The Simple Truth About Big Data: It's Nothing Without Good Analytics
Why all the excitement about Big Data? Data itself is nothing new, and while data volumes continue to grow, the notion of "bigness" is as old as the tech industry itself. The fact is that as valuable as data can be, no amount of data ever solved a problem by itself. It takes the right apps and the right know-how to turn data - big or small – into something of meaningful value.
We've been working with huge volumes of data for more than 50 years to help organizations manage risk, increase sales, and drive profitability. As the data has gotten bigger, FICO has responded by making the analytics smarter. To the three Vs of Big Data – volume, variety and velocity – we add a fourth: value.
Today, we're helping companies succeed by combining powerful, innovative software and predictive analytics to find the hidden signals in Big Data – signals that enable you to predict how people will behave so your organization can make better decisions.
- Retailers are using FICO analytic software to create individualized offers for millions of consumers, resulting in redemption rates up to 20X higher than traditional coupons. For one retail client, we analyze 10 million transactions a day, and build 4,000 models involving 5 terabytes of data.
- Credit card issuers worldwide rely on FICO analytics to review 9,000 transactions per second (1/4 trillion transactions per year) and determine which are legitimate and which are potentially fraudulent.
- Professional sports teams use FICO tools to evaluate trillions of scheduling permutations each season and find the optimal schedule – the one that most effectively balances competitive fairness with marketability.
- Insurance carriers use FICO software to identify billions of dollars in bogus claims submitted by individuals, service providers and organized crime rings each year.
Ultimately, Big Data is only useful when it enables you to deliver against specific operational objectives. Thanks to our deep experience, we're able to helping you monetize data with pragmatic, Big Data analytics solutions.
- We make is easy for organizations to execute the right decisions and the right programs at the right moment with agile, cloud-based apps that eliminate costly and time-consuming obstacles to implementation.
- We enable our clients to interact with their customers in a highly scalable way – whether 1:1 or via massive campaigns.
- We support our clients in reaching their target customers across whatever communications channels are most effective, whether email or text, telephone or social media.
- We help our clients understand and comply with privacy laws regarding data use, based on our decades of experience working with regulators and helping businesses properly use personal information.
Big Data really is a big deal. But it's the ability to analyze, interpret and act on data that unlocks its real value. At FICO, that's our business. No matter how big your data is today, it'll be bigger tomorrow. Make sure your analytics are up to the challenge. Make sure you've got FICO.
Explore the science of predictive analytics
Analytics is a hot field today, and more companies than ever are applying the power of analytics across their business.
FICO offers a broad portfolio of custom analytic solutions designed to help you achieve your specific business needs.
Big Marketing Solutions
Discover some of the leading applications for big marketing solutions.
Success Stories: Big Data Analytics
Check out some of our success stories involving Big Data Analytics.
FICO Labs Blog
Read our FICO Labs blog on Big Data analytics and other topics.