Maximise the value of your data
Data Analytics
At Nodes, we are dedicated to develop awesome digital solutions. This includes helping you formalize a strategy for use of data and analytics, discover the reality of your data & machine learning maturity and overlay it with a clear roadmap of how to deliver progress in both organisational competency and data-driven insights. This is especially important in BFSI because:
Consumer intelligence is crucial
to delivering relevant offerings
67% of all banking customers are open to providing businesses with personal information if they receive something useful in return.
There is so much data out there
and BFSI companies have a lot of it.
82% of business executives in BFSI believe they must be innovative in order to maintain a competitive edge. Yet, 77% of them add that technology is advancing faster than what their company can adapt to.
What needs to be in the plan?
The APP Process model explained
Foundation
The foundation needs to be in order before you can advance to more sophisticated methods. The foundation for most data-related projects is collection, storage and access.
Methods
When a foundation has been established, different methods can be applied. This includes analytics, visualisation, monitoring metrics and training machine learning models.
Goals
The point of these efforts is to achieve business critical results, such as lowering costs, increasing sales or minimising risk. All of those goals should be clearly formulated in a data strategy.
Data analytics pains and gains for BFSI
Pains
No data strategy
Data-driven initiatives have the potential to essentially transform companies. Having a sound data strategy to lead this is crucial in order to succeed.
Lack of skills and understanding
Market leaders are setting a radical pace for inventing and implementing new tech. Having the right people and competences is key to building a data-driven foundation.
Legacy systems
Moore’s law say that technology is developing exponentially. Systems are rendered as legacy faster now. Being able to migrate data to more modern systems is pivotal for many businesses.
Gains
Product innovation based on data
Data changes companies. The potential for new products or business strategies multiply when there is good quality data.
Reduce costs
Many tasks, from sending emails to labeling complex legal documents/controlling the power grid can be automated. There are many good examples of how the use of data can cut costs.
Increase sales
It’s well documented that personalisation increase sales significantly. Machine learning driven personalisation is just one of the tools in the toolbox that empirically has been used to increase sales.
“Today data is the most valuable asset in the world. By thinking about what data is, and can be in the future, companies are getting a competitive advantage and opening up new sources of revenue.”
Tobias Morville, Head of Machine Learning
Three reasons why companies succeed
in machine learning
There has been an increasing interest in machine learning these past few years in all sectors, however, adopting it to your company and reaping the benefits of it is not an easy and quick thing to do.
In this video, our Head of Machine Learning, Tobias Morville, talks about the three main risks and how to overcome them.
How do we get there?
We apply the same tried-and-tested process for all our data-centric solutions.
Data Audit
In our data audit we focus on two key areas. Data and strategy. Both are rated by three parameters each that pertain to the organisations ability to both produce and consume data-related solutions.
Prototyping
Before we scale, we like to demonstrate value. This is why we prototype all our technical solutions before we move on the production. This enables us to involve users of the solution early in our user experience evaluations.
Goals
The point of these efforts is to achieve business critical results, such as lowering costs, increasing sales or minimising risk. All of those goals should be clearly formulated in a data strategy.
Talk to our experts today, they are here to help.
“Working with data and creating business value from it, is not a sprint it’s a marathon. If you think otherwise, you will most likely fail. Value and ROI will come when you build your foundation, fail fast, learn and improve, and continuously improve your implementations.”
Tobias Lund-Eskerod, Senior Consultant
and lecturer in Market Analysis at Copenhagen Business School
