Time for a lean approach in financial services
There is significant hype around big data - the analysis of large, complex, untraditional or rapidly changing datasets to find actionable insight. Vendors and commentators are proclaiming big data to be a panacea for customer insight, and there is a growing landscape of big data solutions.
This hype, together with the increasing capability and reducing cost of technology, may be compelling for Irish retail financial services organisations seeking to improve their customer engagement and operational performance.
But with all this hype, it is often not clear exactly how organisations can realistically benefit from big data. Our CIO Survey revealed that 39% of Irish organisations will still be at the research stage over the next 18 months. Many simply do not appreciate the real costs – in terms of money and time – that burden ‘big’ approaches to big data programmes. And very few understand that the strength and quality of customer engagement bear little relation to the tools that have been bought.
Rather than rushing into customer-orientated big data programmes and expensively thrashing through a haystack in the hope of finding some kind of needle, Irish organisations need to invest in a ‘lean’ approach to data and analytics. This new report from Deloitte looks at how such an approach will align all business capabilities, including strategy, people, process and technology, towards a more engaged customer.