8 Reasons To Consider Insights-As-A-Service - InformationWeek

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Data Management // Big Data Analytics
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3/28/2016
10:06 AM
Lisa Morgan
Lisa Morgan
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8 Reasons To Consider Insights-As-A-Service

Organizations are purchasing all kinds of data and analytics solutions, but they still may not be meeting their business goals. If this describes your company, see how insight-driven (vs. data-driven) practices are helping other firms address the problem.
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The US Department of Justice estimates that 17.6 million Americans were victims of identity theft in 2014. To manage their risks, banks and credit card companies verify individuals' identity by confirming details such as date of birth, social security number, and address. However, the sophistication of today's identity thieves requires financial services firms to take advantage of additional indicators, including behavioral patterns. 
'We have access to three credit bureau credit files, all the utility directories, yellow pages, white pages, mobile directories, postal databases, and our own high-risk fraudster database. There's so much changing with security, regulation, and compliance you need more than a shrink-wrapped data engine,' said Adam Elliott, co-founder and president of identity and fraud prevention solution provider ID Insight, in an interview.
The additional context helps banks and retailers identify and prevent fraud faster, so they can efficiently approve, reject, and review credit applications. While ID Insight has many of the hallmarks of an Insights-as-a-Service solution, it prefers to refer to its offering as 'Decision-as-a-Service.'   
(Image: geralt via Pixabay)

Get Deeper Insight

The US Department of Justice estimates that 17.6 million Americans were victims of identity theft in 2014. To manage their risks, banks and credit card companies verify individuals' identity by confirming details such as date of birth, social security number, and address. However, the sophistication of today's identity thieves requires financial services firms to take advantage of additional indicators, including behavioral patterns.

"We have access to three credit bureau credit files, all the utility directories, yellow pages, white pages, mobile directories, postal databases, and our own high-risk fraudster database. There's so much changing with security, regulation, and compliance you need more than a shrink-wrapped data engine," said Adam Elliott, co-founder and president of identity and fraud prevention solution provider ID Insight, in an interview.

The additional context helps banks and retailers identify and prevent fraud faster, so they can efficiently approve, reject, and review credit applications. While ID Insight has many of the hallmarks of an Insights-as-a-Service solution, it prefers to refer to its offering as "Decision-as-a-Service."

(Image: geralt via Pixabay)

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MeghanO364
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MeghanO364,
User Rank: Apprentice
3/30/2016 | 12:52:26 PM
So true!
All of these reasons for using Insights as a Service are key, but they suggest secondary sources of data, that are potentially biased. There are business decisions such as M&A and fast-turnaround regulatory responses that are the most accurate when sourced as fresh, primary data, sourced without potential bias of a previous interaction with the company. For instance InCrowd provides an "Answers as a Service" platform independent of a company's Big Data or analytics stack that companies can access on an as-needed basis to ask questions, and obtain insights in a matter of 2 hours.

--MOZ

Meghan Oates-Zalesky, commenting for Diane Hayes, PhD. and InCrowd
kbannan100
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kbannan100,
User Rank: Strategist
3/29/2016 | 10:10:49 AM
Absolutely!
"Insights-as-a-Service offerings tend to connect to multiple data sources, including enterprise data. They may also provide users with publicly available data, anonymized data, competitive data, and comparative data that the enterprise lacks."


Yes! This is exactly why cloud-based analytics are often superior to on premise. You can bring in more data and share the data and insights more easily. There's actually a great blog post here about the state of cloud-based analytics: bit.ly/1ZirWx9

--KB

Karen Bannan, commenting for IDG and Informatica
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