John Coyne CEO of Virtual Piggy elaborated. "NOMad is a next generation software tool that advances analytics to an entirely new level. First there was data; data created rapid reporting and an industry centered on data management emerged. Then came information; information systems led to a new generation of using data to create business analytics. That was followed by knowledge based systems; knowledge bases led to a new generation of knowledge capture, preservation, and management. NOMad leverages these foundational system approaches to generate the next level of analytics – Understanding. With understanding comes insights that inform decision makers in unprecedented ways; sifting through data, information and know how at volumes and speeds previously infeasible."
Commenting on the naming of these systems Coyne said, "I believe that when you name something you give it life. The names have meaning and provide definition of the systems and the implicit goals that they are supposed to achieve; namely the best and most complete mobile payment system anywhere. Our developers know this and the names will keep their focus structured and centered on our vision."
By understanding the meaning of communications and connections between people and the things they interact with, NOMad focuses on those connections that are important and eliminates data and information that is not relevant. Thus, it supplements humans through precision targeting of those people and things that are important to any particular situation. It also makes its own discoveries that humans may miss due to its ability to find meaning in even the remotest of connections and at speeds commensurate with the fastest computing power available. These are nascent emergent properties that are otherwise lost in the mass of information and data available for analysis.
Why is all this important to a payment system? Coyne states; "when you better understand your users and what's important to them and those they are connected to, you can serve them more efficiently. Using NOMad, vendors can target promotions that have real meaning to the individual buyer and their networks of people with similar interests."
NOMad will continue to be utilized by detecting threats to security and the discovery of nefarious activities through the company's licensing arrangements.
NOMad and its software sibling's ReTRO and IMPACT will enable the OINK platform to take advantage of the company's new simplified business model, attract new partnerships and impact the industry in ways unforeseen by any competing alternative.
Based in Palm Beach,Florida Virtual Piggy Inc. holds three technology patents, US Patent No. 8,762,230, 8,650,621 and 8,812,395.
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SOURCE Virtual Piggy, Inc.