Data Intelligence

Unlock Data Access in the Financial Services Industry

Actian Corporation

March 21, 2021

data lineage cover blog

Back in January, we announced the launching of our new whitepaper series: “Unlock Data”. Dedicated to data leaders, these white papers aim to act as guides for any company transitioning into a data-driven organization. Throughout their pages, we give you the keys to “unlock” data access for your enterprise, by industry.

Our first whitepaper for this series focused on the manufacturing industry, where we presented the main data use cases, as well as the starting point to unlocking data assets for data leaders working in the industrial sector.

Today, we’re launching our next volume, dedicated to the banking, insurance, and financial sector: “Unlock Data for the Financial Services Industry”.

A Brief Introduction

It is no secret that digitalization in the financial world is mandatory.  

However, most banking, insurance, and other financial companies are still struggling to initiate a data-driven strategy that allows them to offer innovative services while complying with increasingly demanding data regulations.

As digital services expand, so does the amount of data that is generated. And with greater data, especially in the financial services industry, comes great responsibility.

In addition, the financial services market is witnessing an emergence of InsurTech and FinTech companies that are investing heavily in the development of connected objects (IoT), Big Data, cybersecurity, and machine learning.

In short, this situation puts the more traditional banks and insurance companies in a major battle that can only be won by striking the right balance between defensive and offensive data governance.

Download our Free Whitepaper

Are you in the banking, insurance, or financial services industry and work with data? Get the keys to unlocking data access. By downloading our Whitepaper, you’ll learn:

  • Examples of digital & data transformations in the financial services industry.
  • The major data use-cases for banks, insurance companies, and financial institutions.
  • The starting point to unlocking data access.
  • How the Actian Data Intelligence Platform can unlock data with our unique features designed for your sector.
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About Actian Corporation

Actian empowers enterprises to confidently manage and govern data at scale. Actian data intelligence solutions help streamline complex data environments and accelerate the delivery of AI-ready data. Designed to be flexible, Actian solutions integrate seamlessly and perform reliably across on-premises, cloud, and hybrid environments. Learn more about Actian, the data division of HCLSoftware, at actian.com.
Data Intelligence

The Ingredients for Becoming a Good Chief Data Officer in 2021

Actian Corporation

March 18, 2021

cdo-2021

In a world where data is a major strategic asset, the Chief Data Officer is an undeniably key role for enterprises today. In our last article on CDOs, we discussed what exactly a Chief Data Officer is and some of his or her key missions in an organization. Now more than ever, as a key player in managing data processes and usages, the CDO must have both technical and human capacities. Let’s take a look at how to be a good Chief Data Officer in 2021.

Pedagogy, support, empathy, vision…here are some of the many characteristics that can be difficult to combine and reconcile on a daily basis.

And yet, because the role of the Chief Data Officer is as strategic as it is operational, he or she must not only be able to rely on their technical competencies but must also back his or her actions with the support of general management, all while remaining in contact with the business teams.

In order to meet these challenges, the CDO must demonstrate both know-how and interpersonal skills. On the one hand, they must be able to propose new solutions and tools that allow the company to correctly analyze and exploit data, and on the other hand, know how to put data at the center of the company, to build a data culture and create links between the business and IT.

An Increasingly Wide Scope of Action

In their study entitled What are the roles and challenges of today’s Chief Data Officer (CDO)? – Focus on a key function of data-driven transformation (French), PwC defines the challenges CDOs are currently facing:

As data teams have been set up in large groups, the challenge now is shifting to get all the organization’s departments to work together. The acculturation of the company and the training of data teams are at the heart of the Chief Data Officer’s challenges.  This reality is reinforced by another observation: The CDO must adapt to the transition from legacy systems to new data storage and analysis technologies, as well as to interfaces that respond to new uses (Cloud, Data Marketplaces, Data virtualization, IoT, chatbot, etc.). 

Finally, as the authors of the study’s summary pointed out, “with the growth in the number of use cases combining RPA and AI, the Chief Data Officer’s field of action is expanding”. Proof that the CDO’s missions are very critical for organizations.

Another study conducted by IDC on behalf of Informatica and published in August 2020, revealed that 59% of CDOs surveyed report directly to a key company official, including the CEO. And the Chief Data Officer is directly involved in business performance. In fact, the same study points out that 80% of the Chief Data Officer’s KPIs are related to business objectives (operational efficiency, customer satisfaction, data protection, innovation, revenue and productivity).

