TIBCO Chief Executive Officer Dan Streetman recently sat down with Forbes magazine to discuss the company’s unique innovation model and how it stays ahead of the competition by harnessing data and advanced analytics, as well as collaborating with its partners and customers to deliver business impact.
According to Streetman, “We are in perhaps the most exciting time in history. We now have the ability to connect everything, unify all the data from those connections, and gain meaningful insights that enable smarter, faster decisions.”
One of the many examples of this today can be seen in the American healthcare industry. In its quest to reduce infections related to surgery, a healthcare provider in the U.S. believed that looking at more data points was the answer, including from medical records, multiple data systems, and real-time patient monitoring. Working with TIBCO, the company was able to bring all of its life-saving data together and make it available to doctors and healthcare providers—often times during the actual operation. The result: a 74 percent reduction in surgical site infections. Or to put it another way, a lot of lives saved.
Streetman goes on to discuss how the industry is evolving quickly with the ability for companies to make decisions faster than ever before. This is resulting from the incorporation of breakthrough technologies, including artificial intelligence and machine learning (AI/ML), blockchain, and “exponential growth in sensors and devices” enabling the collection of more data at the edge and closer to the customer.
Doing More with Data
Streetman points to TIBCO’s work with the Mercedes-AMG Petronas Motorsport Formula 1 racing team as another example of how collecting, harnessing, and visualizing more data leads to better decisions and results. In this case, this includes the 50,000 data points coming off the Mercedes-AMG Petronas car every second. Wow! The team uses the data for everything, including designing the car, preparing for each race with predictive analytics, and adapting to real-time conditions on the track.
According to Streetman, “When we have exponentially more data coming from every imaginable source, we need to capture that data, unify it, and gain insights in real time to make better decisions. It’s happening in transportation, fintech, logistics, retail, hospitality—everywhere around the globe.”
In closing, Streetman talked about how data science and advanced analytics are reshaping our world. As a result, business leaders have a responsibility to strike the right balance between innovation and guaranteeing “applications are fair and equitable, and ensuring data security, as well as data sovereignty.”
To learn more about TIBCO’s innovation model, you can find the complete Forbes article here.