As the calendar flips to a new year, the Babel Street team took a moment recently to reflect on the momentous achievements in 2023. We made tremendous strides across multiple areas of business, including pivotal partnerships, a surge in commercial business, significant product advancements, and notable company recognitions. Our continued success and leadership in advanced AI and data analytic solutions is showcased by the government and commercial organizations that count on us to protect them from increasing threats.
Amid growing volatility and uncertainty for organizations, the need to rapidly identify, respond to, and mitigate risks is more important than ever. The escalating pressure of threats, compounded by the need for more data sources beyond the scope and sufficiency of traditional investigations, strains resources. This intensifies the challenge of addressing high-priority threats, thereby widening the Risk-Confidence Gap for government agencies and enterprises across industries. As the trusted technology partner for the world’s most advanced identity intelligence and risk operations, Babel Street delivers advanced AI and data analytics solutions to protect against these growing threats and close the Risk-Confidence Gap.
A Year of Strategic Partnerships & ISO Certification
We established key partnerships in 2023 with industry leaders such as the Institute for the Study of War (ISW), Boeing Intelligence & Analytics, OnSolve, and Threatminder. These collaborations expand the capabilities of the Babel Street Insights platform and impact of the solutions for government and commercial organizations.
In addition, we notably earned ISO 27001 Certification for the company, the most renowned information security management systems (ISMS) standard, and a testament to our commitment to information security excellence.
Commercial Business Growth and Forrester Consulting Analysis
Following the close of the Rosette acquisition at the end of 2022, we have continued to make significant advancements in various industries. Our commercial business experienced a 715% growth rate across a number of customer industries ranging from fintech to supply chain management and more. The business also expanded significantly internationally, including over 100% new growth with Japan-based organizations.
In a commissioned study by Forrester Consulting, the Total Economic Impact™ Partner Opportunity Analysis examined the potential business opportunity and return on investment Babel Street partners may realize by building and scaling a solution that integrates Babel Street Rosette Name Indexer (RNI). Key findings include an 82% return on investment within three years, a 65% increase in name-matching accuracy, improved customer retention through increased end-user customer satisfaction and innovations, and a significant increase in gross profit margin directly attributable to Babel Street Rosette Name Indexer.
Product Innovations - Setting the Tone for 2024
2023 was a year of groundbreaking product launches:
- Redesigned Babel Street Insights: Formerly known as “Babel X,” the Babel Street design and development teams fully reimagined a customer-centric interface that streamlines and simplifies the user experience, making it easier and faster than ever for customers to get to the most insights that matter.
- AI Modules Powered by Babel Street Rosette Text Analytics: The AI Modules provide precision in identity matching, comprehensive language analysis, advanced information extraction and linking, and in-depth content interpretation. These modules streamline complex data processes, enhancing efficiency, automation, and transparency for high-stakes decisions in today's data-intensive world.
- Insights GPT: Our new generative AI tool offers unparalleled analysis speed, extracting deeper context from PAI and CAI through natural language queries.
Looking Ahead: Continued Growth and Impact
The upcoming year promises further growth and innovation. Our expanding partnerships, continuous product innovation, and accelerated commercial and international business growth lay the foundation for a year of greater impact. Core to our mission is the commitment to make high-stakes decision-making in identity intelligence and risk operations faster and smarter. We’re tackling the Risk-Confidence Gap, empowering organizations with the tools they need for clear, confident decision advantage. The end result is operational efficiency to capture more revenue while protecting lives and enhancing national security efforts.
In the early part of 2024, you can expect to see us continue evolving in ways that significantly benefit our customers both domestic and abroad. Babel Street will launch an all-new Partner Connect online platform where our partners can turbo-charge their joint business efforts with us. And our cutting-edge AI-powered solutions will continue to set the standard across our entire industry.
To discuss how we can help your organization and see our solutions in action, contact Babel Street for a demo today.
