Tag Archives: Analytics

Analytics & Optimization Rise of the (IoT) Machines: When Do We Say “Enough”?

Image from Terminator: Rise of the Machines
Mar012017

Make no mistake about it, I am a technology-loving kind of guy. My job is all about helping people to make better business decisions using analytics technology, and I have boundless enthusiasm for speaking with FICO customers, data scientists and students about the power of behavioral analytics, artificial intelligence and machine learning. But when it comes to my personal life, I’m a bit of a contrarian. There’s been a lot of news about studies showing how too much smartphone use, or too much time on social media, can have a stressing, depressing effect. So I purposefully limit my phone use and I’m not even on Facebook, Instagram, Snapchat, et al. (Although I do love using Twitter as part of my work, to connect with followers all over the world!) How technology can rob joy As the Internet of Things (IoT) matures, I feel like a similar trajectory is starting to... [Read More]

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Analytics & Optimization Is Your Analytics Supply Chain Broken?

Simplified view of an analytics supply chain
Feb202017

This is a guest post from Thomas H. Davenport and FICO’s Zahir Balaporia. A version of this post was also published on Data Informed. Businesses across many industries spend millions of dollars employing advanced analytics to manage and improve their supply chains. Businesses look to analytics to help with sourcing raw materials more efficiently, improving manufacturing productivity, optimizing inventory, minimizing distribution cost, and other related objectives. But the results can be less than satisfactory. It often takes too long to source the data, build the models and deliver the analytics based solutions to the multitude of decision makers in an organization. Sometimes key steps in the process are omitted completely. In other words, the solution for improving the supply chain –  advanced analytics – suffers from the same problems that it aims to solve. Therefore, reducing inefficiencies in the analytics supply chain should be a critical component of any analytics initiative... [Read More]

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Analytics & Optimization My Keynote World Tour Wrap-Up: “Analytics Will Rock You”

Dr. Scott Zoldi
Jan302017

In my role as FICO’s Chief Analytics Officer, one of the most exciting parts of my job is being asked to speak at industry and customer events all over the world. It’s truly an honor, and a fascinating opportunity to see, hear and appreciate the analytics topics at the top of audience members’ minds. One thing is for sure: analytics are rocking every corner of the world we live in, and audiences across industries are eager to learn more. Analytics rock our assumptions  Predictive Analytics World/New York: I was thrilled to keynote at this event, which focuses on analytics across the broad swath of financial services. I talked about using the FICO fraud data consortium to determine when data shifts can invalidate the models and, more menacing, when these shifts reveal subtle new fraud patterns that can indicate the work of fraudsters and cyber criminals, who know how to go... [Read More]

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Analytics & Optimization Top 10 of 2016: Our Blog Posts You Liked Best

Jan032017

With 2016 recently coming to a close, we took a look back to uncover which topics you – our blog readers – gravitated toward last year. Chief among your interests were analytic innovation, credit risk, regulatory compliance, customer experience and mobile payments. Here’s a recap of our top 10 most popular posts published in 2016: US Credit Quality Rising … The Beat Goes On – Ethan Dornhelm shares FICO research showing how US consumer credit quality continues to climb. Why Is Customer Experience So Hard to Explain? – For an organization to improve customer experience, here’s why everyone needs to start on the same page. 4 Analytic Predictions for 2017 – From Killer Devices to AI Hype – FICO Chief Analytics Officer Scott Zoldi shares his predictions for analytics trends and burning issues in 2017. Your Customer Experience Management Is SO Immature! – Roughly 80% of companies are customer experience... [Read More]

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Analytics & Optimization Video: Analytics Spur the Entrepreneurial Spirit at Georgetown

analytics-at-georgetown
Dec282016

Ever wonder how students use analytics to become entrepreneurs? At Georgetown University in Washington, D.C., Students of Georgetown, Inc. – commonly known as “The Corp” – is the largest entirely student-run non-profit corporation in the world, with seven subsidiary companies generating annual revenues in excess of $5 million. As participants in the FICO Academic Engagement Program, Georgetown students were given the opportunity to analyze Big Data from their seven storefronts using some of the industry’s most widely used analytics tools. Watch the video to find out how The Corp leveraged their findings from FICO analytics to monitor customer behavior and improve sales.

