know how well something has worked until it’s pretty much over. Historically, by the time I’d get a good grasp of the data and the analysis, it was too late.
But with insight and action occurring simultaneously in real time, decision-making timescales are transformed and the pace by which businesses can adapt with analytics is dramatically shortened. That’s great for my consumers and even better for the day-to-day management of my business.
To learn more about decision management, check out Spotfire Event Analytics.
