Big Data: Where to Begin?
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User Rank: Author
4/8/2013 | 6:42:00 PM
re: Big Data: Where to Begin?
I completely agree with your points. I think that as some banks learn to use these tools to become more competitive it will force others in the industry to adopt similar strategies and have a cascade effect. That's when I think we will see much wider adoption of big data tools and techniques.
Jackie Alvarez
Jackie Alvarez,
User Rank: Apprentice
4/8/2013 | 3:44:48 PM
re: Big Data: Where to Begin?
We are an information business and the business with the best
information is going to be the winner in the long term. In today's era
most firms have been focused on instituting best practices to streamline efficiency. But creating efficiency is not a competitive strategy.

As business optimism increases and firms experience a renewed confidence, I anticipate firms will begin moving from focusing on efficiency, and keeping the lights on, to defining how they can compete more effectively into the future. This is where information strategy can make a significant contribution to the aspirations of the firm and help them become "smart" companies. Being smart is about acquiring managing, mining and distributing information will can have an enormous impact your firm's ability to meet it's business objectives.

But, as with most programs, firms will evaluate both the short- and long-term costs associated with big information projects and get executive buy-in, track metrics to make sure they stay on track, govern their programs to reduce chaos, and deliver small projects frequently to stay on course. Above all, firms need to remain agile to take advantage of new technologies. A tough program to do well and one which remains elusive for most firms.
User Rank: Apprentice
4/2/2013 | 1:02:11 PM
re: Big Data: Where to Begin?
Great points. One thing we're hearing from clients and prospects is their trepidation starting some of these mega projects. Deploying technology that can use existing systems and processes is another option. There is proven technology that can access those silos and apply predictive analytics to the information to help banks lower costs, drive revenues and increase customer loyalty.

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