Data sources are proliferating with the advent of social media, mobile browsing, cloud based applications and the increasing number of smart, sensor enabled devices
Data is now recognised as a key driver of superior business performance rather than just something that must be collected for regulatory reporting. Business analytics is enabling companies to derive more value as it becomes less historical and increasingly forward looking, enabling organisations to create optimised and personalised recommendations triggered by customer behaviour as it happens. This is leading to challenges for clients who need to derive value from their data:
- Regulatory requirements – are placing increased demands for regulatory reporting and demonstrating appropriate data usage for business decision making.
- Customer expectations – customers demand a seamless and more personal experience when interacting with Financial institutions. Data is central to enabling consistent and fair treatment across digital channels.
- Marketing returns - poor prioritisation and selection adversely impact the return on marketing spend. Low conversion rates on offers and product recommendations demonstrate a need for greater personalisation and next best offers based on real-time behaviour.
- Real time insight - by generating value out of real-time data streams, previously underused data can now provide strong indication of customer intent, and drive down instances of financial fraud and other cyber security threats.
High value analytics is one part of the story, efficient and low cost data management is the other side, which needs to address challenges of poor data quality, lack of integration, inflexible reporting or poor visualisation tools and techniques. Sopra Steria provides consultancy and a range of managed delivery services across data management, analytics and visualisation. We create unique outcome based propositions for our customers, incorporating data drawn from traditional structured data sources as well as from unstructured formats.