BTR: The Role of Data Science in Prioritizing FinTech Market Entries
CoreLogic's Discovery Platform Solves for Data Challenges Industry-Wide
However, a scarcity of data scientists and the complexity of managing data scattered across multi-cloud and hybrid platforms present challenges for companies looking to harness the full potential of big data and analytics. Many leaders are rapidly concluding that simply putting diverse data into cloud environments or data lakes does not automatically lead to the generation of meaningful insights that advance their market positions.
"Extracting value from large data sets is not a simple proposition. It requires sophisticated integration, transformation, enrichment and orchestration that is very difficult to execute across heterogeneous enterprise computing infrastructures. Data scattered across many different locations in various formats create confusing and difficult-to-
Success is Found in the Nuances
Organizational structures and processes established to execute big data analytics strategies are often flawed. Poor design and inappropriate allocation of expertise and resources are common in the industry, leading to outcomes that inhibit return on data science investments.
Adding insult to injury is the nomadic nature of the data science talent pool. Because data scientists and engineers are in such high demand, they often move from one company to another—and from one industry to another—as different organizations bid for their services. As a result, many data scientists and engineers tend to be generalists rather than industry-specific specialists. It presents a major challenge for organizations interested in establishing sophisticated data analytics programs in the property sector.
"Success in data science, predictive modeling, and analytics is often found in the nuances. If you're a data scientist or analyst from the automotive industry and suddenly find yourself in a prop-tech or fintech environment, there is a whole array of industry knowledge that needs to be mastered quickly," says Heidi Russell, director of strategic accounts at CoreLogic.
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