Big data promises to yield substantial returns, but exploiting it in order to see measurable business results can be challenging. How can businesses use these new technologies to see measurable results and ROI?
In the financial industry, the incentive to invest in big data is very strong. Given the overwhelming amount of data that companies have to deal with, as well as the need to constantly compete with new business models on the market, it makes sense that the financial sector has been among the first to start experimenting with big data initiatives. Too often, however, companies find themselves frustrated by the difficulty of getting measurable business value out of their big data. By wanting to gain insight from it and overemphasising the importance of their data infrastructure, companies often miss out on how big data can be turned into an actual profit driver.
This paper explores the topic of big data from a business management perspective, examining how financial companies should approach big data initiatives, the integral role that machine learning plays, and how to exploit these new technologies to see measurable results in your marketing, operations, and risk management departments.