TIBCO Spotfire, a leader in the analytics software, providing data virtualization and discovery capabilities, recently introduced novel features leveraging Gen AI.
In this blog, we will explore Spotfire’s Gen AI capabilities, its co-pilot version enabling customers to solve a wide range if Use Cases by interacting with data using natural language rather than code.
Introduction
TIBCO Spotfire, a frontrunner in analytics software, renowned for its data virtualization and discovery functionalities have revolutionized risk assessment models in the field of Finance, enabling accurate predictions of market shifts. Moreover, the implementation of this technology has resulted in a remarkable 40% increase in efficiency within the manufacturing sectors, thanks to the utilization of predictive maintenance models. These examples underscore the substantial evolution in business decision-making,
Key features of Spotfire:
Data Visualization: Converts raw data into clear graphs, charts, and dashboards, helping identify trends and patterns.
Interactive Dashboards: Enables dynamic data exploration and customization to meet specific analytical needs.
Real-time Analytics: Provides up-to-the-minute data analytics for timely decision-making.
Predictive Analytics: One of the built in Spotfire key feature that will help make predictions with advanced data models.
Integration and Scalability: Easily integrates with various data sources and scales to handle large datasets, suitable for businesses of any size.
Spotfire Gen AI Copilot
Envision the capability to effortlessly inquire within the Spotfire dashboard using simple natural language, such as “What is the top-selling product and its quarterly revenue?” Alternatively, imagine a developer, upon Spotfire installation, asking, “How can I integrate a new Python library?” With the introduction of Spotfire Copilot™ AI tool, a complimentary natural language extension to the Spotfire® platform by TIBCO on September 19th, 2023, these scenarios have become a tangible reality. Developed with Microsoft Azure OpenAI Service’s GPT-3.5 and GPT-4, the Copilot tool is an add-on for Spotfire, while the remaining software can operate agnostically on any desired platform. Generative AI models employ algorithms to recognize patterns and structures within existing data, generating new and original content.
How does Co-Pilot work in Spotfire?
Generative AI is used for streamlining the workflow of technical and non-technical users. Some common uses and benefits of co-pilot plugin.
- Executing an operation in Spotfire: Spotfire and GenerativeAI gives the ability to post the operation to the Co-pilot and retrieve the results on the datasets.
- Describing the structure of your loaded data: Generative AI and Spotfire gives the ability to generate the structure of loaded data when message has been posted to Co-pilot tool.
- Modifying or generating visualizations: Generative AI and Spotfire guides you through the visualization creation based on the message posted to the Co-pilot tool. It will suggest the values on the axis with the datatypes.
- Providing explanations for visualizations: Generative AI and Spotfire provides description about the different visualization types available after posing the question to the Spotfire Co-Pilot.
- Establishing a data function: Generative AI and Spotfire gives the ability to generate a data function with suggested steps based on the message that is posted to the Co-pilot
- Advanced Predictive Modelling: The integration of Generative AI in advanced predictive modelling facilitates the development of complex predictive models, empowering businesses to produce artificial datasets for a wide range of scenario analysis and improved future readiness.
- Data Augmentation: Generative AI and Spotfire enables current datasets by filling in missing information and creating additional data points, resulting in a more comprehensive and thorough analysis.
- Innovative Problem Solving: The integration of Generative AI with TIBCO Spotfire enables ground-breaking problem-solving techniques, uncovering unique perspectives and uncovering potential opportunities that conventional analysis approaches may overlook.
- Improved Decision Making: Utilizing Generative AI to simulate different business scenarios helps in visualizing potential outcomes, enabling better-informed and strategic decision-making.
- Customization and Personalization: Generative AI with TIBCO Spotfire enables analysts to tailor analytics and insights to specific business needs, increasing the relevance and effectiveness of the analysis.
Use Cases
The combination of Generative AI and TIBCO Spotfire has unlocked fresh opportunities in diverse sectors, empowering them to harness data analytics in inventive and influential manners. Some key insights from TIBCO on Spotfire for Corporate Finance provides easy exploration of data to any level of detail. These features can now be augmented with Generative AI, taking it to the next level.
Finance
Some of the key challenges in financial services:
- Higher demand for internal processes and controls to detect fraud
- In times of economic decline, organizations shift their focus towards combating losses caused by fraudulent activities as profit margins become increasingly slim.
- Capacity to promptly cooperate as transactions or events unfold
GenAI and Spotfire can transform banking and financial sector. Generative AI models can assess credit risk involved and predict market, leading to a better portfolio. With the help of predictive analytics capabilities built in Spotfire and GenAI, financial institutions can detect fraud activities and add additional security.
Risk Assessment:
Generative AI models with TIBCO Spotfire are utilized by banks and financial institutions for credit risk assessment and market trend prediction, ultimately improving portfolio management.
Fraud Detection:
Advanced algorithms have the capability to identify patterns that are suggestive of fraudulent activities, thereby bolstering security measures.
Trading:
Generative AI plays a crucial role in the development of trading algorithms for algorithmic trading, enhancing their ability to accurately predict market movements.
Executive Insight: Generative AI along with Spotfire helps reduce time spent on dashboarding significantly. Even a non-technical user can build dashboards easily. Visualize and interact with KPI’s to gain instant insight into operations.
Trading: Spotfire and Generative AI plays a key role in developing trading algorithms, helping customers predict market trends accurately.
Portfolio Management: Spotfire and Generative AI helps manage portfolio and improve performance and attribution.
Manufacturing
Supply Chain Optimization: Generative AI models in Spotfire forecast potential disruptions in the supply chain, enabling manufacturers to proactively manage risks.
Predictive Maintenance: Anticipate the need for maintenance in machines, thereby minimizing downtime and expenses.
Customer story: Leading car manufacturing company used TIBCO Spotfire along with Generative AI for predictive maintenance and improved production efficiency by 40%.
Conclusion
TIBCO Spotfire, in conjunction with Generative AI, is changing businesses by initiating a shift from conventional data analysis to sophisticated, predictive methodologies that drive innovation. This new technology enables businesses to analyze data, predict trends and formulate innovative solutions. TIBCO Spotfire plays a pivotal role in this progression by merging robust data visualization with the predictive capabilities of Generative AI.
This integration converts data into actionable insights, enhancing efficiency and strategic decision-making across various verticals and industries. Embracing Generative AI and utilizing platforms like TIBCO Spotfire is not merely advantageous but a strategic necessity to remain competitive in today’s business environment. The integration of generative AI with Spotfire can lead to deeper insights and more advanced analytical solutions.
