6 steps to successfully apply big data for business intelligence

In the book extract below, Dr Rado Kotorov, chief innovation officer of business intelligence and data analytics pioneer at Information Builders shares the common criteria for creating successful InfoApps, drawing from two of the nine case studies included in his book, “Organisational Intelligence – how smart companies use information to become more competitive and profitable,” which he co-authored with Information Builders’ CEO and president, Gerald Cohen.

“While all of the business intelligence case studies in our book were designed to serve different purposes, there is a common thread that identifies the critical factors for their successes.” Providing information to employees and customers

The initiators of the case studies in our book understood that information and analytics produces the most value only when put into the hands of operational employees, partners, suppliers, and customers.

While analytics is necessary to produce insights, operationalisation is the only way to deliver the value of the insights.

Low cost high profit business ideas Hence, they turned those insights into informational products that called InfoApps. High profit business ideas in india Six common traits for successful business intelligence

We have identified six common traits within our customers’ case studies that lead to the successful implementation and deployment of InfoApps:

They all treated data and analytics as a business asset and they used it both strategically and tactically to enable fact-based decision-making, to deliver process enhancements, and to improve the customer experience. High profit margin business Managing the cross-functional team creating the InfoApp

InfoApps are by nature a collaborative effort between business, IT, analysts, internal and external consultants. High profit small business It does not mean that the team is big, or that it will take a long time to develop.

It means that since the app will touch customers and/or operations, many people will be involved. High profit crops The key to success is to quickly build a prototype and let the team members focus their discussion on the prototype.

People are better at improving products rather than at conceiving products. Business with high profit philippines Give team members something real to interact with and build upon. Small investment high profit business india Designing an effective user experience

InfoApps are products. List of business with low investment and high profit Just as with physical products, packaging matters. High profit margin business ideas The look and feel of the app will influence the perception of the product.

Does the application immediately appear intuitive and as easy to use as Expedia.com? Is it branded in a way that conveys your corporate style? Is it perceived as modern and on par with what people are used to seeing on the web and on their phones?

In fact, most people today perceive well-styled applications as easier to use than poorly styled ones. Small items with high profit margin Thus, the very first impressions should be that the user is entirely self-sufficient. High profit cash crops Managing the InfoApp product lifecycle

The key takeaway from Robert Kaufman, who spoke to us about the case study at U.S. Small scale business with low investment and high profit Bank, is to develop the InfoApp fast: “Get it done, get feedback from users, and then move on to the next one.” Providing self-service to everyone

That definition has changed drastically as organisations have realised that the success of their business depends not only on delivering fast and accurate information directly into the hands of operational employees, but also on how diverse that information is.

One answer frequently leads to another question. High risk high profit A key takeaway is to deliver information in open-ended applications that allow employees across multiple departments to have a dialogue with the data. Business ideas with low investment and high profit in india iovation case study- battling internet fraud with analytics

It also identifies trustworthy customers, through a combination of advanced technologies such as device identification, shared device reputation, device-based authentication, and real-time risk evaluation.

According to Kurk Spendlove, director of engineering at iovation, the key to effectively combating fraud is proactively detecting suspicious transactions and blocking them before they are executed.

iovation has its roots in the online gaming arena. High profit business in pakistan Senior officers realised that the fraud prevention technology that they had created to protect their gaming apps was unique: “We realised that many of our clients were more interested in the support tools that we built for ourselves than they were in the online gaming platform that we were offering,” Kurk recalls. Best business with high profit A new business born from data analytics

To provide its clients with greater visibility into fraudulent activities and to differentiate itself from competitors, iovation bolstered its Fraud Prevention solution with BI technology from Information Builders.

Fraud management teams, both internally and at its client sites, use Information Builders WebFOCUS InfoApps to investigate transaction details, device histories, and suspicious visitors. Low investment high profit business Protecting 16 million transactions

More than 3,500 fraud managers in retail, financial services, insurance, social networking, gaming, and other industries use iovation’s database of information about billions of Internet devices to determine the level of risk associated with online transactions.

This database and iovation’s associated information systems, run around the clock to protect 16 million transactions and stop an average of 300,000 fraudulent activities every day.

