In every industry senior managers wonder whether they are getting full value from the massive amounts of information they already have within their organisations or industry.
The advent of better, more robust and more agile new technologies means the tools are available to reliably collect more data than ever before. This offers huge opportunities, so why do so many organisations struggle to find better ways to obtain value from their data and compete in the marketplace?
The questions about how best to achieve value persist. On one level this is encouraging because the debate about whether it is doable in the first place has been put to bed. The focus is on realising the value.
In today’s growth markets, companies are now looking outwardly again to understand how they can obtain sharper and timelier insights. It’s an attitude and focus that has been neglected by many who have been focusing on costs during the past few years rather than investment, but the vacuum has led to a predictable demand. Organisations need to know what is happening now, what is likely to happen next, and what should be done to get optimal results.
Realising the value of big data is now a very real prospect for property risk managers. Multiple sources of geographical, economic, and product information mean lenders want analytics to exploit their growing data. As computational power becomes smarter and more innovative, senior executives now want significant parts of their businesses run on data-driven decisions that provide immediate guidance on the best actions to take. Property risk managers want to de-risk business and understand optimal solutions based on complex business parameters or new information, and they want to take action quickly.
These expectations can be met but it is important that any business understands that analytics-driven insights need to be digested and acted upon. They must be closely linked to business strategy, easy for end-users to understand and embedded into organisational processes so that action can be taken at the right time. That is the real business challenge.