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WizSoft's New WizWhy Software Provides Prediction Tools to Build Confidence
and Improve Value of Data WizWhy's Sophisticated Data Mining Tool, Enables
Organization <>
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Date: Tuesday, February 11, 1997
Source: PR Newswire
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SYOSSET, N.Y., Feb. 10 /PRNewswire/ via Individual Inc. -- WizSoft Inc.
today announced that it is now shipping version 1.10 of its WizWhy(TM)
software, an innovative program for data mining and pattern recognition in
databases. WizWhy runs under Windows 95/NT and is now available directly
from WizSoft for $3,995.00 + $20.00 shipping and handling.
Why Mine Data?
"WizWhy helps users minimize the uncertainty surrounding future outcomes by
better understanding past experience," stated Irina Sered, vice president
of WizSoft. "Organizations generate and collect large volumes of data from
a variety of sources. In order to convert these data into useful
information, users must discover relationships and patterns. Data mining
capabilities support the organization's decision-making processes and
uncover useful knowledge previously hidden within masses of data,"
continued Sered. "This knowledge can help users in many ways: to better
understand customer behavior, to find perpetrators of fraud, to reduce
direct mailing costs, to map market developments, to streamline procedures,
to increase the competitive edge, and to be more profitable."
Applications Benefit from Predicting outcomes and Minimizing Uncertainty
Minimizing uncertainty has many benefits. Following are some examples:
-- Direct mailing success rates can be significantly increased. By
helping to clearly define the target market, WizWhy can minimize the
number of pieces mailed and improve overall response rate. The user
samples the database through a preliminary mailing, then analyzes the
results. This produces a profile of customers more likely to respond,
which can then be applied to the entire database. WizWhy can save
time-consuming research and mailing expenses to unlikely prospects.
-- A bank may streamline its loan process. The bank may predict the
characteristics of good credit risks by analyzing data from past and
existing borrowers. These characteristics can then be applied to data
collected on new credit applications. This improves customer relations
and still protects bank assets by ensuring that it collects appropriate
data on its customers.
-- A medical research team may analyze data regarding patients with
specific disease processes. The analysis may suggest personal
characteristics, health history patterns, and symptoms that would
indicate when a new patient may be predisposed to a disease, or
identify sets of data that would be triggers for medical action.
The uses for these predictive capabilities are virtually limitless, and the
positive impact on day-to-day business activities can be significant.
Powerful Algorithms Predict Results
WizWhy uses powerful proprietary algorithms to discover both "if-then" and
mathematical formula rules for a chosen element in a database.
WizWhy calculates the probability and the significance level for each rule.
WizWhy can predict new cases on the basis of these discovered rules. The
data of the new case can be entered manually or may be read from a
specified file. WizWhy computes the value of the prediction, its conclusive
probability, and its significance level. These figures indicate the extent
to which the element to be predicted can be relied upon as true. The
program also lists the rules underlying the prediction.
Data Mining Technology
In actual field tests, WizWhy has proven to be considerably faster and more
precise than neural networks, decision trees, and other conventional data
mining methods. WizWhy uses deterministic algorithms that analyze all the
data and return the rules found. WizWhy is stable-uninfluenced by
subjective factors and reliably returning consistent results.
WizWhy handles qualitative fields, which means that there is no need for
extensive preparation of databases into binary-valued fields prior to
processing. In addition, WizWhy can discover mathematical formulae relating
quantitative fields, a capability not available in neural network or
decision tree-based systems.
After the data have been analyzed, WizWhy's rule reports can be printed or
saved in an SQL query format. WizWhy works with any ODBC-compatible DBMS.
About WizSoft Inc.
Privately held WizSoft Inc. is headquartered with R & D offices in
Tel-Aviv, Israel, and U.S. sales and marketing operations in Syosset, NY.
The company specializes in the development of software based upon
mathematical algorithms, mainly for the business sector. Principal fields
of development and data analysis are: accounting and stock management, data
mining and database auditing, computational linguistics, operations
research, and biometrics. Through its distributors, WizSoft exports its
software to some 30,000 customers all over the world.
WizSoft, 6800 Jericho Turnpike, Suite 120 W, Syosset, NY 11791, Phone:
516-393-5841, Fax: 516-393-5842, www.wizsoft.com.
WizWhy is a trademark of WizSoft Inc. Other names may be trademarks of
their respective manufacturers. SOURCE WizSoft Inc.
/CONTACT: Irina Sered of WizSoft, 516-393-5841 or [email protected]; or
Alan Weinkrantz of Alan Weinkrantz and Co., 210-820-3070, ext. 103, or
[email protected]/ CO: WizSoft Inc. ST: New York IN: CPR SU: PDT MJ-AK
-- NYM037 -- 1240 02/10/97 08:33 EST http://www.prnewswire.com
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