Want to Expand the Value of your Data and Analytics? Don’t Overlook These Three Things

Insights, predictions and actions are the key components of a successful data and analytics solution

As more and more organizations learn to gather, store, explore and analyze their data in more effective ways, it can be easy to get caught up in the moment and end up over-investing in data technology and crossing your fingers.  

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Want to Expand the Value of Your Data & Analytics? Don't Overlook These Three Things.

Jun 20, 2018
Want to Expand the Value of your Data and Analytics? Don’t Overlook These Three Things

Insights, predictions and actions are the key components of a successful data and analytics solution

As more and more organizations learn to gather, store, explore and analyze their data in more effective ways, it can be easy to get caught up in the moment and end up over-investing in data technology and crossing your fingers.

After all, it's exciting to use data in new ways, and for years this goal regularly eluded even the most progressive companies. The catch phrases are enticing as well – data scientists! Cloud! Algorithms! Machine learning! Big Data! Little data! (Seriously.)

The truth is, a lot of those buzzwords have overshadowed the fundamentals of solid data management. They imply that the technology alone can solve all your business challenges just with the flip of a switch. Reminds you a bit of those late-night infomercials where the weight falls off by taking a pill or using a quick-fix gadget.

So what does this have to do with the TSYS Data & Analytics PlatformSM?

We built the platform with the structure and rigor required to implement a modern data-management platform in a thoughtful and comprehensive way. You won’t find any quick fixes here, but more of a holistic ecosystem that ensures we (and our clients) manage data in the most effective way. We think of it as a three-part series, with no beginning or end, which constantly reinforces itself. This entails:

Insights

First, transforming the data into a useable, enriched format is what lends insight into your business. Through the platform, we aim to provide you and your stakeholders with the right information at the right time in the right format. This includes ready access to user-friendly dashboards and hundreds of preformatted (yet customizable) reports for daily, weekly and monthly insights.

You'll also have the ability to receive data through batch data interfaces. Or for more sophisticated data needs, we offer a selection of tools to support data discovery and exploration directly.

Our dashboards and reports are where insights become predictions. As part of the Data & Analytics Platform, there are:

  • Business and Management Reporting with off-the-shelf, industry standard reports that can be tailored to your specific needs.
  • Regulatory and Compliance Reporting with all the components you may need to provide data files and gather information for reports required by regulations.
  • Peer Benchmark Reporting with a fuller picture of your performance and includes anonymized external data from at least five competitors so you can compare your operations to that of your peers – without disclosing the identity of your own business.

The bottom line is that you can have all the data in the world (and trust us, sometimes it feels like we do) but unless that data is consolidated on a single platform, normalized into a common language with strong data management and governance processes, your data assets won't meet your needs. The Data & Analytics Platform creates a single, consolidated repository for card data as well as data from other sources, with no need to input it separately or manipulate the information to get the information you need.

In the platform, we will also integrate data from different domains, such as transactions and interactions your cardholders have with TSYS, providing a more complete view of the cardholder. This will provide better and more actionable insights into customer behaviors and experiences.

Our platform also has comprehensive data quality and data governance processes in place. We want you to be able to fully trust the data in the platform and to easily know what it means, in easy-to-understand business terms.

Predictions

Once you have the insights, the Data & Analytics Platform can turn those insights into predictions about specific outcomes and how they will impact your business. Is a group of your cardholders at high risk of attrition because of new pricing? How will a certain ruling or regulation affect your portfolio profitability? Are there more effective ways to segment cardholders that increase the impact of marketing campaigns?

The platform aims to answer questions like these to keep you ahead of the demands of the market. We believe data becomes increasingly more valuable when perspective switches from looking at the past (e.g. What happened?) into predicting the future (e.g. What will happen?).

Predictions - The platform aims to answer questions to keep you ahead of the demands of the market.

Through the application of predictive analytics techniques, empowered by machine learning (and always focused on creating business value), we'll be able to create solutions with tangible results for your business. We will also have available a number of off-the-shelf solutions you can start using quickly. Of course, each organization's business is different, so there will also be the opportunity to customize these models to your specific needs. 

Actions

Once you have the insight needed to form predictions, and the predictions required for a 360-degree view of your business, it's time to take action. Sometimes that means adjusting pricing or implementing promotional campaigns to incent desirable customer behaviors at the right time.

Over time, the platform will provide even more accurate predictions of outcomes to support the full decision-making process. Through our platform, you will be able to leverage fully managed, end-to-end solutions that address specific business opportunities, such as reducing attrition, increasing spend and activation, or simply keeping your customers more engaged by being able to deliver timely and relevant interactions. And it's all powered by the TSYS Data & Analytics Platform.

Once you have executed your strategies, the process starts all over again, with the additional data being used to evaluate the overall effectiveness for even more insights. Then, more predictions. And even more actions to influence behavior.

The Data & Analytics Platform helps you gather all the facts to refine strategies and campaigns based on what matters most: results.

Read more about building a Data & Analytics strategy