There is a rising need in the market for solutions that can correlate all this information in real-time and make it accessible to users in visual and intuitive formats.
Fremont, CA (PRWEB) May 10, 2011
Many organizations, overwhelmed by massive volumes of data from numerous sources needed to effectively run their businesses, are finding that traditional data analysis tools are unable to support the complexity or real-time nature of rapid decision making. As a result, critical decisions that affect lives and property are being delayed, made incorrectly or simply not being made at all. A new breed of software called situational intelligence is emerging to tackle the problem head on, and Space-Time Insight, the leading provider in this market, is showing how its breakthrough technology is triggering rapid adoption of the approach in major enterprises around the world. In fact, three of the twenty largest utility companies in the U.S. and the largest independent power producer in China have already adopted Space-Time Insight solutions, and the software is currently used to analyze and monitor more than five million smart meter points with a response time of under two seconds.
“As enterprise infrastructure becomes more intelligent and the need for IT and Operational Technology (OT) integration increases, so does the volume and complexity of data. Whether it’s tracking the performance of smart grids or ensuring the most efficient and cost-effective delivery of services to customers, the demand for accurate, timely and informed decision making using disparate data from numerous sources, has come to the fore,” said Kristian Steenstrup, Vice President and Gartner Fellow, of Gartner’s Energy and Utilities Industry Advisory Service. “There is a rising need in the market for solutions that can correlate all this information in real-time and make it accessible to users in visual and intuitive formats. Enterprises will benefit by being able to avert or mitigate impending crises, reduce service disruptions, and being proactively alerted to issues within their enterprise environment.”
What Is “Situational Intelligence”?
Situational intelligence is designed to help organizations make critical decisions faster in order to save lives, safeguard property, maintain operations in the face of disaster, improve responsiveness to customers, and protect profits. For example, in the case of an outage, a utility might need to rapidly answer questions such as:
- Which resources and customers are affected, how are they affected, and what exposure does the company, its employees and customers have to risk, safety and liability?
- Which specific assets have failed, why did they fail, and what can be done to minimize the impact of the failure?
- What triage is required, what remedial actions must be taken, and who else needs to be made aware of the situation?
To address questions such as these, situational intelligence performs three key functions:
- The gathering and integration of spatial, temporal and nodal data from numerous data sources such as tables in spreadsheets, meter readings, weather feeds and data residing in enterprise applications
- Correlation of the data across geography and time and the application of business rules, such as alerts that should be triggered when a threshold is exceeded
- Visualization of the correlated data on multi-dimensional maps synchronized and integrated with analytics dashboards and components from other applications that might play a role in the identification of a problem or the actions that must be taken to correct it
Space-Time Insight’s situational intelligence solution, which processes data in real-time using a patent-pending in-memory system, includes a comprehensive set of engines for visualization, rules processing, workflow, correlation, and spatial rendering. A series of composite applications for specific industry functions and built-in connectivity to more than 50 data sources accelerate deployment and time to benefit. The solution also complements an organization’s existing infrastructure, incorporating components of ERP and back-office systems, business intelligence outputs, GIS systems, and other applications into an integrated solution.
“The onslaught of information, especially diverse real-time data flowing from multiple sources, has overwhelmed traditional business intelligence and analytics tools and compromised the ability of many organizations to understand how current events are impacting customers, operations, supply chains and profits,” said Rob Schilling, CEO at Space-Time Insight. “Situational intelligence addresses these challenges directly by gathering, correlating and analyzing real-time data, and then using a combination of geospatial displays and traditional analytics formats to create a visual command center that presents the complete big picture of an evolving situation and makes it easy to drill down into specific events and resources to assess and initiate the proper corrective action.”
About Space-Time Insight
Space-Time Insight transforms the vast quantities of disparate information spreading across organizations, into intuitive visual displays that businesses can use to make informed real-time decisions. From traditional transmission, communications and transportation networks to Smart Grids and Cities, our next-generation situational intelligence solution is making critical infrastructure smarter, safer and more reliable. With Space-Time Insight, enterprises can visualize and analyze their resources across location and time, rapidly respond to disruptions in service, and lower risk while increasing customer satisfaction and profitability. Major organizations around the world rely on our high performance software to gain actionable insights into their businesses and make real-time operational decisions. Space-Time Insight is currently partnering with Accenture, Cisco, IBM, Oracle and SAP. Space-Time Insight is privately held and based in Fremont, CA.