Today we’re launching a new breakthrough in analytics: TIBCO Spotfire X. As we’ve shared Spotfire X with business intelligence (BI) industry analysts, many have told us that we’ve created something that’s very rare in the BI market – a truly new innovation. Why are they making that claim?
A few years ago, we set out to revolutionize the Spotfire direct manipulation model using three new technologies: natural language, artificial intelligence (AI), and streaming data. The result is the ground-breaking Spotfire X.
Let’s start with natural language. The first innovation for Spotfire X was to bring natural language to the interface so essentially it acts like Google for your business data. For example, if you see that sales promotions in your region are doing poorly, now you can simply type: “Campaign performance by region” and be shown the factors that impact performance. So the first breakthrough of Spotfire X is the fusion of natural language query with direct manipulation for faster speed to insights.
The second exciting technology we leverage in Spotfire X is artificial intelligence (AI). Today, our world generates way too much data for humans to process, so math and statistics are necessary to augment understanding. The problem is, not many of us love statistics and math! So we are bringing AI to the fingertips of non-mathematicians, to build on our new natural language capabilities.
You can see the impact of AI in every business today, even Formula One™ racing, where TIBCO once again helped Lewis Hamilton to his fifth Formula One driver’s title. A single Formula One race car generates more data points in one trip around the track than there are books in the Library of Congress. Without machine learning, the Mercedes-AMG Petronas Motorsport race team would have no chance to understand which factors contribute the most to performance. Spotfire, combined with AI, helps them do that more easily than ever before. This is the second breakthrough of Spotfire X: the fusion of AI and machine learning with a human interface. Now, as you’re exploring, our algorithms are working with you and recommending what the user should look at next.
The third innovative technology we’ve built into Spotfire X is streaming data. Data in motion is the foundation of the modern enterprise nervous system: IoT data, customer interactions, and transactions are now streaming across the enterprise. Spotfire X makes it simple to connect to data in motion: just drag in a connection to streaming IoT data just like you would load an Excel spreadsheet. The insights you gain are extraordinary. Literally, with every change in the stream of data, Spotfire updates your visualizations in milliseconds. Analysts can compare live conditions to what happened yesterday, last week, or last year. Statistical models can be applied to the stream to predict what might happen next, so you can act at the speed of your business.
The disruptive possibilities of live BI are limitless. Here are a few examples that, until now, cost millions of dollars and years to implement. With Spotfire X, they can be realized in days or hours, in one easy-to-use BI tool.
In the oil and gas industry, it now takes seconds to add IoT streams from sensors in industrial equipment to Spotfire, allowing experts to anticipate and fix equipment failures before they happen, and increase production.
In banking, insurance, and retail, the ability to understand and act on risk coming from intraday operations is a matter of survival. Applying BI to millions of live transactions in real-time can identify security breaches, spot fraudulent transactions so they can be stopped, or fix non-compliant trades on Wall Street.
Firms in the transportation, logistics, and supply chain space must automate to compete. Now any business can easily provide an intelligent digital nervous system like Melbourne Airport, where airport operations, security, and retailers can analyze data from embedded sensors to connect over 2,000 pieces of equipment, baggage handling systems, air traffic control systems, and understand passenger location. This live view of an airport allows Melbourne Airport staff to improve customer experience as they travel through the airport, assess and act on security risks in real-time, and optimize flight operations in response to changing conditions to ensure on-time operations.
This, third breakthrough of Spotfire X, Spotfire Data Streams, allows any business to gain insight into their real-time enterprise. No other BI tool today can apply this style of direct manipulation to streaming and to historical data at the same time. Only Spotfire X allows you to understand all your data as it changes and apply AI and natural language, in one gorgeous, easy-to-use tool.
It’s rare to work with a team that changes an industry. To the Spotfire engineering team, bravo (or, in Swedish – jättebra!). Billions of dollars are invested in BI tools every year, and you just invented something that nobody else has. Again.