Big data – initiatives to accelerate growth engage customers and achieve competitive advantage

Retail Financial Services

Retail Financial Services


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Expert:Will Beresford – Beyond Analysis

Moderator: John Chapman – Owen James 

Key Findings:

  •  All organisations have access to valuable data, but either fail to capture data, fail to understand what data is relevant and fail to use data effectively. Businesses struggle to get demonstrable value from data. Identification and prioritisation of only the most relevant data can be the first step to unlocking data paralysis. 
  • Data under two years old is useful, but data over two years old can often be unreliable and too old to be relevant to any current data analysis. 
  • Data is best used within organisations when it is shared on a wide scale. Success can be demonstrated from aggregation and simplification of all relevant data to align internal disciplines behind one shared view. 
  • Sharing data and giving unrestricted access democratises customer insight enabling more effective decision-making at the point of action, creating significant impact on customer engagement. 
  • Data needs to be simplified and continuously improved.