The trend continues to grow in Enterprises wanting to draw deeper and more actionable insights from their organisation’s data. The days of simply analysing information sets for superficial trends and anomaly’s are a thing of the past – businesses want to gleam greater value across a range of functions. Rage Frameworks is a company who specializes in drawing intelligence from Enterprise data and serving it up so it can be used for adding value to internal process and external reach.
Based in Boston, Rage Frameworks has been operating a Managed Services for a long list of clients for the past 7-8 years, and more recently has put true focus on the Cognitive capabilities of their evolving platform.
Working with some of the world’s leading financial institutions, Rage is helping them across Wealth Management, Loan processing, risk analysis, and business transformation with a product suite sitting on the Rage Enterprise platform.
RAGE AI significantly extends the frontier of deep learning and machine intelligence technology from “natural language processing” to “natural language understanding.” RAGE AI incorporates deep linguistic parsing and proprietary innovations to understand meaning in context, which makes its solutions completely transparent, auditable and flexible. The platform facilitates unsupervised to supervised learning and contains several innovations to support automated knowledge acquisition including pragmatic knowledge. RAGE AI is not a black box and does not rely on statistical patterns present in training data.
To understand more about the work Rage is involved in and how they’re helping businesses with the Rage Enterprise platform we spoke with Joy Dasgupta, SVP of Marketing.
Joy, could you give an overview of the platform and specifically LiveWealth?
The platform is set up to be very broad in scope as our goal is to solve end-to-end business problems, so these can cross a range of verticals and applications. We have 20 intelligent engines on the platform which enable us to drill down and be highly nuanced and specific about specific steps while covering a broad process area. We also build vertical frameworks which are targeted to specific process areas or capability sets.
Examples of vertical frameworks we have built include LiveWealth™, LiveCredit™, and Real Time Intelligence™, among others.
LiveWealth™ is already used by 3 top Funds globally. How is it in play and what are the benefits?
LiveWealth™ is designed to help Wealth Managers and Financial Advisors take a more proactive and holistic approach when working with their clients and enables them to deliver more accurate insights and advice. Immediate benefits we’ve seen from a deployment with one of our clients yielded a reduction in operating costs by 70%, and increased service levels significantly. A new development we’ve been working on builds in our RTI™ solution to the LiveWealth™ offering for real time portfolio monitoring, bringing the power of Big Data to the platform.
What are the key drivers you’re seeing for why businesses are adopting the platform?
There are a number of motivators for clients deploying the platform. Key areas include improved real time advising capability based on the ability to aggregate assets held away in a fully automated manner; efficiency; compliance; customer satisfaction; advisor satisfaction; and, finally, scalability.
The focus seems to currently be in the Finance sector, where else could the platform be applied?
We have had great traction in the finance sector due to our team’s extensive experience in the space. However, the platform is vertical agnostic and can be applied to automate end to end business processes in any industry. For example, we see insurance as an adjacent industry where several of our solutions can be ported and deployed with just minor changes. Beyond these markets, consulting companies, logistics, hi-tech, biotech and food companies are other areas where we see a real opportunity for our cognitive intelligence offering.
It’s certainly very interesting to see how financial institutions are leveraging the data they hold, and it appears to be a trend, which will continue with more solutions coming to market enabling deeper and more efficient analysis. Competitive advantage will be top of the bill for those deploying solutions such as Rage Enterprise, and so we’re sure to see more use cases throughout 2016.