TECH BUYER Nov 2020 - IDC Perspective - Doc # AP46945320

Rethinking Big Data and Analytics Within Financial Services: Using Actionable Intelligence for Results

By: Michael Sek Pheng YeoAssociate Research Director, Keith B. Carter, Chia Yao Jun

Table of Contents

Executive SnapshoT

Figure: Executive Snapshot: Rethinking Big Data and Analytics Within Financial Services: Using Actionable Intelligence for Results

Situation Overview

Five Steps to Enable Actionable Intelligence

Step One: The Approach Toward Business

Strategic Business Questions, Wrangle Data, Answer with Visualization, Taking Action or "SWAT"

Purpose of Obtaining Data

Step Two: Data Quality and Data Granularity

Why Is Recent Data Important? How Do We Qualify Recent Data?

Table: The Intelligence Pipeline Layers
A Forecast Is Only as Valuable as the Initial Input Data

Example in Action: Supply Chain Management

Lack of Information Structures in Visualizing Various Data Granularities
Figure: The Granularity of Data and Its Importance

Example: Supply Chain Logistics Flow

Step Three: Data Completeness

Figure: The Actionable Intelligence Framework

Powering Competitive Intelligence

Making Obtaining External Data Sets a Corporatewide Priority

End Goal of Competitive Intelligence

Competitive Intelligence in Action

Step Four: Designing Systems to Account for Human Behavior

Gaming the System for Profit

Understanding the Capabilities of Different Data Analysis Standards

Figure: Increasing the Value of Quality Data Analyzed Through Refined Processes

Figure: Common Data Usage Errors Encountered in Data Analysis

Advice for the Technology Buyer

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Related Research

Synopsis

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