It calculates a “reputation” for each device based on previous fraud history, associations with other bad accounts or devices, and real-time risk assessments. High profit items Using data analytics for fraud prevention

For example, if a user commits fraud on a financial site using an iPhone, then taps over to a retail site using that same phone, iovation will alert the retailer of potential malicious intentions, even if it is that user’s first visit.

That’s where WebFOCUS business intelligence comes in. Products with high profit margins Interactive reports and InfoApps allow clients to analyse actual and potential threats.

They can run complete transaction histories, or keep track of the number of suspicious transactions over time to figure out when peaks occur.

For example, they might want to obtain information about a specific device from a third party. High profit low cost business ideas WebFOCUS analytics let them investigate further—and to determine how that device has interacted with their site in the past. Low cost high profit items A new portal, with analytics at its core

iovation created an analytic portal that contains several InfoApps and more than 100 reports, in addition to reports that are generated on a nightly basis and sent out to approximately 450 customers.

iovation’s internal customer support team is more productive thanks to its ability to access the new analytic portal to analyse information in the knowledge base.

“When we put more information in the hands of our customers, we minimise the number of calls placed to our support staff,” states Greg Pierson, CEO at iovation. Low cost high profit business in india “But they still frequently receive inquiries from customers with more complicated questions.”

Some clients use InfoApps to learn about best practices that other clients have implemented to combat fraud. What products have high profit margins In addition, the analytic portal helps iovation convey the value of its solutions to its customers.

“Our solution runs in the background,” Greg Pierson says. Small business with low investment and high profit in india “The analytics make it very clear how we are keeping their sites protected.” Using deep technology to enable scalability, integration and access to information

Another common factor shared across our customer stories is that the key characters understood the need and value of deep technology to make their InfoApps work.

People frequently underestimate the complexity in delivering information to decision makers, and thus, make optimistic promises or settle on hyped technologies that fail to deliver.

Deep technology allows you to build a single app that reaches a large percentage of employees who can get operational intelligence regardless of their job title, rank, or knowledge.

It allows you to build a single app which people can use to have a dialogue with the data and get factual answers to a wide variety of questions.

We call this open-ended information access. Small business with high profit margin Contrast this with a report, which is a closed end. Companies with high profit margins Every report contains answers to a fixed set of questions. High profit items to resell If a new question arises, you have to go and request a new report. Small business with low investment and high profit This creates a reporting bottleneck.

Deep technology enables scalability, access and integration of different data sources, complex security and data access rules, complex data queries, robust parameterisation, and front-end customisation.

This complexity is obfuscated for the end user by a simple and intuitive interface. Small business high profit in india U.S. High profit margin Bank case study – helping customers to analyse credit card purchases

At a time when internet banking services were just gaining traction at most large banks, this useful, high-profile service allowed the bank’s small business customers to analyse spending patterns on their credit cards, merchant processing accounts, and other types of electronic payment vehicles. High profit service business It was an instant success.

Suddenly, small business owners could compare their corporate spending habits with other companies that have similar industry and geographic profiles. Low investment high profit business in delhi And they could click into interactive dashboards to see customised views of card payment activity, along with one-button access to consolidated statements and reports. Low cost business ideas with high profit in india Providing information to employees and customers

“ScoreBoard empowers our credit card customers to see spending trends on a monthly, quarterly or annual basis, with the data broken down by market segment,” explains Robert Kaufman, senior vice president in the bank’s Corporate Payments group and former senior vice president in the Payments Solutions division.

They can drill down to the individual transactions to analyse their spending. High profit business in india We continue to hear positive feedback about its simplicity. Low cost high profit It has been a huge success.”

The customer-facing InfoApp is boosting adoption of U.S. Items with high profit margins Bank’s Internet banking channel, which improves customer loyalty and reduces support costs for the bank.

The key driver of an Information Distribution App, like ScoreBoard, is to provide comprehensive documents and information to large numbers of users so they have a complete view of their accounts and business dealings.

To appeal to its diverse customer base, which includes retailers, restaurants, service bureaus, healthcare companies, and many other types of organisations, U.S. High profit home business Bank created ScoreBoard in the form of a BI dashboard.

It uses colourful graphics to present interactive reports such as the Merchant Summary, which offers details about spending at specific merchants.

Meanwhile, the Merchant Detail report delivers this same information at the transaction level, while the Industry Summary report recaps spending by calendar month, either for each individual business card or on a total company basis.

