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FinTech Pioneer | Risk Strategist
Big Data Truths and Myths in B2B Financial Industry
We encourage you to complete the following True or False exercise in deciphering true values of Big Data. Please answer
True (T) / False (F) / Unknown (?) for the following statements in the context of today's B2B firms in financial industry or financial technologies arena.
1. Big data initiatives are for the primary benefit of improving client experience.
2. B2B firms are innovators in adopting the latest and most advanced technologies.
3. Transparency is much improved because B2B firms have lots of data.
4. Veracity refers to perfect exactitude of data in one centralized data warehouse.
5. Enterprise architecture projects are prioritized because IT knows the big data's ROI.
6. Tech vendors join forces with each other to seek higher values through big data.
7. Big data emphasis on standardization and a single golden copy of security master.
8. Data is counter intuitive, conventional wisdom always prevail in product development.
9. There are well kept rosters for the # of data sources & how data is used and reused.
10. Big Data supports tightening of risk appetite and favor more frequent risk reporting.
Scoring Method
•
Add 3 points for every correct answer
•
Subtract 2 points for every incorrect answer
•
Add 1 point for every question you answered ‘unknown' (It is for your honesty and cautiousness. Keep in mind there are high sunk fixed costs in technologies investment. Hence, we help you discern truths and myths for your big data bet.)
Simulation / Data Science
Push corporate innovation with advanced analytics,
Big data game plan, evaluate and implement new
technology, pattern recognition, predictive
algorithms, machine learning, quantitative risk
modeling and more.
Datafication / Text Mining
Pluck diamonds from data and meta-data for value-
added opportunities. Navigate across non-
standardize info source(s) to pull the right data
quickly, natural language processing, ontology,
taxonomy and more.
Infomediary / Data Aggregation
Build portal/ venue/ network by crossover and
cross-tabulation of data. Build utility model or
transaction gateway for syndicate participants in the
network to benefit from the collective intelligence
and more.
Workplace Organization
Information management assessment; SEC 17a-4,
FINRA 3110, SAS70, ISO-27001 compliance
preparation; recommendations to prevent defects,
exceptions, rework, system/ product failure, time
lost, unnecessary procedures, and save costs.
Value Chain Management
Vendors/ distributors management; rationalize
integration/ restructuring projects, resources
deployment/ capacity planning, M&A research and
values creation, due diligent to support buy/ build
decisions and more.
I.T. Agility Optimization
Optimize what ought to be fast, resilient, scalable
and flexible, assess efficiency and effectiveness in
project execution, avoid unnecessary delivery of
low-value apps, performance tuning, project
portfolio planning and more.