Guest blog post by Sean Farrington, UK
MD and RVP Northern Europe, QlikTech
Financial markets are
experiencing a ‘data fog’. We are forever hearing about the increasing amount of
data being generated, whether IBM’s comment about data volume doubling every two
years for the average organisation, with that data needing to be managed for
years, or Cisco’s recent prediction that there will be 15 billion connected
devices by 2015 with a staggering
amount of data traversing the networks as a result.
Too little thought is
given to the amount of data (and sensitive data) being generated by the
financial services, in my opinion. We know just how important access to data is
for the financial services industry, however, as we work with over 250 financial
service firms, including over 50 per cent of the Fortune global top 25. There have been
several recent innovations in IT theory and we are continually working closely
with the financial services firms to improve the algorithms and tools that help
them gain access to relevant data so they can harness insights for business
growth at the same time as providing increased transparency.
All too often, the
focus is on big data and ensuring that all information is downloaded, stored and
managed, in case of future regulatory requests and to mitigate political and
legal risks. In our view, and judging by our customers’ needs in the financial
sector, the focus should be on enabling organisations to empower their employees
to harness data for insight and for business discovery. Backing data up and
making it available for the long-term should happen regardless, but it’s the
here and now that counts in the financial sector, and using IT and technology
cleverly gives financial organisations the opportunity to collate data and
analyse it to avoid repeating past mistakes as well as look for future growth
opportunities.
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