Historical Data, commonly also referred to Big Data is all about finding a needle of value in a haystack of unstructured information. Organisations are now investing in solutions that interpret consumer behaviour, detect fraud, and even predict the future! McKinsey recently released a report stating that leading companies are using big data analytics to gain competitive advantage. They predict a 60% margin increase for retail companies who are able to harvest the power of big data.
To support these new analytics, IT strategies are mushrooming, the newest techniques and building data mining solutions. New data discovery techniques include spectacular visualization tools and interactive semantic query experiences.
Knowledge workers, analyst and data scientists sift through filtered data asking one unrelated explorative question after another.
The real industry challenge is to integrate Big Data it into mainstream IT.
The following Initiatives are outcome of mitigating Operational Risks in Finance and Insurance industry which are a derivative of historical data:
- BASEL – II/III – A widespread initiative in EU Finance/banking Industry.
- Solvency II - An Insurance Industry initiative.
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