FINANCE IN FOCUS - PRACTICAL EXAMPLES OF HOW BIG DATA ENABLES INSIGHT-DRIVEN DECISION MAKING IN THE FINANCE INDUSTRY
Integral to success, or indeed survival, of any company operating in the financial services industry is the ability to understand, assess and act on risk analysis.
"34% of financial services companies' reported inaccurate or irrelevant data"
Welcome to our Finance In Focus Report. This report will outline some of the key areas in which big data can play a transformational role, through practical, real-world examples featuring some the world's leading financial organisations.
Conditions for economic markets worldwide remain severely challenging. Now, the financial institutions that survived the recession of the late 2000s - the worst since the 1930s - can ill-afford to make the same mistakes again. Therefore, the need for those in the finance sector to strategise accurately is greater than ever. Big data - and the associated tools, technologies and operational processes - offer the opportunity to do just this.
In the face of this juncture formed by uncertainty and change, it is imperative that we take steps to ensure we are ready to react to whatever comes our way. This report showcases fantastic examples of companies who have done just that. Examples of how world-leading organisations including Tesla Motors, Monsoon and Accessorize and Virgin Atlantic have fundamentally adapted their businesses to take advantage of new technologies and digital opportunities.
The finances sector is already more advanced in its use of high performance analytics than many sectors. The firms that operate within it now have an opportunity to embrace big data as a means of creating sustainable practices within the harsh economic they face.
The paper will also look at some of the challenges of successfully implementing a big data strategy, as well as showcasing examples on saving money through fraud detection and repairing relations with a fractious customer base.