Self-service Analytics puts data at the fingertips of domain experts
Historically, business intelligence and analytics tools often required technical skills to visualise data and gain insights from it.
With our software – Pi Analytics – we strive to enable domain experts to self-serve their own data. They’re the people who know how to interpret it and can take immediate action once these insights have been discovered.
Analytics in the Finance Industry
The best example of how our software allowed domain experts in the Finance Industry to discover something significant about their data came in a banking board meeting.
We were asked to build an analytics model over a data set of 16 million loans to identify any outliers on loans that were defaulting, with the aim of predicting future risk.
We expected an output of a significant subset of data. However, only a very small set of records came back – just 90 loans out of a total of 16 million. This small group of people were about to be cut from the model when the domain experts – the people with the knowledge of the business – stepped in.
This data set was made up of women over 60, with a high credit rating, who were defaulting, and the staff with the domain knowledge instantly recognised how important this small set of people was.
From insight to action
Based on the profiles of these people, the domain experts in the room believed these women to be recently widowed.
The action that came from this was that the experts immediately printed out the list and informed their teams not to chase these people hard for payments. Instead, a new approach was required, given the sensitivity of the situation.
Without the combination of analytics dashboards and domain experts, this information may never have been revealed.
The importance of self-serve Analytics
In many businesses, there are technical staff who know how to use legacy business intelligence tools, and then there are the domain experts who can glean insights from this data and act on it.
Self-service analytics provides domain experts with the power to access insights themselves, so they can make immediate changes. Fundamentally, they know what to do with the insights they find.