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24
Jul

Proactive Risk Management – New KPIs for a Dodd-Frank World


The financial crisis of 2007–2011 is driving widespread changes in the U.S regulatory system. Dodd-Frank Act addresses “too big to fail” problem by tightening capital requirements and supervision of large financial firms and hedge funds. It also creates an “orderly liquidation authority” so the government can wind down a failing institution without market chaos.

Financial institutions will be spending billions to strengthen, streamline and automate their recordkeeping, risk management KPIs and dashboard systems. The implications on Data Retention and Archiving, Disaster Recovery and Continuity Planning have been well covered. But leveraging Business Analytics to proactively and reactively manage/monitor risk and compliance is an emerging frontier.

We believe that Business Analytics and real-time data management are poised to play a huge role in regulating the next generation of risk and compliance management in Financial Services industry (FSI).  in this posting, we are going to examine the strategic and structural challenges, the dashboards and KPIs of interest that provide feedback, and what an effective execution roadmap needs to be for every organization.

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18
Jul

Mobile BI – Business KPIs and Dashboards “on-the-go”


 

mobile-applicationsWho doesn’t want to achieve faster “time-to-information” and shorter “time-to-decision” for executives and managers with mobile BI?  Who doesn’t want to disseminate insights or KPIs to front-line employees, such as field sales representatives, line of business managers, and field service employees?

The question is not whether Mobile BI is a good idea but how to execute this program in a low-cost way?  How to design and deploy eye-popping “wow” apps? How to support, maintain and enhance these apps which are constantly changing?  What technology and infrastructure to put in for a national or global deployment? Who is going to fund all this plumbing – corporate, LoB or IT?

Business Analytics solutions for “always-on” 3/4G enabled mobile devices – iPads, iPhones, tablets, smart phones – are becoming prevalent as the form factor becomes appropriate for BI.   We are increasingly seeing firms build state-of-the-art dashboard solutions for iPads. The “post-desktop” apps provide senior management with intuitive interactive access to the company’s most important business KPIs and dealing with data overload.

Tablets, 4G Wireless and next gen displays (+gesture based, verbal interfaces) have enabled new productivity improvements and better ways to consume information, perform ad-hoc querying and scenario planning. Dashboard, heatmaps and scorecards on the iPad, iPhones and Androids are intuitive, attractive, powerful, available at any time and any place: a perfect mix for top managers, sales teams and even customers.

BI (and Information Management) is a natural fit for mobile devices.  Managers, blue and white workers spend a majority of their time away from their desks. Most are traveling, walking about or driving from site to site. And it’s these mobile workers who need the most up-to-date information. They need mobile BI to retrieve data to make on-the-spot decisions, monitor operational processes and review KPI, and work-in-process dashboards.

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12
Jul

Are you one of these — Data Scientist, Analytics Guru, Math Geek or Quant Jock?


“The sexy job in the next ten years will be statisticians…”
‐ Hal Varian, Google

Analytics Challenge — California physicians group Heritage Provider Network Inc. is offering $3 million to any person or firm who develops the best model to predict how many days a patient is likely to spend in the hospital in a year’s time. Contestants will receive “anonymized” insurance-claims data to create their models. The goal is to reduce the number of hospital visits, by identifying patients who could benefit from services such as home nurse visits.

The need for analytics talent is growing everywhere. Analytics touches everyone in the modern world. It’s no longer on the sidelines in a support role, but instead is driving business performance and  insights like never before.

Job posting analysis indicate that market demand for data scientists and analytics gurus capable of working with large real-time data sets or “big data” took a huge leap recently.  The most common definition of “big data” is real-time insights drawn from large pools of data. These datasets tend to be so large that they become awkward to work with using on-hand relational database tools, or Excel.

It’s super trendy to be labeled “big data” right now – but that doesn’t mean the business trend’s not real.  Take for the instance the following scenario in B2B supply chains. Coca-Cola Company is leveraging retailers’ POS data (e.g., Walmart) to build customer analytical snapshots, including mobile iPad reporting, and enable the CPFR (Collaborative Planning, Forecasting, and Replenishment) process in Supply Chain. Walmart alone accounts for $4 bln of Coca-Cola company sales.

Airlines, hotels, retail, financial services and e-commerce are industries that deal with big data. The trend is nothing new in financial services (low latency trading, complex event processing, straight thru processing) but radical in traditional industries.  In trading, the value of insights depends on speed of analytics.  Old data or slow analytics translate into losing money.

As data growth in business processes outpaces our ability to absorb, visualize or even process, new talent around Business Analytics will have to emerge. New roles such as Data Scientists, Analytics Savants, Quant Modelers are required in almost every corporation for converting the growing volumes of data into actionable insights.

Look at these data stats.

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