Financial management as it pertains to big data may not immediately be likened with action-adventure films seen on the silver screen, but its elements can’t help but remind analysts at FICO of one of the movie industry’s most beloved motion pictures.
The movie is the first installment of the Indiana Jones franchise “Raiders of the Lost Ark” in one of the last scenes of the 115-minute film. As FICO described it in a blog post at its website, a government official tells Indiana Jones, played by Harrison Ford that “top men” are working on the lost ark that the adventure and archeological tycoon was able to locate. Moments later, viewers see the ark, or at least the container that holds it, with bold words written on the crate “Top Secret, Do Not Open.”
Though buy-side financial institutions may not have data warehousing structures suitable for something like the ark of the covenant, FICO noted that there are likely reams of “lost” information companies are holding that could be the key to growth.
“How many data warehouses are storing data as if they are all equal and looks the same?” FICO analysts asked. “And how often is the person responsible for storing the data not a business expert who can really understand what the data could do and where it is being stored?”
Know the what and why of data storage
Experts at the credit scoring firm indicated that it’s not enough for companies to be holding a lot of data, but they need to be more fully aware of what it is and how it can be more effectively managed, particularly among banking institutions.
“Big data must facilitate phenomenal experiences for the customer and healthy profits for the bank, creating bullet-proof sustainability,” according to the blog post. “Evaluate all the data you are storing. Maybe you will find the crate with your own ‘Lost Ark’.”
There’s been a substantial rise in big data in recent years, which may explain why data governance has been more actively implemented. Roughly 90 percent of the world’s data has been created in the past two years, according to research assembled by Baseline Magazine. Additionally, by 2017, big data has the potential to become a market valued at more than $53 billion, $10 billion higher than in 2013. Even the White House is looking to invest hundreds of millions of dollars into big data research initiatives.