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Customer Engagement Analytics in Action: Yarra Valley Water and Application Processing

Yarra Valley Water logo
Dec222016

As 2016 draws to a close, I am grateful for the many, many ingenious ways customers use FICO® products to solve business problems. Clearly, FICO World 2016 was a bonanza of an opportunity for me to learn exactly how. Customers traveled to our event, held last April in Washington, DC, from all over the world. The folks from Yarra Valley Water, in Melbourne, Australia, made one of the longest journeys, and I enjoyed hearing the retail water utility’s story at FICO World’s closing panel discussion. Yarra Valley Water uses FICO® Blaze Advisor® decision rules management system and FICO® Decision Management Suite to reduce the time required to the water application process from months to minutes, without adding staff. That’s pretty amazing––watch the video below. An early adopter of automation Yarra Valley Water provides water and sewage service to 1.8 million residents and over 50,000 businesses. In 1995, it worked with... [Read More]

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Fraud & Security Migration and the “Cloud Ceiling”: 5 Compliance Predictions for 2017

Plane breaking through clouds
Dec212016

In times of political and economic change, corruption and financial crime tend to rise. That means 2017 should be a risky year from a compliance standpoint. The strain of the Eurozone, the shock of Brexit, the surprise of the American elections, further terrorist attacks, revolutions in the Islamic world and other factors will create an environment that is ready for change. With that in mind, here are my top 5 predictions for the year. 1. Analytics will be the new black. Of course, as an analytics provider, we would say that. But it’s not just us – in a recent IDC report, Business Strategy: The Use of Advanced Analytics in the Know-Your-Customer Process, (Sep 2016, Doc # US40137316),  Bill Fearnley, research director, IDC Financial Insights, says: “Regulators and government agencies are working hard to cut off funds supporting terrorism and reduce financial crime and tax avoidance. To help in those efforts,... [Read More]

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Risk & Compliance 2017 Predictions: 4 Trends that Will Shake Up Banking Next Year

Dec202016

If you follow the financial press, blogs and newsletters, you may have noticed a sea change in the topics du jour over the last 12 months. As we close out 2016, receding into the background are the never-ending stories of Big Data technology, as well as the hype of how P2P lending is taking over. Instead, the focus is on blockchain, open banking, AI, fintech beyond P2P lenders, cybersecurity, digitisation and customer experience. This shift is exciting because, as these topics all collide, it will shake up the very face of banking as we know it … although probably not quite as quickly as the technology talking heads would have us believe. I have one more to add to that list: financial inclusion must be central to the story of 2017 because it will be the beneficiary of many mainstream industry innovations. Here are some thoughts on just four of... [Read More]

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Analytics & Optimization 4 Analytic Predictions for 2017 – From Killer Devices to AI Hype

Hand holding analytics
Nov302016

In many ways I think 2016 was the year that analytics hit the mainstream. At cocktail parties and in coffee shops, 2016 has been the year that we data scientists suddenly felt a bit like – dare I say it? – rock stars. A quick Google search provides a fascinating data point: “analytics 2015” returned 28.6 million hits “analytics 2016” returned 52.3 million hits Suffice it to say that in 2017, I believe that analytics, and the many domains it influences, will be a non-stop hit machine in terms of generating news headlines and ideas that fascinate us. Here are my predictions: 1. Security/IoT: Is your video cam no longer your friend?  In light of the recent Dyn attack, will 2017 be the year that your IoT device will turn on you? (Think Westworld, Humans, Terminator.) I think the answer is “yes.” In my recent blog, “Real talk: The imminent and... [Read More]

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Risk & Compliance Truth Squad: Will Looser Scoring Standards Help Millions More Americans Get Mortgages?

Truth Squad logo
Nov152016

Access to credit and the path to homeownership are important parts of the American way of life. That’s why it’s critical to understand what can be done to improve financial inclusion — and what won’t work. For months now, the three main US consumer reporting agencies – through their VantageScore business – have been claiming that millions of credit-starved Americans can get access to mortgages through the “innovation” of simply eliminating long-standing and essential minimum credit scoring criteria. This isn’t innovation, and it won’t help borrowers.  It’s time to set the record straight. Claim: By loosening the minimum scoring criteria, VantageScore can give millions of currently unscoreable Americans a credit score, making them mortgage-ready. Truth: Scoring sparse and old data may give more Americans a score, but it won’t help those Americans who are actually seeking homeownership credit.  Even worse, it locks millions of Americans into unfairly low scores. To... [Read More]

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