In response to the growing need to effectively manage data, technology solutions company Pitney Bowes Inc. released its flagship Spectrum Technology Platform, which provides integrated data quality, data integration, master data management (MDM) and analytics capabilities to help insurers address Big Data challenges with this unified platform. The platform is designed to be flexible and efficient, enabling organizations to extract more value from their data to drive profitability, deliver more personalized customer experiences and reduce risk.
Through the technology platform, global banks can deliver personalized customer experiences across several business channels by establishing a single customer identity across the enterprise. Pitney Bowes has also helped retailers apply the technology, which allows them to increase the effectiveness of their catalog mailing process by over 50%, improving accuracy and reducing cycle time.
The new technology allows clients to deliver trusted data and insights in context across touch-points, maximizing the value of customer information through aggregating, cleansing and consolidating data from disparate sources, enriched with corporate and third-party reference data. To make the data accessible, it is modeled as knowledge graphs, built on graph database technology, allowing insurers to better leverage the information for optimized business practice and decision-making.
Knowledge graphs give businesses the opportunity to create multi-dimensional views of the information to address specific factors based on the needs of different areas of the business, such as sales, marketing and compliance. For insurers, the platform can visually depict a customer's risk profile.
"Clients today require more dynamic and flexible solutions to help them manage their customer information," said Navin Sharma, vice president of Product Management, Information Management Software and Solutions at Pitney Bowes.
Other capabilities in the Spectrum Technology Platform Include:
- Visual Data Modeling. Using an intuitive "white boarding" approach delivered via a web UI, this feature allows businesses to model different outcomes, while managing the complex relationships and hierarchies while supporting collaboration between business and IT functions.
- Process-centric Data Governance. Making corporate and external source data easily accessible, insurers can review and resolve issues quickly based on analytics. The system also captures data trends, and visualizes them against established Key Performance Indicators to monitor the data assets and assets in context of their processes.
- Big Data Readiness. With the ability to handle large data sets, combined with advanced clustering and in-memory caching, organizations can process large volumes of data quickly and effectively.
- Enhanced Entity Resolution: Companies gain high-performance access to disambiguated information for building comprehensive customer views by leveraging the platform's advanced search feature, coupled with algorithms against unstructured data.
- Industry and Application Certifications. Support for new standards and applications were added to the platform, keeping up-to-date with the latest regulatory changes and standard practices.
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