The foundation of banks, like any other business, is “data”. In recent years many Insurance service organizations have implemented business intelligence solutions with various names, but mostly these solutions are being used for generating information reports similar to those, which were generated before such implementations.
Management elements should include definitions of measurement standards and methods, reporting processes, contents and frequency, a dispute resolution process, an indemnification clause protecting the customer from third-party litigation resulting from service level breaches (this should already be covered in the contract, however), and a mechanism for updating the agreement as required.
In these circumstances, it would be wise to use tools and methods that allow quick turnaround of ideas, so that each new trial would not require too much time to prepare: new data should be readily available if needed, new software and libraries implementing the next method to try should be easily available to install and download, infrastructure must be ready to support new software or frameworks and so on.
BI uses more structured data from traditional enterprise platforms, such as enterprise resource planning (ERP) or financial software systems, and it delivers views into past financial transactions or other past actions in areas such as operations and the supply chain.
A data warehouse appliance is an all in one solution, hardware, database software and networking software, that allows you to take data from disks, filter it, present it out and build queries from terabyte databases, it’s ideal for very large databases and very large data solutions.