Building upon its success delivering solutions that operationalize predictive analytics for key vertical markets, such as banking, financial services, retail and healthcare, Symphony Teleca Corporation, a global innovation and development services company, today launched Symphony Analytics, to consolidate such solutions into a single brand. The new brand will combine the companys proven platform and solutions, along with industry-specific expertise, to help enterprises rapidly implement and realize the benefits of Big Data predictive analytics.
Symphony Analytics is led by Senior Vice President and General Manager, Dr. Venkat Rajan. The group is headquartered in Dallas, Texas and consists of 1,000-plus people around the world.
Symphony Teleca has been very successful developing solutions that leverage Big Data and predictive analytics to help companies make better business decisions, said Sanjay Dhawan, President and CEO, Symphony Teleca. Weve formed Symphony Analytics to meet the growing market demand for new operationalized solutions that enable real-time and predictive analytics, which are integrated directly into a companys business processes. While there are other companies that deliver predictive analytics solutions, there is a clear need for experts in markets, such as banking, financial services, retail and healthcare, who clearly understand their specific needs and who come equipped with the technology platforms and solutions to rapidly implement them. As a dedicated brand, Symphony Analytics will be able to fill this critical market need.
Leaders in every sector are realizing the benefits of Big Data analytics in helping them drive better business outcomes, said Dave Rich, CEO, Revolution Analytics. The strategic and timely use of Big Data has become a key requirement for competition and growth within every sector, and Symphony Analytics has the right technology and predictive analytics expertise to help its clients gain competitive advantage and increased profitability through Big Data analytics solutions.
Market Opportunity for Predictive Analytics
According to IDC, the global market for Big Data technology and services is projected to expand at a compound annual growth rate of approximately 32 percent between 2012 and 2016. By 2016, revenue from the Big Data sector will approach $24 billion1. In other research from Transparency Market Research, the global Big Data market was worth $6.3 billion in 2012 and is projected to expand to $48.3 billion by 2018.2
Built upon more than 20 years of industry expertise and best-practices, Symphony Analytics provides a framework of people, processes and technologies that bring together Big Data and advanced analytics to help companies leverage huge amounts of structured and unstructured data residing within and outside of the enterprise to gain a significant competitive advantage.
Symphony Analytics in the Field
In retail, Symphony Analytics is enabling real-time data analytics with solutions that allow marketers and advertisers to conduct dynamic mobile marketing campaigns using NFC tags activated by consumers own mobile phones, so that consumer brands and retailers can directly engage with them and drive a new level of brand loyalty and trust.
The retail industry is going through a fundamental transformation with the rise of connected devices, social media, location-based awareness and other technologies, said Jim Welsh, utive Vice President at Western Digital. These cross currents provide a wealth of new information retailers can leverage to customize marketing efforts and influence consumer behaviors. There is clearly a significant market need for predictive analytics solutions that enable retailers and marketers to leverage Big Data, better engage with customers and improve the sales and profitability of their businesses.
Symphony Analytics has developed an advanced analytics technology framework for a leading online shopping comparison network, enabling it to provide real-time recommendations and increase cross-sell and up-sell. By designing multi-dimensional Big Data algorithms, Symphony Analytics facilitates real-time analysis of data captured by web crawlers, classification and attribution, keyword scoring, SEO and search engine marketing.
Additionally, as healthcare continues to become more democratized and patients take control of their own medical and healthcare information, the need for analytics technology to help manage the massive amounts of Big Data residing throughout healthcare systems is growing. Symphony Analytics is developing solutions that allow healthcare organizations to transform their businesses through the use of analytics. For example, one application available from Symphony Analytics is a solution that allows hospitals to predict the likelihood of a patient being readmitted after treatment.