Overview

Within any industry, companies are basically guided by the same business directives and governed by the same laws and regulations. In either case, there are typical scenarios that drive any competitor's processes guiding both tactical (i.e., operational) and strategic decisions. Yet despite the assumption that all competitors are likely to respond to any event or situation in similar ways, numerous businesses are still able to enter and compete within the same industry, with different levels of success. For example, there is no significant difference between the way that various insurance companies operate, and they are all subject to the same industry-imposed rules (e.g., standardization of health care claim information) and government-imposed rules (e.g., government-imposed fees, taxes, regulations). But clearly, some insurance companies are much more successful than others.

In the past, success has been attributed to good management techniques, efficiency in running the business, and the ability to capitalize on opportunities quickly and efficiently. This last point implies the ability to recognize standard business operation as well as the ability to distinguish between normal operations, deviation from normal operation, and when deviation presents a profit opportunity. As the amounts of data pile up, though, the ability to absorb and, more importantly, react to opportunities exposed through data analysis decreases. Therefore, if we can articulate business behavior in a way that not only eases normal operations but also helps expose opportunities, then we can enhance our ability to succeed.

From our perspective, we are interested in the technologies associated with...