Consider the number of decisions your firm makes everyday. How long does it take to ensure that those are the right decisions?
- Hours to decide which customers and what channels are the best ones to target for up-selling a new product, based on results from the last campaign.
- Minutes to profitably price the risk of offering credit to a potential new customer who is looking at a competitive rate at another bank.
- Seconds to determine if a long-term customer on hold with your contact center or visiting your website qualifies for special pricing that will incentivize them to buy the service or product, as well as keep them coming back.
Every organization - especially those in financial services - is faced with too much data and not enough time to make sense of it. But what if you could have confidence in your data AND answer those questions in minutes or seconds rather than hours or days? What would you do with the rest of the time to make your firm more profitable and competitive? How would on-time answers improve your risk or fraud capabilities?
Changing the game
I’d like for you to read a very interesting blog post about a presentation that was given at Analytics 2011 in Orlando by Oliver Schabenberger, Lead Architect of SAS High Performance Analytics, and Radhika Kulkarni, Vice President of Advanced Analytics R&D at SAS. Schabenberger and Kulkarni are excited about the new capabilities that SAS has uncovered in high-performance analytics. Accoding to Kulkarni, it’s not only about running problems faster, but about running problems that were not solvable before.
Schanbenberger says, “You should not be doing less sophisticated analysis just because you have more data. If the size of the data is choking your analytics, the problem is not that you have too much data. It’s that you don’t have the right analytics environment.”
So, here’s the blog post: Live from A2011: Bring us your unsolvable problems.
I also think these white papers and videos do a good job of explaining that data is a valuable corporate asset. They also show how you can use high-performance computing to quickly and effectively harness data:
- Big Data: Harnessing a Game-Changing Asset (white paper)
- The Business Impact of In-Memory Analytics (video)
- Evolving from Quantitative Risk Management to a High-Performance Risk Management Analytic Framework (white paper)
- Accelerating Business Analytics: Combining Grid Computing and In-Database Processing to Solve Big Data Problems (webinar)
Let me know if you need more information.