Big data it’s impact on the finance function

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Mike Davis

An introduction to Big Data for Finance Managers given at the Budgeting Solutions Finance Forum June 2013

Tecnología Economía y finanzas

1
Big Data, Business Analytics
and Business Intelligence
- It’s impact on the finance function
Mike Davis
Principal Analyst
June 2013
© All images acknowledged
© msmd advisors Ltd 2013
responsive, credible, flexible

2
© msmd advisors Ltd 2013
Running order
Why all the fuss about Big Data? (WIIFY)
A simple example of Big Data usage (not finance)
Misconceptions about Big Data by executives
(not just finance)
How have Big Data,
analytics
and BI helped in finance to
date? (its not management
accounting as usual)
How do you convey the
importance/relevance
of Big Data to others?

3
Information management is about
USING information/data
– to make a decision
© msmd advisors Ltd 2013

Decision making requires effective
information
…That’s delivered:
At the right place
– and in context
At the right time
– and complete / credible / trusted
To the right person(s)
– who have authority to
make decisions
4
© msmd advisors Ltd 2013

5
Finding the right information can be
difficult
© msmd advisors Ltd 2013

6
Understanding data
© msmd advisors Ltd 2013

7
Understanding data
© msmd advisors Ltd 2013

8
Understanding data
© msmd advisors Ltd 2013

9
Understanding data
© msmd advisors Ltd 2013

10
Big data and the challenge of decision
making – the three Vs
Volume
Variety
Velocity
© msmd advisors Ltd 2013

11
It's all his fault
© msmd advisors Ltd 2013

12Big Data in action
© msmd advisors Ltd 2013

13Big Data in action
© msmd advisors Ltd 2013

14Big Data in action
© msmd advisors Ltd 2013

15Big Data in action
© msmd advisors Ltd 2013

16Big Data in action
© msmd advisors Ltd 2013

17
The fourth V = Visualisation
© msmd advisors Ltd 2013

18
© msmd advisors Ltd 2013
Misconceptions about Big Data

19
© msmd advisors Ltd 2013
Big Data and finance

20
So where's the value in Big Data?
© msmd advisors Ltd 2013

21
So who uses Big Data?
Internet Google, Amazon, eBay, AOL – everything
Mobile Gaming On line betting, multi user games
Marketing Social Network Analysis, Digital Advertising
Telcos Call Routing Management, Subscriber Churn
Retail Tesco – customer segmentation
Netflix – everything
Utilities Smart Grid for meters
Banking Fraud detection, Customer segmentation
Insurance Telemetrics on cars
© msmd advisors Ltd 2013

22
So how is Big Data used in finance?
© msmd advisors Ltd 2013

23
So how is Big Data used in finance?
Source: IBM 2012
© msmd advisors Ltd 2013

24
© msmd advisors Ltd 2013
So who uses big data in finance?
Monitor customer journeys:
• website clicks
• transaction records
• bankers’ notes
• voice recordings
Make pre-emptive competitive credit offers
Selective BankAmeriDeals cash back offers

25
© msmd advisors Ltd 2013
So who uses big data in finance?
Insurance uses:
• Fraud Detection & Analysis
• Personalised Pricing
• Customer Sentiment Analysis
• Catastrophic Planning
• Call Detail Record
• Loyalty Management
• Social Media Analytics
• Advertising and Campaign Management

26
Big data in insurance – the single view
and the spy in the car
© msmd advisors Ltd 2013

27
Big data in retail - Tesco
Major use of BI and loyalty program
Outsourced to Dunnhumby for analysis
80% of customers are Clubcard
members
Constantly updating data – every
transaction improves data quality
Targeted promotions both direct and
sponsored by suppliers (revenue
stream)
But Tesco is a financial services company
as well...
© msmd advisors Ltd 2013

28
WIIFY? - you do not need to be afraid of
Big Data in financial services
You will not be the first
Big Data brings additional value – not traditional ROI
- not traditional management accounting
You have the tools – you may need to bring them together
You have the skills – you may need to bring them together
You need to see your organisation’s information assets as a whole
You do however need the organisation to mature in its
understanding of the role and value of information
Big Data should mean BIG opportunities
© msmd advisors Ltd 2013

29
Thank you
miked@msmd-advisors.com
www.msmd-advisors.com
@mikemasseydavis
responsive, credible, flexible
© msmd advisors Ltd 2013

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Big data it’s impact on the finance function

1. 1 Big Data, Business Analytics and Business Intelligence - It’s impact on the finance function Mike Davis Principal Analyst June 2013 © All images acknowledged © msmd advisors Ltd 2013 responsive, credible, flexible

2. 2 © msmd advisors Ltd 2013 Running order Why all the fuss about Big Data? (WIIFY) A simple example of Big Data usage (not finance) Misconceptions about Big Data by executives (not just finance) How have Big Data, analytics and BI helped in finance to date? (its not management accounting as usual) How do you convey the importance/relevance of Big Data to others?

4. Decision making requires effective information …That’s delivered: At the right place – and in context At the right time – and complete / credible / trusted To the right person(s) – who have authority to make decisions 4 © msmd advisors Ltd 2013

21. 21 So who uses Big Data? Internet Google, Amazon, eBay, AOL – everything Mobile Gaming On line betting, multi user games Marketing Social Network Analysis, Digital Advertising Telcos Call Routing Management, Subscriber Churn Retail Tesco – customer segmentation Netflix – everything Utilities Smart Grid for meters Banking Fraud detection, Customer segmentation Insurance Telemetrics on cars © msmd advisors Ltd 2013

24. 24 © msmd advisors Ltd 2013 So who uses big data in finance? Monitor customer journeys: • website clicks • transaction records • bankers’ notes • voice recordings Make pre-emptive competitive credit offers Selective BankAmeriDeals cash back offers

25. 25 © msmd advisors Ltd 2013 So who uses big data in finance? Insurance uses: • Fraud Detection & Analysis • Personalised Pricing • Customer Sentiment Analysis • Catastrophic Planning • Call Detail Record • Loyalty Management • Social Media Analytics • Advertising and Campaign Management

27. 27 Big data in retail - Tesco Major use of BI and loyalty program Outsourced to Dunnhumby for analysis 80% of customers are Clubcard members Constantly updating data – every transaction improves data quality Targeted promotions both direct and sponsored by suppliers (revenue stream) But Tesco is a financial services company as well... © msmd advisors Ltd 2013

28. 28 WIIFY? - you do not need to be afraid of Big Data in financial services You will not be the first Big Data brings additional value – not traditional ROI - not traditional management accounting You have the tools – you may need to bring them together You have the skills – you may need to bring them together You need to see your organisation’s information assets as a whole You do however need the organisation to mature in its understanding of the role and value of information Big Data should mean BIG opportunities © msmd advisors Ltd 2013

29. 29 Thank you miked@msmd-advisors.com www.msmd-advisors.com @mikemasseydavis responsive, credible, flexible © msmd advisors Ltd 2013

Notas del editor

Gartner, worldwide big data IT spending will grow from $27 billion in 2012 to $55 billion in 2016.
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Big data it’s impact on the finance function

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