How to make Big Data work in your organization

How to make Big Data work in your organization

Big Data It is the fuel of the new economy. It is for this century “what oil was for the last one: a promoter of growth and change,” the economist wrote in 2017. The Big Data point, and its close relative, data analysis is to detect trends, find new correlations , and derives powerful information from the information generated by everyday activities. International finance can benefit more than most Big Data.

When they unfold correctly, the ideas obtained from Big Data Analytics have the potential to improve financial decisions, manage risk and prevent fraud. Big Data can unlock billions of dollars of savings throughout the financial industry.

Capabilities to take advantage of the big data

However, even in the Big Data era, companies often lack institutional capacities to achieve large -scale results. Sometimes, this is due to the enormous disparity in the time that leads companies to respond to the ideas generated by their decision -making tools. Other times ideas are difficult to interpret or understand. To deal with these problems, some companies are introducing new technologies to greatly simplify the implementation of Big Data Analytics. For example, visualization tools put users in analysis control and facilitate the data at a more granular level. The growing availability of cloud -based solutions makes it easier to try and expand ideas too.

Creation of a data -based culture

From the organizational point of view, companies must focus on the areas or departments that would benefit most from the implementation of analysis capabilities, according to a 2015 McKinsey Quarterly report. These departments must focus on implementing new tools, new training systems and a new management to create a data -based culture. For example, a leading financial services firm developed a training camp, a communications program and a competition to reward equipment based on the quality of their data analysis. An insurance company reallocated claims managers to handle the most exceptional cases, while analytical tools are responsible for the easiest cases. Big Data technologies also need to be harmful to existing systems. In fact, organization data scientists must have a deep knowledge of existing ERP systems and Big Data technologies.

Strategic approach to incorporate ideas into your workflow

In general, companies must carefully think about the best way to incorporate information about their workflow based on costs, challenges, important strategic and potential.

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