The Need for Situational Intelligence
Your organization, like many others around the world, is probably struggling to deal with the rapidly growing volume of data both from within and outside your business. In fact as your company gets smarter and more efficient, you are bound to see larger piles of spreadsheets, more granular and richer information through real-time feeds from geographically-distributed assets and third party sources, and a wealth of information embedded in individual enterprise applications across the organization. The question is: Are the tools you are currently using to analyze this information and make decisions based on it, able to support the diversity, complexity, and time sensitivity of the data?
For most companies, the answer to that question is 'No'. That is why a new breed of sofware is emerging. It's called situational intelligence. Situational intelligence is not about replacing any of your existing software or systems. It is about providing you with intuitive visual displays that incorporate all the information and applications you need to make identify problem areas, determine the root cause of those problems, and take rapid remedial action to correct them. The software works by accessing and integrating massive volumes of historical, real-time and predictive data from internal systems and external feeds, and allowing you to draw event-based correlations between points of information across space, time and nodes in your environment.
Visualize, Analyze and Act on Information
Situational intelligence solutions are typically comprised of 3 components: visualization of a problem, analysis of the problem, and action to remedy the situation.:
How Situational Intelligence Is Used
Companies around the world are using situational intelligence solutions to reduce risk, ensure regulatory compliance, improve customer satisfaction, lower costs and create new revenue opportunities. In a range of industries and operational functions, these businesses are:
- Anticipating and responding rapidly to the infrastructural impact of a severe storm
- Balancing the variability of power generation with the demands of customers
- Identifying asset performance issues over time and taking proactive steps to maintain or rectify the situation
- Correlating data streams from multiple sources to identify areas for optimization
- Performing root-cause analysis to determine why assets malfunctioned and triggering remedial actions
- Prioritizing tasks based on financial impact to the company
- Feeding outage information proactively to customers to reduce service inquiries
- Increasing the use of renewable energy sources
To learn more about how situational intelligence might apply to your business, download this white paper.