The CDO’s Challenges on a Daily Basis

The essential role of the Chief Data Officer is to build a relevant, high-performing, and valuable data pipeline, while putting together a team capable of bringing this valuable asset to life and transforming it into raw material that can be used by all business lines.

This mission requires the Chief Data Officer to put together teams made up of competent and totally data-driven people. This is one of the major difficulties according to IDC. 71% of respondents have only four or fewer data managers, and 26% have none. The ability to recruit, surround oneself with and lead a data team is therefore a major challenge for the CDO.

But it is not the only one.

If we refer to the PwC study already mentioned above, it appears that for 70% of the Chief Data Officers questioned, data acculturation is implemented within their company. This acculturation is primarily achieved by setting up documentation on data that is shared and accessible to everyone, including non-IT profiles. This is another major challenge for CDOs, which is to act as a bridge between the IT players in the company and all of the business lines.

“We see that this is accentuated by the scaling up of data projects, moving from initiatives on a limited perimeter – more in the form of a “Proof of Concept” (PoC) – to global projects involving multiple stakeholders,” PwC stated. The CDO is responsible for developing data processes to improve data quality and is present on all fronts. 

A true conductor who must know how to instill energy and dynamism to contribute to the economic recovery of companies in 2021.

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About Actian Corporation

Actian empowers enterprises to confidently manage and govern data at scale. Actian data intelligence solutions help streamline complex data environments and accelerate the delivery of AI-ready data. Designed to be flexible, Actian solutions integrate seamlessly and perform reliably across on-premises, cloud, and hybrid environments. Learn more about Actian, the data division of HCLSoftware, at actian.com.
Data Intelligence

What are the Challenges Data Science Teams Face in 2021?

Actian Corporation

March 4, 2021

data-science-team

The business world has entered a new technological era where they are increasingly searching for ways to exploit their data assets. Organizing, processing, and enhancing the value of huge volumes of data are strategic priorities that rely above all on talent. Data Science teams, led by Chief Data Officer and Data Scientists, are at the heart of these transformations and are facing major challenges. Let’s take a look at some of these challenges.

Data is the new gold of the 21st century. In fact, according to Statista’s Digital Economy Compass 2019, the annual global volume of data increased more than twenty times between 2010 and 2020. Last year, 50 zettabytes of data were generated, and this figure is growing exponentially. It is expected to reach 2100 zettabytes by 2035.

Companies no longer want Big Data promises: they are reorganizing their organization to exploit rational and ROI-based data.

Beyond technological solutions, it is human talent that makes the difference for today and tomorrow. The major challenge that companies face today is to recruit Data Scientists. In 2019, Indeed, the well-known recruitment platform, already highlighted the difficulty of filling these high-value-added positions. The Data Scientist position ranked eighth among the most sought-after profiles on the platform in 2019…while it was not even mentioned in 2018. LinkedIn made a similar observation when it announced that in 2020, the Data Scientist role was the tenth most sought-after job. A rare profile in an ever-so-demanding business world …and rightly so, because their missions are complex.

Data Scientist: Varied Missions, a Complex Role

Identifying the type of data available in the company, being able to map internal data sources in order to exploit them for performance improvement, building algorithms, developing predictive models…Data Scientists and Data Science teams have a variety of missions.

There are many technical challenges, but Data Scientists also have other related missions, such as defining the best data storage solutions within the IT department or investing in R&D related to the processing of large volumes of data.

The role of the Data Scientist is first and foremost that of a data technician. But, because they are at the heart of the company’s digital transformation, they cannot limit themselves to this technical and scientific know-how. As a true ambassador for data within the company, he or she must see his or her work as a link between the different professions, a point of convergence towards operational excellence.

Human as Well as Technical Qualities

Data scientists and data science teams shouldn’t be regarded as only being scientists. Quite the contrary, they are constantly in contact with all professions within the company.

Data science teams need to demonstrate and share their data knowledge, sometimes with understanding, and often with patience, in order to set the entire company on the path to constantly enhancing the value of their data assets.

