Analytics as a Service

analytics

Is real time data access about to become a service? Surprise, it already has.   Whether it’s a loan decision, or to assess whether a new applicant is who they say they are, or is a payment fraudulent,  data is everywhere.

The convergence of technology trends typically follow Moore’s Law – performance increases exponentially while costs fall.  Put together, it is a perfect storm.  The list below is but a sample:

  • Cloud & Big Data
  • Internet of Things
  • Robotics
  • Blockchain & Distributed Ledger Technologies
  • Autonomous Vehicles
  • Drones

Vendors are capitalizing by using advanced machine learning algorithms to improve credit underwriting quality, payment flows, new application requests, etc. The large volume of data that can help machines learn about trade flows include past POs, invoices, payments, public filings, and other data sources to determine the probability of PO cancellation, future delinquency, etc.

Taking “raw data” and turning it into intelligence is no easy task. I remember being back at Carnegie-Mellon University during the 1980s discussing Artificial Intelligence.  It seemed so far off and to be honest, scary - Machine learning. Yikes.

But given the sheer amount of data generated these days and the data mining tools, one by-product is where do we need humans. A recent Citi report estimates that bots now manage approximately $20bn of assets globally. Going by current trends, this could one day increase to as much as $13.5trn.

This is no longer futuristic stuff. It’s here and happening.

I will be giving a keynote presentation at the Exchange Summit in Orlando on June around some of these issue – the session is titled  Digitization and the Snapchat of Working Capital.  Oracle and Manpower will deliver case studies on their challenges and lessons learned, the Hackett Group will present the latest results from a brand new P2P Key Issues study. A lot of interactive elements like panel discussions and roundtables play a crucial part in the program and ample networking opportunities are provided during the day.

I am sure this concept of Analytics as a Service will make for great coffee chatter.

I hope to see you there.

For further information on the agenda, visit here

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