At FICO World 2014, FICO CTO Stuart Wells talked about how we are applying Big Data Analytic software to meet an array of challenges and business needs. He specifically touched upon the ways that FICO is using Big Data Analytics software to help its clients address customer value, anticipate criminal activity and tackle an elevated regulatory environment. During his keynote, Wells showcased several new technologies.
In creating customer value, one of the biggest challenges for enterprises is that they can’t trust the data. Often the business user is the person who would benefit most from the analytic insights. But she isn’t a data scientist. She isn’t IT; she doesn’t know how to put the data into a system. And thus, she can’t extract value from the data, because she doesn’t trust it.
Wells described the five fundamental Big Data imperatives for the business user. They want to:
- Use as much data as possible
- Ensure the data is available to make decisions
- Adapt to the existing architecture
- Reduce complexity
- Lower cost of ownership
In terms of complexity, Wells described a new streaming analytics solution that enables businesses to tackle intricacy in getting the data into to an analytics solution. This density comes from a plethora of tools, processes and data sources (streaming and existing). The new solution will enable businesses to access all the data in the same way, map it and configure it to work with a catalog of processes.
By getting to the insights, a variety of industries can get to the heart of the data and improve customer value.
A strong theme of yesterday’s FICO World, Wells picked up on it in his keynote. He described how FICO is taking its fraud management technology and applying it to cybersecurity. Today, most security breaches are perpetrated in minutes, hours and days but caught months later. The solution would enable organizations to identify breaches in near real-time.
When it comes to regulators, Wells described how FICO is helping address the model management of hundreds of thousands of analytic models. You can read up on this solution in an earlier post. But, this revolutionary technology developed with a large financial services client addresses regulatory processes, and helps institutions avoid fines for not paying enough attention to systematic pressure from regulations and regulators.
Wells closed with a look into the future of Big Data Analytic software… Businesses will be able to access the best Big Data technology, the best analytics and the best decisioning, on site or in the cloud, giving them the opportunity to rapidly integrate and deliver customer value.
Wells keynote video will be posted in the next couple of weeks. Check back to the blog for details.