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TDWI Insight Accelerator: Tactics for Evolving a Modern, Cloud-Based Data Platform for Financial Services

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1 T DW I RESE A RCH tdwi.org TDWI INSIGHT ACCELERATOR Tactics for Evolving a Modern, Cloud-Based Data Platform for Financial Services By David Loshin, President of Knowledge Integrity, Inc. TRENDS IN MODERN DATA AND ANALYTICS PLATFORMS Organizations in all industries are assessing their established data architectures to determine whether they are ready to take advantage of advanced analytics techniques such as text analysis, machine learning, and AI. However, to best evaluate readiness, one must understand the context for data platform modernization. Based on our research, organizational innovation in enterprise data strategies and platforms reflects three complementary trends in data and analytics platform modernization. Trend #1: The demand for modern/advanced analytics continues to grow. Organizations are increasingly interested in leveraging their large collections of data and modernizing their data and analytics environments to drive revenues, improve decision making, and optimize operations. These environments are intended to support use cases for newer data types such as machine, text, and image data, as well as other unstructured and semistructured data from many data sources. The objective is to build machine learning models and integrate them into production systems and applications. Organizations want to support data scientists, business analysts, and business users across diverse uses cases through the provisioning of self-service data access. According to recent TDWI research, over 65 percent of survey respondents indicated that the demand for more advanced analytics increased over the prior year (Figure 1). How has demand for more advanced analytics such as machine learning or text analytics changed in your organization over the past year? It has decreased significantly It has decreased slightly It has remained the same It has increased slightly It has increased significantly 50% 29% 40% 30% 37% 2% 1% 30% 20% 10% 0% Figure 1. Demand for more advanced analytics, from TDWI Data and Analytics Survey 2021.

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