Using InterSystems Caché and iKnow, n³ Unlocks High Value From Big Data; German Real Estate Portal Leverages n³’s Innovative Property Appraisal System
Cambridge MA — December 17, 2012 — InterSystems Corporation, a global provider of advanced software technologies, today announced that its application partner n³ GmbH, a data analysis, software development and consulting firm based in Oelsnitz, Germany, has received the InterSystems Breakthrough Application Award. The award recognizes n³ for creating an innovative application for unlocking high value from big data.
Using n³’s breakthrough application, ImmobilienScout24, the top German real estate portal, significantly increased the usable data in its online property appraisal system, enabling more accurate comparative valuations. Leveraging the InterSystems Caché® object database and its embedded iKnow text analysis technology, n³ tackled one of the top big-data challenges: making use of all of the data, including unstructured data, that lies trapped in information systems.
In addition to selling real estate, ImmobilienScout24 offers an online real estate appraisal service that relies on information supplied by property owners and real estate agents. Information that is critically important for the appraisal algorithm – such as age of building, type of heating, etc. – is often in the form of unstructured, free-text fields. Because the appraisal algorithm required structured data, the system could not perform comparative valuations on all properties.
Using InterSystems’ advanced software technology, n³ created an application that “unlocks” the free-text data from owner-entered listings, and derives the missing data that the appraisal algorithm needs. Unlike most semantic and search technologies, InterSystems iKnow provides the ability to discover meaningful concepts and relationships within unstructured data. As a result, even more properties can be included in comparative valuations, increasing the accuracy of appraisals and the value of the service.
“iKnow captures the knowledge that is the core competency of an appraiser. Its advanced semantic text analysis translates previously unusable data into values an algorithm can use. By accessing and utilizing more than 90 percent of the unstructured data within the system, iKnow significantly improves the quantity and quality of the underlying data,” said Matthes Nagel, Chief Technology Officer at n³.
“Using the n³ application, we can include more properties in our online appraisals. This enables us to provide precise valuations of properties for even more customers. We are certain that this will further improve the attractiveness of our service,” said Sven Feuerschütte, Vice President Valuation Services at ImmobilienScout24.
“The n³ system offers big data solutions that can be quickly and cost-effectively added to existing applications across diverse industries. By leveraging the unique potential of iKnow, n³ has created a breakthrough application that will be a game changer for ImmobilienScout24,” said Paul Grabscheid, InterSystems Vice President of Strategic Planning. “Steeped in a legacy of academic research, n³ brings a special combination of cutting-edge technology, excellent engineering quality, and practicality to its solutions. n³ has helped InterSystems showcase the best of our iKnow technology. This makes it a pleasure to recognize n³ with the InterSystems Breakthrough Application Award.”
InterSystems Corporation is a global software leader with headquarters in Cambridge, Massachusetts, and offices in 25 countries. InterSystems provides advanced technologies for breakthrough applications. InterSystems CACHÉ® is an extremely fast and massively scalable database system. InterSystems Ensemble® is a platform for rapid integration and the development of connectable applications. InterSystems DeepSee™ is a technology that makes it possible to embed real-time active analytics capabilities in transactional applications.
Established in 1998, n³ GmbH is a data analysis, software development and consulting firm based in Oelsnitz, Germany. The company serves clients in the healthcare, industrial, telecommunications, research, financial services, and other industries. The company provides services and expertise at the intersection of data analysis and software development. More information is at www.nhochdrei.de.
ImmobilienScout24 is Germany’s largest online real estate marketplace. With over 9 million users (unique monthly visitors, according to comScore Media Metrix), it is Germany’s most widely used real estate site. In addition, there are more than 200 million virtual property visits on the portal every month. At ImmobilienScout24 there are over 1.5 million different real estate offers per month. Based in Berlin, the company has over 600 employees. ImmobilienScout24 is part of the Scout24 Group, which also includes AutoScout24, ElectronicScout24, FinanceScout24, FriendScout24, JobScout24 and TravelScout24. Scout24 is a subsidiary of the German Telekom Group. More information is at www.immobilienscout24.de.