Improving Decision Making by Accelerating TTA

Mar 13, 2013

It’s hard to imagine that it would take one of the largest financial services firms in the world six months and five million dollars to answer a question as simple as how many of its customers have a specific type of account. But it’s a reality. The cost to integrate, correlate and analyze the data necessary to answer such simple questions can be extraordinarily high and take so long that sometimes the information is already outdated by the time the answers come to light.

Corporate executives across just about every industry are asking: how do we get answers to critical business questions in a reasonable amount of time? Why is this simple and intuitive process so frequently complex and counterintuitive? The problem of capturing, organizing and maintaining business data should improve as new technology and business processes for managing data evolve but instead the problem has gotten worse.

The amount of data that organizations generate, maintain and store has skyrocketed over the past few decades. New technology and lower costs associated with storing data have made it possible for more employees to build and maintain their own copies of business data, resulting in an overwhelming amount of information. Information is then stored in numerous legacy systems as well as newer data centers and tracking it down can be a complex process. New forms of unstructured data like documents, social media and sensor data that monitor and measure the movement of individuals and equipment have also become more common. This unstructured data is difficult to integrate with traditional customer, operational, account and transactional information which further complicates the analysis process. All of these factors make it harder to uncover answers to a company’s critical business questions.

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By Randy Bean

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