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Embracing Big Data has become an essential aspect in the accurate assessment of Risk and has now become a C-level priority. While financial institutions are recognising this strategic shift, many are left wondering how to leverage the value of growing amounts of data. At Reply we are seeing new examples in the Insurance industry, in Banking, …
Avantage Reply, together with the Dutch Banking Association (NVB), will organise an industry debate luncheon around BCBS 239 Risk Data Aggregation, on
18th December, commencing at 12:30, at the
NVB offices in Amsterdam.
Every marketing decision is both an opportunity and a risk on which a product’s success or failure can hinge. Integrated marketing management, underpinned by Big Data, is the approach that can increase ROI through a multichannel analysis and a more effective way to measure campaign return.
Amongst the many emerging trends in the marketplace today, Big Data is on the lips of as many Senior IT Managers as anything else. It’s a term that has been used and abused by many vendors, yet at its core is the promise of something truly game-changing in many industries.
With the explosion of data and increasing availability of solutions to process that data (think Big Data) there is opportunity to get different insights previously not available. Data Visualisation is one of the suite of elements to an end-to-end solution that can be used to realise the benefit.
Big Data offers a new technology for gathering, managing and processing large quantities of data in different formats. Its various innovative features set it apart from traditional technologies, marking a major break with the past. HANDLING UNSTRUCTURED DATA: Big Data does not require the in-depth data schema design needed for traditional databases: it uses NoSQL, a mechanism for working with structured and unstructured data together. EFFICIENT DATA MANAGEMENT: Big-Data technology’s second feature is its ability to handle vast data volumes (in Petabytes), generally at a fraction of the TCO of traditional systems.INTEGRATED TEAM WITH SPECIFIC PROFESSIONAL EXPERTISE: Implementing a Big-Data model requires a team with new skills, including Data Scientists, data-analysis specialists with vertical competencies.NEW WAYS TO RUN PROJECTS: The initial stages of a project no longer involve selecting information sources to base the design on (as in the traditional data-handling approach) – Big Data turns this concept on its head by leveraging statistical techniques.
Big Data presents a huge opportunity for automotive companies to meet the demands of their more challenging and educated customers. Major firms have recognised the importance of data along the entire value chain.
It is time for insurers to get back their own customers data, capturing the driving data streaming from vehicles, to develop proprietary insights and to apply discount rates or more targeted and differentiated fees.
There is a case to argue that if companies managed their finances as badly as they manage their data, they would probably be out of business by now. Data used to be confined within firewalls and systems but in the digital age, it is ’happening’ everywhere.In this world of ’Big Data’, having the right data available at the right time is crucial; and it is an imperative that has moved far beyond the remit of IT alone.
Amid constantly growing data volumes and increasing project complexity, in order to be useful as management tools, Big-Data solutions must be implemented on scalable, efficient Cloud architectures based on an efficient, stable cost model.
Utilities have traditionally been amongst the lowest data intensity companies, but the advent of Smart Grid has increased the level of data collection dramatically. The challenge now is how to take advantage of that data to create value for the business.