Why You Need to Leverage Big Data Now, Not LaterPublished 2nd Jan 2015 Archived
Big Data. It’s the darling of every business sector – from banking to retail – and everyone wants to get in on the action. However, according to Gartner, “Through 2015, 85% of Fortune 500 organizations will be unable to exploit big data for competitive advantage.”
We know that big data is destined to help organizations gain new, better, and faster insights into their customers, industries, and market. So what’s getting in the way of organizations being able to realize the business advantages of big data now?
To start off big data means lots of data, oftentimes from more sources than your average Excel spreadsheet can sensibly handle and parse. Getting big data projects off the ground means organizations need to make sense of the data they have, determine how they can gain insights from what’s on tap, and figure out what data sets are missing to complete the picture.
Currently most big data projects involve combining internal data sets to look for insights, or combining internal data with generic data readily available in the marketplace. However, these approaches lack the accuracy and insight into true economic and market conditions, leaving important business decisions open to risk.
That’s where we step in.
Having developed the first and only financial database with insights into the 27 million businesses and 144 million households that comprise the American economy, we provide the most granular and accurate data, which was never previously available. Our Market Intelligence Platform eliminates the guesswork and enables business to move beyond reliance on incomplete or error-prone marketplace data sets.
Leveraged either on its own or combined with existing data, the Powerlytics Market Intelligence Platform provides businesses with new views into risks and opportunities in the markets that were never before possible. It allows for unprecedented insights into both the consumer and business sector to understand risk, identify market growth opportunities based on well defined and accurate parameters, conduct predicative analytics, analysis and research with a degree of precision that improves business outcomes.
So how exactly would Powerlytics’ big data and financial insights work in practice? Let’s look at an example of a bank whose small business lending department wants to focus on providing loans to physician’s practices that make less than $5 million in revenue.
By leveraging our Lending Workbench solution, the bank can assess the market size of physician practices making less than $5 million per year in revenue in over 3,000 counties nationwide. In addition, they can understand the average revenue per practice, the total debt in the market, average debt per practice, as well as score the growth, profitability, and risk of that market in each of the 3,000 counties.
To gain even deeper insights, the bank can overlay their existing portfolio of loans to physician’s practices to understand if they have a high level of concentration in areas that are trending negative, and work to adjust their portfolio to ensure an optimal risk and reward balance.
On the consumer side, our data and analytics offer banks better insights into the health of any area in the U.S. down to a Zip+4. For example, income related decisions such as extending credit card debt, our Market Intelligence Platform offers immediate and accurate income verification by scoring the likelihood that a customer is providing an accurate annual income measure based on their location.
These examples highlight just a few of the many possibilities that our big data and financial insights can bring to companies looking to make the business advantages of big data a reality in 2015. Top financial brands are partnering with us to gain more accurate understanding of the risk and the opportunities in their target markets, trend their business and economic data, and append it to their records in order to develop predicative analytics that will help drive new insights and support market growth.