Confirmit - Business Intelligence Solution
Company Description: Confirmit empowers people to change their world by making voices matter. Our solutions help everyone make better business decisions that drive better business outcomes. We put insight into the hands of the people who need it. Into the hands of people who can use it to make changes every day. We help clients deliver richer insights that drive smarter decisions to enable faster actions.
Nomination Category: New Product & Service Awards Categories
Nomination Sub Category: Business Intelligence Solution – New Version
Nomination Title: Confirmit - Smarter Business Intelligence: Empowering Better Business Decisions that Drive Better Business Outcomes
Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and sales to date:
Confirmit’s aim is to empower everyoneacross the organizationto make better business decisions. Not only leaders, but all team members, every day.But with that power comes responsibility, so as well as supporting better decision making, Confirmit provides “freedom within a framework”. This means ensuring that everyone follows through with plans, actions are monitored, experiences shared and impact measured.
We aim to democratize business intelligence and ensure that organizations maximize the impact and business returns.
Confirmit provides engagement technologies that incorporate action management techniques, predictive analytics, and machine learning. As a result, businesses using our solutions are able to:
- Connect and map comprehensive feedback and business data;
- Drive smarter decisions by building the business case for strategic change
- Enable faster reactions and monitoring the impact and ROI of those actions.
To help businesses make better decisions, Confirmit brings together a wide range of data sources. This includes feedback from customer, employees and partners, as we well as operational data, such as CRM and financial inputs, and behavioral information. Integrating and mapping these sources means that Confirmit provides companies with the ability to make data-driven decisions.
A key innovation to support this process is the introduction of Confirmit Concept Miner (launched as part of Version 24 of the Confirmit Horizons platform in Q3, 2018).
Concept Miner uses Artificial Intelligence (AI) and advanced deep learning techniques to ensure quick and easy understanding of key insights that may be hidden within text data.
Standard text analytics tools require a company to know the issues that matter to customers in order to categorize and understand them. Concept Miner automatically uncovers those concepts so text analytics is not limited to pre-defined category models. Companies are able to continually learn, with an automated eye on what’s changing in their world.
The combination of these sources provide the catalyst to make better decisions. Our aim is to present this business intelligence in a way that empowers real people to actually make a decision. AI does not have all the answers, there are many factors that we do not have data about, this is why we need human beings to add their knowledge and understanding into the decision making process enhanced not replaced by AI.
Making better decisions is not enough. Confirmit aims to link those decisions to business outcomes in order to prove Return on Investment, replicate good outcomes, and minimize poor ones. This means managing and monitoring the results of these decisions in a structured framework.
As part of V24 of Confirmit Horizons, we introduced Action Planner, a tool that empowers companies to track and monitor the impact of initiatives on business results in order to drive viral change. The tool provides:
- Intelligent suggestions for best practice actions to improve KPIs
- Collaboration tools to speed up implementation
- Alerts and action management that help Confirmit’s customer increase revenue, drive culture change and reduce costs.
The new solutions from Confirmit empower more than a few individuals at the top to make better decisions. They give every team member access to insight that informs smart decisions - and ensures everyone can see the impact of them - uncovering new best practices and avoiding repeat mistakes.
In 2018, Confirmit customers reported the following results as a direct result of change initiatives implemented based on insights:
- 13% reduction in customer retention costs at a large vacation resorts business
- 12.2% increase in new sales to existing customers at a leading bank
- A 7.8% reduction in customer churn at a large UK insurance company
- 43% reduction in speed of service for claims processing at a US insurer
- 1.5% reduction in churn rate for broadband services that delivered an annual revenue saving of €624,000 at an Irish telco.