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Using Unstructured Data: Financial Services Firms Should Get Started

Product Type: Market Research Report
Published by: IDC
Published: June 2008
Product Code: R104-34137
Description

This Financial Insights' report introduces basic approach for business analytics projects in the financial services industry based on unstructured data. By describing both the important pieces of the solution and a process for building one, this approach will facilitate the communications that will be necessary between the line-of-business managers and technical personnel in financial firms, and highlight some of the most critical elements of that conversation.

"Building business analytics applications specifically to mine and leverage unstructured data will require unusual levels of collaboration between technical personnel and strategic business managers," concludes Patricia McGinnis, research manager.

Table of Contents
Table of Contents

Financial Insights Opinion

In This Report

Brief Description of the Solution

Situation Overview

Urgency for Financial Firms

Thinking About Unstructured Data

What Is Unstructured Data?

What Good Is Unstructured Data?

Harnessing the Diversity of Unstructured Data

Figure: Data Diversity Creates Challenges

Conceptual Framework for Projects with Unstructured Data

Understanding the Pieces

Figure: Conceptual Framework for Unstructured Data Analytics

The IT Domain

Analytic Engines

The User Domain

Figure: Sample Data Visualization Techniques: Star or Heat Map

Understanding the Process

Figure: Optimizing the Analytic Engine

Figure: The Balancing Act: A Coherent Solution Fulfills User Needs Within Time, Budget, and Quality Constraints

Future Outlook

Essential Guidance

Actions for Financial Institutions

Actions for Vendors

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