A Data Management Playbook for Success.
The urgent need to manage data effectively is only going to intensify in the months and years ahead as financial services organizations seek to enhance profitability, build new products, minimize exposure to risk and deepen customer relationships. To help you leverage data so that your organization can achieve these outcomes and gain a competitive advantage in the market, we’ve created “Helping Financial Services Organizations Leverage Data to Gain Competitive Advantage.” This playbook begins by explaining how you can assess the current business environment and make sure your organization is ready for the challenge. It then offers guidance on the actual implementation of a strategic plan.
How big is big data? A 2017 study by IBM revealed that 90% of all the data in the world had been created in the preceding two years. What’s amazing is how little of that data had been tagged or analyzed. According to IDC’s Digital Universe Study from 2012, only 0.5% of data was analyzed, while the percentage of tagged data was a bit higher at 3%. The rest? It’s most likely siloed into databases and file systems, hopefully secure, holding the secrets to critical insights that could translate into more profitable products, better customer service and more efficient operations.
There are several reasons why this big data hasn’t been managed and structured into mechanisms that can create business value. The process can be slow. After all, the amount of data is massive and varied and includes everything from traditional numeric data to unstructured text documents and transaction information.