Last week we were proud to be a sponsor of the Data Innovation Summit in Stockholm www.datainnovationsummit.com and partake in the energy and enthusiasm of over 700 delegates/presenters/exhibitors sharing ideas, technologies, challenges and solutions within Big Data, Data Science and Analytics. Our ‘technology in practice session’ focussed on turning ad-hoc analyses into strategic models by industrialising your analytics (‘From 7 days to 7 seconds’).
We are entering the era of big data, sophisticated algorithms and rapidly emerging technology. Financial and analytical modelling is moving to the heart of how businesses are being managed and assessed. However these models are not being built in platforms that are fit for purpose. The result is that Boards, regulators and management are being asked to rely heavily on models that are slow, that are fragile, and that are opaque.
In our session, we showed how a-business can industrialise and automate their ad-hoc and tactical financial, analytical and statistical models. This will embed these models into a streamlined, controlled environment which is tightly integrated into the company’s enterprise systems on the incoming and outgoing data interfaces. We gave some examples of how this has been done in practice, and discussed the benefits that this gives an organisation.
We think it is crucial that organisations begin to integrate their ad-hoc analytical models into a modern, enterprise modelling framework to create reliable, transparent, collaborative and streamlined modelling processes. This means that the analytics processes will become faster, less resource intensive, less fragile and far more likely to be trusted and relied on by Boards for their strategic decision making.