Because each department in the enterprise produces their own data, for its own uses, the Data Scientist’s primary mission is to reconcile data with empirical uses. Once the data has passed through the hands of the Data Science teams, it naturally turns into business insights, development opportunities and performance perspectives in a way that everyone can understand.

Between a Taste for Sharing and Pedagogy

While Artificial Intelligence and Machine Learning are more and more frequently used in companies, Data Scientists must also regularly become educators. Without turning corporate executives into data enhancement experts, knowledge sharing is crucial.

 Data Science teams must train and raise awareness on data best practices among the entire organization.

And for good reason: to begin a data-driven transformation, all of the company’s stakeholders must understand and measure the importance of thinking “data” at all levels of the business, and not just when it comes to understanding a customer journey. Sensitivity, human skills, technical expertise: three essential qualities that the Data Scientist must be able to use if he or she wants to achieve their mission.

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About Actian Corporation

Actian empowers enterprises to confidently manage and govern data at scale. Actian data intelligence solutions help streamline complex data environments and accelerate the delivery of AI-ready data. Designed to be flexible, Actian solutions integrate seamlessly and perform reliably across on-premises, cloud, and hybrid environments. Learn more about Actian, the data division of HCLSoftware, at actian.com.
Data Analytics

Data Analytics Hub – Better than a Data Lake or an Analytics Hub?

Actian Corporation

February 25, 2021

Data Analytics Hub Image

And Why is it Better than a Data Lake or an Analytics Hub?

In the opening installment of this blog series—Data Lakes, Data Warehouses and Data Hubs: Do We Need Another Choice?  I explore why simply migrating these on-prem data integration, management, and analytics platforms to the cloud does not fully address modern data analytics needs. In comparing these three platforms, it becomes clear that while all of them meet certain critical needs, none of them meet the needs of business end-users without significant support from IT. What we need is a platform that combines the optimal operational and analytical elements of these platforms with features and functionality that directly address the real-time operational and self-serve needs of business (rather than IT) users.

Since the current implementation of data hubs, data lakes, and data warehouses does not effectively incorporate or identify the combinatorial and analytical needs of real-world users, you might think that a more straightforward and descriptive term like “analytics hub” would flip the focus in the right direction. Sadly, this is one of those garden paths that just leads to disappointment and soul-searching.

Why Not Just Call it an Analytics Hub?

Simply put, the term is already being used in unhelpful ways. Some analytics hubs focus on consolidating small, disparate datasets (such as those in Excel spreadsheets and other sources) that a data scientist might want to exploit. Other analytics hubs can access and analyze disparate data sources but solely within the confines of that particular tool and only for immediate consumption. Few of these offerings are capable of handling multi-terabyte, sub-second queries and returns on complex advanced analytics runs as operational workloads.

Indeed, these analytics hubs operate as much like switches instead of actual hubs as the miscategorized data hub does. There is no persistence of data at the point of unification and depends on an external data warehouse or data lake to store and supply input data. There is no effort to curate data from multiple projects, users, and long-term use. The one central, redeeming quality of these analytics hubs is the fact that their intended user the business analysts, business data scientists, and similar power users. Consequently, analytics hubs focus on simple drop-down menus, avoid coding for access to data, and allow for self-service, particularly for pick-up files that are largely under the control of the end-user anyway.

To get comprehensive, real-time insights from analytics, users need a single consolidated picture of all the relevant data. That data must then be presented for analysis by many different stakeholders using many different tools. The point of data unification must balance disparate data AND disparate analytics tools. Analytics hubs tend not to handle more than a couple of different inputs and outputs at any given time let alone data curation.

Call it a Data Analytics Hub Instead

What kind of platform would do this? Let’s call it a data analytics hub.

That might seem like an obvious refinement, but it turns out that the obvious isn’t always so obvious. Terms like “data hub,” “data lake,” and “data warehouse” all have search frequencies in the tens to hundreds of thousands per month. “Data analytics hub” has a lower per-month search frequency than I have years on this planet. I’m making it my mission to change that. Given the relative obscurity of the term, though, I feel it’s important to explore what a data analytics hub is, how it differs from an “analytics hub,” and why it’s better for modern analytics than any of the aforementioned options.

A data analytics hub draws elements from of all four technologies above (and if you haven’t read the initial blog in this series and don’t know the differences between data hubs, data lakes, and data warehouses, I would encourage you to take eight minutes to go back and read it).

