Since the beginning of digitization and the rise of the internet, more and more business processes have been digitized. As a result, a digital “paper trail” is created that consists of large amounts of data, also called big data. Much of this data is stored and is essential for companies.
Pega is a very powerful platform for processing and implementing data, in order to gain a competitive advantage for companies. In this blog Maarten Veger tells more about big data and the possibilities that Pega offers with regard to this subject.
What is big data?
Big data is a collective name for large amounts of structured and unstructured data. This data is often complex and difficult to analyze. The trick is to combine the right data within this maze of data and to create added value for your company or organization.
Maarten: “I interpret big data as all the data that a company has. You have multiple systems inside and outside an organization. I often take the example of working at a bank. Every transaction someone makes provides data. For example, I worked in a department for customers who had mortgage problems. By combining all data from the different systems and the use of intelligent models, we were able to predict at an earlier stage whether someone might have these problems in the future. You will receive data from various sources, not only from your own process systems, but perhaps also from external sources such as a Chamber of Commerce. You then combine this data to make the right decision with regard to a particular situation in your company. I see this as an added value that big data offers. ”
The challenge of big data
All activities we undertake in the digital field leave digital traces. You can think of visitor behavior on a website or your activities on social media. The amount of data available is constantly increasing, in both unstructured and structured form. The challenge for organizations is to analyze the data and then make business decisions based on it. Big data ensures that companies get an accurate picture of their customers and the needs they have. It is important to distinguish between information that is unimportant and the data that actually has value. A company can then use the valuable data to improve the service, but also the internal processes.
“The challenge, besides analyzing the data, is mainly in real-time use. As a company, it is important to be able to use a lot of data quickly and make the right decisions based on it. This is where AI usually comes into play. AI supports these processes and ensures that the right decision can be made faster by means of self-learning models. It also ensures that decisions are specifically tailored to an end user,” says Maarten.
An important reason to get started with big data is the competitive advantage to be gained. According to research by Gartner, companies that use big data in their business operations and decision-making processes perform 20% better financially than companies that do not. The reasons for this are that big data enables companies to better estimate financial risks. In addition, they can better map out the sales opportunities and they are able to improve their products to the wishes of the customer.
Maarten: “I would dare to put it even stronger. I think it is essential for a company to participate in the rat race of data that is currently underway. If you know exactly what your customers want through data and you can tailor your product or service accordingly, you naturally have an advantage over the competition. More and more companies are embracing this and are therefore devoting more time and attention to it, which means that as a company you will have to go along with this in order not to lose it from your competitor ”.
The speed with which the internet, and especially big data, is taking over the business community has increased significantly in recent years and will only continue to do so in the future. More and more products, services and applications have also moved towards the digital world. It is therefore important for companies to go along with this and not fall behind. After all, digitization not only creates new opportunities, but also a new expectation pattern of consumers. The digital transformation of an organization revolves around the question of how to respond to these expectations. In addition, it mainly revolves around internal changes, such as optimizing and automating the processes, so that work can be done in a cost-effective and efficient manner.
“The basis of this digital transformation with Pega is done through case management. This is because data is used in most processes in a company. A trend that has been going on for some time is that more and more manual steps within companies are being automated in ever smarter ways. To do this you need data. This is where Pega sets itself apart from others. From the beginning, Pega has been good at retrieving and processing all kinds of information and data from various systems within the organization and beyond.”
Pega and big data
Pega has been using data within processes for a long time. Yet you see that they are continuously making steps in the use of big data. This is also the direction where they want to go as a company and where they are investing more and more time and resources. By means of data and intelligent automation, Pega tries to make the best decisions and to offer 1-on-1 customer solutions. “They also call this the Customer Decision Hub within Pega. That is actually the ability to use large amounts of data and real-time data to make the best offer to the customer. A learning mechanism is used for this. The Pega brain combines all the data they have about you as a customer and uses adaptive and predictive models to make the most suitable offer to you as a customer. They call this concept “the next best action”
Development of Pega
Pega as a platform has also invested a lot in technology in recent years. Each version comes with new possibilities with regard to AI and big data. “This also makes it very interesting. You are never done learning and development is indeed very fast. So you continue to learn with Pega and also with the possibilities it offers. In addition, the platform distinguishes itself because it makes things like AI a lot more accessible by means of a model-driven platform. So you don’t have to be extremely technical to be able to work with it ”, says Maarten.
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