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At large financial institutions around the world, the very nature of enterprise IT is changing. Budgets and staff are shrinking while compliance requirements rise, siphoning away headcount. The IT resources that remain must be focused on producing customer value and, ultimately, a bank’s competitive advantage.
In today’s environment, analytics are a central means to achieving both of these goals. But a scattered approach, using many analytics point solutions, yields neither efficiencies nor business value. Instead, says Tom Johnson, financial organizations can extract the most benefit by consolidating analytics investments around “a combination of a strong intellectual property framework, world-class analytics and best practices, and the flexibility to mold technology around their business processes, not the other way around.”