The Worldwide IBM ECM Community
IBM has recently announced a new software offering designed to address the burgeoning challenge of fraud in commercial and public sector organizations.
IBM Intelligent Investigation Manager (IIM) optimizes the investigation of fraud for customers across many industries in the commercial and public sector spaces. It does so by enabling more efficient and effective investigations, capturing all of the relevant details and actions of the case and enabling investigators to dynamically collaborate on cases. It also integrates forensic and link analysis into the investigative process, providing investigators with investigative leads, helping them better understand the scope of the fraudulent activity and generating evidence.
The IBM fraud management portfolio enables the building of industry-specific solutions. IIM is one of the core parts of the IBM Smarter Analytics Solution – Fraud, Waste and Abuse and plays a key role in these solutions, providing investigative and analytic support for fraud use cases in healthcare, insurance, finance, and many other markets.
3 key benefits for commercial organizations:
(1) A more expeditious way of preventing or resolving fraudulent activities, by reducing false-positives when dealing with massive amount of data, makes for efficient, trackable investigations
(2) A reduction in the revenue lost from fraud, through better detection, resolution and prevention of, and protection of your customers, citizens and policy holders against fraud
(3) A reduction in the cost of fighting fraud, by reducing the resources needed to collect and assimilate data, removing the manual steps, and progressing toward a ‘just in time’ approach to fighting fraud
3 key benefits for Public Safety:
(1) IMM allows organizations to address the vast increase in data, the amount and the formats, much of which is unstructured
(2) It helps organizations make sense of data that’s often external, raw (often from unidentified sources, and apparently unconnected), or from mobile sources, and that which resides in internal systems
(3) It helps improve the efficiency of turning data into information, and reduces the cost of responding to issues and priorities that impact public safety
To learn more about this solution please watch our new video series – Fighting Fraud on Friday. Starting this month, a new video will be released every Friday. Each segment is presented by a subject matter expert and covers a unique topic to help you understand how IBM is making Intelligent Investigation a reality.
Craig Hayman, GM Industry Solutions, IBM Software Group
In his book, Physics of the Future: How Science Will Shape Human Destiny and Our Daily Lives by the Year 2100, Michio Kaku writes that the average cell phone today boasts more computational power than all of NASA in 1969, the year that it sent Armstrong to the moon. It’s Moore’s Law in action and it’s happening all around us.
Now consider the growth of computational power and the accompanying explosion of data from the perspective of a corporation. Data volume growth today far exceeds budget and revenue growth rates for many organizations. Big Data can become a Big Problem for Chief Information Officers (CIOs) and Chief Legal Officers alike. It can easily overwhelm IT budgets and current processes for e-discovery, records and retention management, archiving and leveraging information assets. As a result, companies are investing in software that can help them dig out of this data hoarding hole and automate defensible disposal of debris.
So today we’re announcing that we’ve entered into a definitive agreement to acquire StoredIQ Inc., a privately held company based in Austin, Texas. With this agreement, IBM adds to its prior investments in Information Lifecycle Governance (ILG) by adding StoredIQ capabilities to rapidly find and use unstructured information of value, respond more efficiently to litigation and regulatory events, lower information cost as data ages, and dispose of data that has outlived its purpose to lower cost and risk. Think of the StoredIQ agreement as the latest example of how IBM is bringing an unparalleled commitment to the science of information economics to shape the daily lives of CIOs, legal teams, and line of business staff.
In fact, IBM’s Information Lifecycle Governance suite improves information economics by helping companies lower the total cost of managing data while increasing the value derived from it by:
StoredIQ software provides highly scalable analysis and in-place governance of disparate and distributed email, files, and other content repositories. This includes the ability to discover, analyze, monitor, retain, collect, de-duplicate and dispose of data. Organizations can now more efficiently use and govern their unstructured data wherever it resides to increase its value and eliminate unnecessary cost, risk and data.
Once the acquisition is completed, StoredIQ will add to IBM’s ILG portfolio and bolsters its advantage in improving information economics by enabling customers to rapidly achieve defensible disposal and related cost and risk takeout. We intend to expand the existing integration with StoredIQ and IBM ILG products to deepen cost-savings and total cost of ownership benefits for customers. We further plan to incorporate StoredIQ into our ILG business in Enterprise Content Management, which is part of IBM’s Software Group. Building on prior acquisitions of PSS Systems in 2010 and Vivisimo in 2012, IBM adds to its strength in rapid discovery, effective governance and timely disposal of data.
This transaction is subject to customary closing conditions and is expected to close in the first quarter of 2013.
For more information, see http://www.ibm.com/software/ecm/storediq/index.html.