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Because value chains are independent of existing organizational structures, staff and work locations, they are less intimidating to the management and staff that have a vested interest in maintaining the status quo. These models (and the analysis of them) are valuable for presenting new and different ways of thinking about the business.
High-quality data is indispensable for informed decision-making, operational efficiency, customer satisfaction, regulatory compliance, and innovation. Operational Efficiency Operational efficiency is another critical area where data quality plays a pivotal role.
The very act of diversifying trade patterns itself does not come without any risk, as transport costs are likely to grow, and companies are forced to operate in unfamiliar markets with unfamiliar bureaucracy. Add in currency and creditrisks, and it’s by no means an easy pivot to make. ”
He explained that his organization was highly functionalized with separate units for sales, trading, investing, portfolio management, credit, risk, and operations; some of which reported to him and some to the corporate center. She and her customers were basically told to get used to the delays.
Think of the colleges that are increasingly able to identify students at risk of dropping out and intervene before they do. Or lenders’ enhanced abilities to gauge creditrisk. Medtronic is using big data and advanced analytics to drive their approach to patient and physician support and manage supply chains.
To date, most Big Data accomplishments have involved operational cost savings or allowing the analysis of larger and more diverse sets of data. Yet, these remain largely back-office operations; they don’t change the customer experience or disrupt traditional ways of doing business.
There is a tendency with any new technology to believe that it requires new management approaches, new organizational structures, and entirely new personnel. Ash Gupta is President of Global CreditRisk and Information Management at American Express, and Guy Peri is Chief Data Officer and Vice President of Information Technology at P&G.
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