They can view these reports on the screen, output them to PDF files, or download the data into Microsoft Excel or into Intuit QuickBooks—a huge timesaver for the bank’s business customers.

Kaufman credits Information Builders Professional Services for managing a complex project that included several distinct teams from U.S. Small scale business with high profit in india Bank and its Elavon subsidiary.

Business leaders and technologists contributed insight, with help from the U.S. High profit online business Bank infrastructure team (which hosts the application) and core technology group (which supplies the data). High profit products to sell online Keep it simple

“We went from idea to implementation in about five months,” Kaufman recalls. High profit industries “Of all the technology projects I have been involved with in my career, this has been one of the simplest. Small business with high profit I remember thinking, let’s build this quickly and inexpensively, and then later we can develop something bigger and better. High profit farming Well, here we are six years later and it’s still being heavily used. Low investment business with high profit We didn’t have to rebuild it. High profit selling People enjoy the value it provides now just as much as they did six years ago.”

Simplicity is often the nature of InfoApps. High profit business ideas The idea is to create targeted, domain-specific solutions to particular business problems. High profit greenhouse crops “My advice is, don’t try to boil the ocean,” Kaufman adds. High profit business in malaysia “Get it done, get feedback from users, and then move on to the next one.” Scaling up to millions of users

Buoyed by the success of the first ScoreBoard initiative, the bank recently released a new version of ScoreBoard for its consumer banking customers—six million of them in all.

Like the popular small business version, the consumer version of ScoreBoard helps people make smarter decisions about their personal finances.

The Annual Summary allows them to view a full year’s worth of data, both in summary and detailed views. High profit margin products to sell on ebay U.S. Low investment business with high profit in india Bank cardholders can also use the free application to download their own reports in HTML, Excel or PDF formats.

The reports feature easy-to-read charts and graphs that provide a monthly snapshot of credit-card purchases and payments, such as travel, home improvement and gas purchases. High profit margin foods Using deep technology to enable scalability, integration and access to information

InfoApps often appear simple, but looks can be deceiving. High profit margin products to sell online It’s not just what you see on the front-end that make these apps useful, but what they do behind the scenes to ensure a scalable, high-performance experience.

With 6 million potential users — 800,000 of who use ScoreBoard regularly—the information architects had to ensure that the system could perform.

U.S. Low investment high profit business in pakistan Bank selected Information Builders WebFOCUS to create its customer-facing InfoApps not only because it can create compelling applications quickly, but also because it has a robust back-end architecture that is capable of supporting large numbers of users with minimal infrastructure.

Its server-based reporting architecture provides a foundation for large-scale deployments at a relatively low cost. Business with small investment and high profit Built-in load-balancing and failover processes distribute the load across multiple back-end servers.

Native data-adapters speed up information retrieval, while a sophisticated data manipulation engine generates complex reports in one or two passes through the database.

WebFOCUS queries are dynamically partitioned, with complex number crunching and aggregation operations optimised across the back-end database and reporting servers, not on Web servers or front-end devices.

U.S. Small scale business with high profit Bank’s system administrators can easily scale-out each tier of this clustered architecture by using Information Builders’ Cluster Load Management software, Autonomic Server, and Workload Distribution Facility, which intelligently route requests to servers with the most available capacity.

Information Builders also developed a custom security module to seamlessly integrate ScoreBoard with U.S. Low overhead high profit business Bank’s existing Merchant Dashboard environment via a single sign-on process. High profit business ideas india Return on investment

According to Kaufman, U.S. Business with low investment and high profit Bank spent about a quarter of a million dollars to get the first InfoApp online, yet it has easily saved the company tens of millions of dollars so far.

One way to quantify those savings is to calculate the immense expense involved in training thousands of customer-facing employees to supply credit card information to customers—not to mention staffing up the call centres and branches during busy times of the year.

He says unique offerings such as ScoreBoard help U.S. High profit plants Bank attract new clients and retain existing ones, driving revenue and building long-term value for the company. High profit small business ideas 2013 He foresees big savings in the call centre, especially as the Consumer ScoreBoard gains traction.

All materials are found on open spaces of a network the Internet as freely extended and laid out exclusively in the fact-finding purposes. If you are what lawful legal owner or a product and against its placing on the given site, inform us and we will immediately remove the given material. The administration of a site does not bear responsibility for actions of the visitors breaking copyrights. abuzesite@bigmir.net