Data & Analytics

01:20 PM
Nancy Feig
Nancy Feig
Connect Directly

The Next Level in Business Intelligence

To improve the value of business intelligence to the enterprise, banks are centralizing BI efforts and improving data management, as well as turning to predictive analytics.

Business Intelligence

BICC: At the Helm of Business Intelligence

To leverage business intelligence more effectively across the enterprise, many banks are implementing business intelligence competency centers (BICCs). In fact, many experts say that without a BICC, it is almost impossible to effectively run BI tools within an organization.

While there is no specific formula for the optimal BICC, typically, a BICC includes about 10 to 12 executives in the group, made up of members of the bank from the IT side and the business side (those who will actually be using business intelligence). According to Ottawa-based BI software provider Cognos, "As an absolute minimum," the BICC should consist of a BICC director/manager, a business analyst and a technical consultant.

According to Cary, N.C.-based BI solutions provider SAS, a BICC should provide the following functions:

Oversight of a BI Program -- Define and monitor implementation of the BI strategy; be responsible for consistent BI deployment; and provide standards, technology assessments, knowledge management, best practices and business analytics expertise.

Data Stewardship -- Provide metadata management and set data standards.

Support -- Respond to user questions.

BI Delivery -- Oversee front-end development, testing and maintenance.

Data Acquisition -- Oversee data integration and data store development, testing and maintenance.

Advanced Analytics -- Guide data mining and statistical modeling.

Training -- Train end users and project teams.

Vendor Contracts Management -- Evaluate vendors and user licenses.


4 of 4
Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology Oct. 14, 2014
Bank Systems & Technology's new Must Reads is a compendium of our best recent coverage of customer analytics. Learn what big data means for banks, meet Wells Fargo CDO Charles Thomas, find out how to connect with your Gen Y customers, and more.
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.