Beyond Corporate Project Mentality: A Multi-year Investigation into Financial Services’ Digitization of Everything (DOE) Uncovers Why Many Efforts Fail to Achieve Desired Results. “Adapt, adopt or perish!” is being used as the primary rationale for integrating a wide range of digital technologies into all aspect of daily life by the “digitization of everything”. But is that the result, the approach or just an accident waiting to happen? Regardless, tomorrow’s digitally linked world “isn’t your father’s computer science, it’s not even close.”
Once the playground of mathematicians and computer scientists, big data is growing beyond its infancy and into a global industry. However, it is being sold as an elixir for pervasive enterprise problems. Can the reality of big data and its data caverns move beyond faith and into mainstream, repeatable solution sets when measured against corporate performance criteria?
Innovative Enlightenment: The digitization of everything
With the rebuilding of the financial markets, organizational leaders in FSBO's recognize that digitization has become so prevalent that the choices for assembling a sustainable solution set are overwhelming and the outcomes far too unpredictable. It’s a reminder that to layer technology solutions without first implementing customer service and market facing functions (as examples) may result in worse financial performance than if nothing was undertaken.
“Big data” has grabbed the headlines—and the imagination of many seeking to extract riches from the amalgamation of “regular” data. The hype surrounding big data resides with a fundamental change in stitching together disparate sources for insight and innovation. This hype has been fed by corporate leaders and vendor solutions promising vast arrays of benefits using data locked away in social networks, with telecommunication providers, within devices and automobiles, in search engines, among the “clouds” offered by pay-for-content repositories and firms, across public data stores, in images and video and even buried in corporate data warehouses and marts. It seems today with the words “big data” appearing in media headlines on almost a daily basis that if you are not utilizing big data your enterprise is destined to fail