Pub. 4 2014-2015 Issue 5

8 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S FEATURE ARTICLE Big data analytics can help organizations better understand customer behaviors, make processes more efficient, reduce costs, and increase their ability to detect risks and threats. JASON YOUNG PRODUCT MANAGER CSI DUPONT Business Intelligence Tools Are a BIG Deal Discover How Analytics Help Provide Much-Needed Answers I nbusiness,manystrategicdecisionsarebasedon what happened or worked in the past. You build upon successful ideas, and discard those that fell flat. But today—particularly in the financial services industry, looking backward is woefully in- sufficient. In fact, it’s a little like crying over spiltmilk. Recouping lost revenue from the recent financial crisis and creating new revenue streams is critical to the industry. To succeed today, and years fromnow, wemust understand what lies ahead on the horizon. In other words, what if…? Automated business intelligence solutions can help financial institutions answer those questions by sorting through their reams of “big data” and extracting pearls of wisdom about consumers’ needs—leading to increased profitability and customer retention. The tools gather data across systems that have the ability to “talk” to each other, and give institutions a 360-degree view of the customer. And, some may argue, the most valuable facet of business intelligence tools is their power to address a variety of “what if” scenarios through analytics. According to Gartner’s report, Predicts 2014: Big Data 1 , big data analytics can help organizations better understand customer be- haviors, make processes more efficient, reduce costs, and increase their ability to detect risks and threats. It also reveals that: