When I meet with people running analytics in their enterprises, they almost always claim: "We’ve got everything that our business needs!". Each time I recall the famous quote that "640 kb should be enough for anybody". Things often get even more funny if some execs representing business departments are in the same room. One common thing they usually say at this point is "Then why is it that everything we ask for is 6 months and 3 million dollars?".
With all of the real-time analytics, visualizations and analytical systems deployed from the cloud, the world makes you feel like you’ve got all the access to information you need. You are truly a citizen of Digital Economy, aren’t you? So why do the answers to any of my new questions come back AFTER I already forgot what I asked in the first place?
Recently I had a chance to spend some time with the Director of the fraud detection department in a global insurance company who had been using his enormous budget to combat fraudsters for decades. It has always been a race for him – whenever he identifies and fills one hole, fraudsters find a new way to the vault. Operating in the world of star schema and multiple mature analytics tools, he dreamt about testing any hypothesis ad hoc.
For many vendors, Proof of Concept (POC) projects for advanced Enterprise software often take months. However, with DataWalk software, such projects can be completed in a couple weeks, or even just a few days. Here we discuss a recent example with a fraud detection use case.
During my 28 years as a federal agent the use of Link analysis software was integral in solving complex money laundering and terrorist financing investigations. Money launders and terrorist networks are becoming evermore sophisticated in the way they layer their transactions. The use of link analysis is one of the best ways to be able to visualize the connections between entitles, the flow of the funds, and to explain these to senior compliance officials and regulators.