The role of Business Intelligence is to collect and analyze information that can support and assist executives with superior and informed decision making. Within Payments and Transactions Services this area is also known as decision support or portfolio analytics. As our clients in the payments, retail and telecommunications space seek to understand ways in which they can grow their businesses in both a profitable and sustainable way, the availability and access to quality data and information is critical, particularly when there is often an excess of information that threatens to confuse or overload the business with irrelevant, inconsistent or inadequate information.
Common uses of Business Intelligence & Analytics within the Payments and broader Financial Services sector would be to gain additional insights pertaining to a payments product or business line, such as understanding overall product or business performance, cost analysis, ROI, ancillary revenue potential, geographical information, consumer demographic, adoption rate, user experience, associated risk and/or potential fraudulent activity.
Raw data is most commonly mined or retrieved from internal or centralized data warehouses or data marts. It is then scrubbed, cleaned and/or manipulated before being transformed into actionable business insights and intelligence. Within Payments the effective utilization of business intelligence allows companies to accurately measure business performance and ROI, to create predictive models and to develop accurate reporting metrics. The result of having a strong Business Intelligence & Analytics strategy in place can help an organization to mitigate against unnecessary risks, ensure regulatory compliance and enables businesses to capitalize on the potential for improved revenue growth and stronger consumer retention.
Most lines of business both inside and outside of Payments benefit greatly from the introduction and utilization of a robust Business Intelligence program, understanding that “Knowledge is Power”. Effectively, the more an organization knows and continues to learn about its own business performance and it’s competitive place in the market, the more likely they are to continue to succeed and flourish.
In conjunction with advancements in technology and the increasing sophistication of data mining tools, software engineering and analytical and decisioning architecture, the need for specialists to support the Business Intelligence & Analytics divisions of Payments continues to grow. As a result we are frequently in the market for intermediate and senior level executives who possess strong skills in modeling, data mining, data analytics, data warehousing, MIS, information architecture, system integrity, risk management, decision support, pre-sales and partnership management.
Business Intelligence & Analytics is an area that we anticipate will continue to thrive and the search for strong talent in this space will only intensify as more companies and organizations recognize and acknowledge the need to strengthen their expertise in this field.