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“Data science begins with data. Nothing gets built without data. Data science continues with science. Accurate, persuasive and effective prediction requires patterns. The process of discovering that pattern is science. Any product worth building requires a reliable pattern to exist in the data.”
– Christopher Berry, co-founder and chief science officer of Authintic, in his article on recommendation engines in the current issue of Analytics.
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Industry NewsSmart grid analytics ROI to exceed $121.8 billion globally by 2020
Utilities worldwide must maximize efficiency for constrained energy resources. Many are realizing the smart grid vision by using SAS Analytics and SAS Data Management to discover powerful insights buried in volumes of new data. SAS enables utilities to harness data for pinpoint control and monitoring, usage and demand forecasting, rapid diagnosis and repair, as well as predicting output from renewable sources such as solar and wind. For those capabilities, business analytics leader SAS is ranked No. 1 for smart grid analytics and data management/movement in the recently released utility industry report, “The Soft Grid 2013-2020: Big Data & Utility Analytics for the Smart Grid,” by GTM Research.
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Industry NewsFICO analytic cloud to enable real-time customer engagement
FICO will deliver its analytic-powered customer engagement services via the new FICO Analytic Cloud, for creating, customizing and deploying analytic-driven applications and services. Application developers, FICO clients and FICO partners will be able to take advantage of these services to rapidly create, execute and manage high-volume campaigns that engage customers in real-time with mass personalization across channels including brick-and-mortar, social and mobile.
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Special ArticlesStudy: Who can best manage ‘voice of the customer’?
Over the next three years, global organizations will make understanding and interacting with the customer their top priority. So says a new study from The Economist Intelligence Unit titled, “Voice of the customer: Whose job is it, anyway?” Yet only 56 percent of respondents to the survey, sponsored by SAS, believe their companies clearly understand the customer today.
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Thursday, 26 May 2011 05:00 | Last Updated on Friday, 27 May 2011 01:23 | 
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Industry News
FICO awarded new patents for analytic inventions
FICO has been awarded four new patents by the U.S. Patent and Trademark Office for inventions underlying FICO solutions in predictive analytics, optimization and fraud detection. The first patent is for technology that mines transaction data for predictive trends, using genetic algorithms to find the most potent transformations of transactional data. This technology, which is behind the Data Spiders module in FICO Model Builder, is used by FICO clients in a variety of applications, such as improving targeting for cross-selling and conversion, improving fraud detection and predicting online purchase decisions.
The second patent provides architecture for optimal strategy design using both historical data and human expertise. This architecture defines decision models as a visual influence diagram, translates the influence diagram to a nonlinear optimization problem and derives decision rules that achieve mathematically optimal strategies.
The other two new patents are for new technologies that bolster FICO’s fraud detection and prevention capabilities. FICO received a patent for a fast, accurate “fuzzy” matching technique that can quickly and accurately determine if a given computer-readable record is represented, by exact match or substantially close match, in a large collection of computer-readable records. This is useful in detecting identity fraud.
The final patent is for technology used to identify credit card or similar fraud based on account-level factors rather than transaction-level factors.
“We’ve been awarded 22 new patents within the last year, which is a strong indication of the creative ingenuity of our team and our focus on new areas of discovery,” says Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “These sorts of technological advances are a primary reason for FICO’s continued leadership in the fast-growing field of predictive analytics, and for our clients’ increasing ability to solve more challenging problems quickly."