Risk Technology: Spotfire DecisionSite™ for predictive analytics and visualization??
There is an intriguing software package by Spotfire Inc. called DecisionSite™ that seems to be particularly effective in the area of predictive analytics and visualization. As their customer list indicates, Spotfire is proud to include all 25 of the top 25 pharmaceutical companies in the world as customers.
As this article from Directions magazine states, it is now considered contemporary technology to visualize current conditions, events and data, and then predict what may be the outcome to unforeseen changes or new developments. This allows for better strategic planning and scenario modeling that is based on estimates of the projection occurring, or not, and then being able to visualize the results.
In a number of ways, this software is the business version of the situational awareness initiatives being put forth by the military (for instance, Geoint 2005) that are focused on being able to see what is going on, what went on and what is going to go on. The concept is that if your understand the situation, you know what to do about it, or at least have a starting point.
DecisionSite™ does the required analysis, number crunching and analysis, but the real focus is visualization. What initially seems like very complex graphs and charts, as would be expected in a traditional BI dashboard, soon become clear you realize you are seeing the same data express in several different ways and it becomes very understandable. In the case of DecisionSite™, this also can include the spatial or locational perspective. To use an old adage, “seeing is believing” and visualization like this, coupled with scenario modeling will be the keys to 21st century business. Because, if you can't see what is happening, you probably really don't understand it. In today's world, knowledge continues to be power, and understanding in the key to acquiring knowledge, and having knowledge allows for better and more informed decisions. Remember, if you can't see it, it doesn't mean it isn't there.