“Innovating on data is just the beginning of the journey”
SPONSORED – Hitachi Vantara CTO Tom Christensen said that it was time to “get structured around unstructured data” to get a holistic view of the information in your organisation and provide better services to your customers.
Christensen was speaking with Partner and the Head of Digital Risk and Compliance Practice at FTI Consulting, Jamilia Parry, and CBR Contributing Editor Edward Qualtrough about how many companies – and in particular banks – were able to tackle risk and compliance issues while also mining their data for value.
“How can you innovate on top of data? How can you begin to make decision making, based on the data that you have,” Christensen said.
“What we see at some banks is that once we have implemented that intelligent data hub, that framework, people are beginning to look at data and to see if they can innovate the current service they have and maybe deliver a much better service to the to their customers.
“Siloes Abound , you need to be able to index, search and have analytics”
Parry added many organisations are now rethinking their entire operating models, especially given that data management is providing the capability about how they might adopt artificial intelligence and machine learning.
“You can use AI to do many processes automatically, and when you see the results of what artificial intelligence is capable of the results are far superior than what a human being can achieve because the machines don’t get tired,” Parry said. “They are not inconsistent and always perform to the best of their ability.
“What that also does is it’s completely reduces the cost of the back office operations.”
Christensen added that there were exciting times for organisations able to collect, connect and manage its data sources and pipelines well.
“Innovating on data is just the beginning of that journey.”
“Once you have that intelligent repository, you can scale machine learning — starting with compliance, then getting more creative”