Da Giuseppina Ramanathan, Senior Consultant for BI and bank products Analytics, iCreate Software
The basis of any BI/decision support system is the availability of information and availability. Initially, BI centered on individual silos of functioning of an organization. The next phase focuses on data centralization and the creation of TWO large enterprise platforms. However, business intelligence solutions in an organization operated in isolation from transactional, with a delay between the transactional and reporting systems. With the increasing focus on agility and the need to integrate analytic and business intelligence systems with transactional systems, there is an increased impetus for real-time business intelligence.
The speed and quality of an organization's response to input from a BI system are crucial in order to quantify the investment on the BI system. ROI metrics of a BI system should focus on the actual impact of decisions taken (that is business result or impact) rather than the output.
Information value
In the financial world, "time value" is a term of extreme importance. Value not only of money, let's add the term "time value of information". Information also have a decreasing value. While the value of information can not touch zero, beyond a certain point, it loses value.
Although this chart applies to General information, financial information strictly follows this curve.
Real-time BI in banking
Traditionally, BI systems in the banking sector have focused on independent data warehouse used for reporting and offline analysis. BI systems have focused more on strategic objectives more on tactical and operational goals. The adage "information has value only to the extent that is within the time to act on it" came to the fore in the banking space.
The need for a strategic point of view remains significant, but there is a growing need for a tactical/operational BI.
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