DATA ANALYTICS

Data Analytics - Three Key Examples, Problems & Recommendations

Introduction1

Discussion1

Basic Concept1

Axa Oyak Insurance Company2

Oversea-Chinese Banking Corporation (OCBC)3

NYSE Euronext4

Problems5

Recommendations6

References7

Data Analytics - Three Key Examples, Problems & Recommendations

Introduction

The term data analysis has not remained as a part of the theoretical concepts in the books. Data analysis has provided several advantages to almost every user, ranging from the giants to the small and medium businesses. Financial industry has been one of the key users of the big data analytics and various benefits have been achieved by the businesses that shall not only improve the efficiency or effectiveness of it but augment the growth of the business. The report covers the three key examples of the companies related to the financial services industry and their inclination towards the data analytics i.e. what they do, how they do it, what do they achieve using it and what potential problems can these companies or in general face whilst using data analysis.

Discussion

Basic Concept

Data analysis refers to the set of sequential steps taken in order to examine, transform, clean and model the data in order to gain meaningful insights from the raw facts and figure, converting it into information (Azzalini, Scarpa, & Walton, 2012, pp. 1-4). Data analysis techniques, models and approaches vary from one industry to other industry. It mainly aids in identifying the patterns and relationships between various variables undertaken by the users and ultimately, assists in decision making.

It has been used in the financial services industry for the past many years. Few chosen examples, in order to illustrate how data analysis aids in improving the operating and financial efficiency and performance, are described below:

Axa Oyak Insurance Company

Axa Oyak is one of the renowned insurance companies, located in the Turkey (Verma & Mani, 2012, pp.6). It is the global insurance leader all across the globe and thereby, has been acknowledged as a top insurance brand in the world by various agencies. The company was incorporated with the amalgamation of the various insurance companies in the year of 1817.

Being one of the global leaders in the insurance industry, Axa Oyak has been using the data analytics to augment their business efficiency and to sustain the competitive advantage. The data serves as lifeblood to the insurance companies. Axa Oyak has been using the SAS Social CRM solutions in order to identify, measure, monitor and control risk and to prevent itself from the risks it is exposed to, such as fraud, etc (Verma & Mani, 2012, pp.6). With the help of the big data analytic provider SAS, the company has successfully implemented a tailor-made intelligent enterprise that shall be responsible for the integration of the all of the related information pertaining to the customer and incorporates the information with the coordinated and the single corporate vision. The CRM used by the company aided in the cleaning process of the customer portfolio data. The inconsistencies between the two slightly different records of the same customer were identified and were rectified through their social CRM (Verma & Mani, 2012, ...