  • Like a data hub, a data analytics hub provides connectivity to disparate data sources in both batch and streaming modes. However, unlike a data hub a data analytics hub provides persistence in a cloud repository. Further, it provides curation for a diverse set of disparate data types that may be ingested in both batch and streaming modes with self-service, low-to-zero-code options through drop-down menus for non-IT users.
  • Like a data lake, a data analytics hub’s cloud storage repository can handle all data types and leverage industry standards for data movement and analysis (a la Kafka and Spark). However, unlike today’s typical data lake, a data analytics hub also provides structure and support for end-user facing BI and advanced analytics workloads through use of SQL (more in the manner that a data warehouse does). In essence, it’s a bi-directional hub, supporting multiple inputs and outputs, solving for all permutations of input data and output tools used by a diverse set of non-IT users.
  • Indeed, a data analytics hub provides downstream (meaning in the direction of the end-user) support for most popular BI, reporting, visualization, and advanced analytics tools. However, unlike today’s data hubs, data lakes, and data warehouses, a data analytics hub provides user-friendly self-service tools that enable non-technical users to link any data source to any end-user tool — without the need for IT intervention (on either a one-off or day-to-day basis).

In short, a data analytics hub combines the critical data collection and analytical features of these well-known solutions but exposes all those features in ways that key business users can access easily and incorporate into programs and processes. The figure below provides a baker’s dozen key features drawn from these four technologies into a single integrated platform.

In layman’s terms, it’s a curated data store with management and analytics capabilities that acts as a bi-directional hub for disparate and diverse data sets on one end and analytics tools on the other, directly usable by business analysts and data scientists to rapidly and iteratively generate insights.

Why is a Data Analytics Hub Better Than a Data Lake?

In the last blog, I suggested in passing that it would be inaccurate to equate Hadoop, the foremost on-premises data lake, to AWS S3, Microsoft Azure ADLS and Google Cloud Store (the major three public cloud storage repositories). A more apt comparison would be between the Hadoop Distributed File System (HDFS) and those cloud-based repositories plus the AWS/Azure/Google-accessible equivalents of the components Hadoop provides for data and systems management, queries, ML, etc. (including Yarn, Hive, MapReduce, Pig, Mahout, Flume, and on and on). Once you get past the alphabet soup, yes, you’ll find several different database options, a data warehouse, renamed or embedded versions of Kafka and Spark, a separate ETL tool, and a vendor’s in-house analytics tool. The clear upside to this is the economics of the cloud. The downside, though, is that this cloud-based data lake remains a complex platform that is only navigable and usable by IT and developers.

Don’t get me wrong, this isn’t a rant against Open Source. Embedding Open Source in a platform, particularly for functionality that has become commoditized, makes perfect sense. All vendors should do this. Nor is this a knock on having a prescriptive recommendation on which analytics tools your platform works best with. But historically, this type of platform has spiraled down into the trough of disillusionment all too often. It becomes inscrutable to end users such as the business analyst and power user who specialize in a particular line of business and who use data science as a tool to make sense of their business.

In other words, once you’ve transitioned from pure science of data science or once you’re at the point where you want to use traditional BI Workloads, reporting, and visualization tools for insights into operational workloads, a data lake is the wrong platform. Your end users are business analysts, power users, and data scientists who need to monitor and tweak processes that are deployed and ongoing, that leverage AI/ML that they or their cohorts have devised, and that need to be able to interact with both the data and the analytics in relative real time (that is, not when it’s convenient for IT to respond).

In the next installment in this blog series, I’ll delve further into the use cases that make the most sense for a data analytics hub. Oh, and I’ll put to rest any concerns you might have that I’m merely conjuring up a vision of some fabulous hub that will appear in some distant future. I haven’t simply made up a name for something that doesn’t yet exist. As you’ll see, a data analytics hub is out there now.

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About Actian Corporation

Actian empowers enterprises to confidently manage and govern data at scale. Actian data intelligence solutions help streamline complex data environments and accelerate the delivery of AI-ready data. Designed to be flexible, Actian solutions integrate seamlessly and perform reliably across on-premises, cloud, and hybrid environments. Learn more about Actian, the data division of HCLSoftware, at actian.com.