IBM has launched a new predictive analytics software lab in Xi'an China. The lab will help IBM's clients see patterns in vast amounts of data and forecast trends before they occur for improved decision making and competitive advantage.
The new lab will serve as a global hub for analytics development helping clients adopt predictive analytics capabilities tailored for their industry-specific requirements including banking, telecommunications, power grid, railroads, health care and urban management. The lab will include a dedicated team of more than 200 software engineers and IT architects focused on helping clients bring new predictive analytics solutions to market.
With today's news, IBM is expanding its focus on business analytics to meet growing client needs to cut costs, reduce risk, combat fraud and increase profitability through predictive analytics capabilities. These capabilities help organizations analyze trends and patterns found in historical and current data to drive new forms of competitive advantage by predicting potential future outcomes and transforming all elements of their business, including product and service offerings for customers.
IBM's 2010 Global CFO Study of 1,900 CFOs and senior finance leaders worldwide – attests to the need for gaining better insight within their organizations. The majority of respondents indicated that they plan to use sophisticated analytics to uncover correlations among seemingly unrelated pieces of information and find patterns nearly impossible to detect manually.
According to IDC's China Business Analytics Software Market Forecast, the market opportunity for business analytics in China is expected to grow 10% annually from 2009-2013, faster than the average IT market growth of 8%. The demand is driven by risk management, compliance mandates, and the desire to adopt business analytics into their operations.
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