Organizations capture virtual truckloads of data that are never used. In fact, 90% of this “dark data” goes untouched, according to IDC, which means that companies are either wasting time and resources to collect and store that information or they are missing out on opportunities to improve internal operations and serve their customers better.Download the Podcast
For the FinTech Today Podcast, Craig McDonogh, Vice President of Strategy and Marketing for Perspectium gave us his expert view on how an enterprise data warehouse can give companies access to the insights hidden within their dark data. He also pointed out the obstacles that organizations need to overcome to get to those improvements.
“It’s not necessarily looking at the data within a single application, but looking at the data across the range of applications that you use to support your business.” — Craig McDonogh, Perspectium
McDonogh described how the advent of cheap storage led to companies capturing every last bit of information about customers and transactions. But that didn’t automatically lead those organizations to analyze that data, to look for trends or to catch problems early on. Additionally, he said, some programs aren’t designed to allow information to be shared and analyzed outside of the application; often, he said, this is by design to cement the vendor’s product as a “system of record.” But, running reports on hundreds of thousands of records within a system could slow that application down to the point where it is unusable.
The solution that many large organizations have chosen, McDonogh said, is an enterprise data warehouse, which pulls information from multiple sources. This allows users to apply the business intelligence tools of their choice to analyze the data. McDonogh said that the rise of SaaS applications made enterprise data warehouses more necessary, since users could no longer access their on-prem databases directly.
Ultimately, the goal should be to have current information that can help drive better business decisions. That’s where McDonogh focused his message: on the business decisions, not the technology or the data. “Start from the business perspective and work towards the data rather than starting with the idea that ‘hey, I’ve got all this data. I wonder what I can extract from it?’”
To listen to the podcast, click here.