The name of the game is speed when it comes to business. How fast can you operate: gather and analyze data, develop and test models, present findings, make confident decisions, engage your customers with relevant messages, and adapt to and anticipate needs in an ever-evolving business environment? The key to doing all this successfully, in large part lies in how strong your analytics capabilities are.
The market demands an integrated ecosystem that delivers data, insights and execution in a single platform in order to move fast, smoothly and strategically. Yet, an abundance of data isn’t the goal; it’s the right data and how it’s analyzed and presented. Your business expects to receive findings not yet known to you but which can be used to make swift, reliable decisions and then move to a production environment. That’s where many businesses struggle; that last leg of operationalizing, of actually using information to create and modify strategies — now, not in six months. In this consumer first era, people are bombarded by offers and products and when they see a relevant opportunity, they jump on it. You have to move just as quickly to capture those consumers, making offers personal, convenient and ultimately of interest. That’s why you need the ability to gain insights, develop strategies and deploy them within days, or execute on a digital marketing campaign with immediate access to the right audience file. Lag time has no place today.
After speed, flexibility is also key. Depending on the size and sophistication of your business, you may already have an analytics team with the right tools and talent. So perhaps you only need a platform that allows you to pick the data, timeframe and scores you want for your own analysis. As a smaller business, you might need more, like cost-effective access to analytic services and tools. Having a solution that bakes in long-developed expertise with the ability to work fully within a self-serve environment is invaluable.
To that end, a modern approach that optimizes analytics with meaningful, predictive insights involves a handful of elements that are easy to describe but difficult to deliver, including:
- Analytics-friendly data at your fingertips
- Painless provisioning via containerization and cloud platforms
- A flexible, configurable toolkit
- Access to the latest advancements in artificial intelligence and machine learning
- Shared workspaces that promote collaboration and experimentation
- Seamless implementation with minimal or no recoding/optimization required
It’s no secret knitting complex workflows across multiple environments and systems via manual processes often requires coordination among multiple teams. To compete successfully today, you need a convenient, end-to-end environment that promotes ease, speed and efficiency.
With that in mind, TransUnion set out to create analytic solutions purposefully — taking customers from discovery to deployment in one smooth process where we do the heavy lifting for you. We designed our Prama® solution to be an easy-to-use, self-service, analytics environment that serves both business users and analytics users via a single platform. It enables you to observe market trends and gain a better understanding of your competitive landscape. And once you discover these insights, you can upload your data, link and match it to ours, pull attributes, and build and execute models leveraging your data or third-party data. The solution is built modularly on top of interoperable enterprise services to share between business, R&D, IT and analytics. You can build an attribute or model in one place and share it elsewhere.
At TransUnion, we’re constantly refining our tools to meet the demands of our customers. As we thought through the architecture of Prama, we knew we needed a new, modern way of delivering on our vision; another closed platform would be just another island with limited usefulness and mobility. So we created Prama as an open platform that welcomes fluidity. And while it’s currently used mainly in financial services, the platform is data agnostic, so we plan to offer it to other industries and regions, and will continually add functionality to address evolving needs.
Recognizing the tremendous benefit Prama can have internally, we’re considering leveraging its capabilities in several ways:
- Delivering industry and customer insights to our consulting teams;
- Supporting our Data Science and Analytics team with easy, fast access to data and an open analytic environment to drive customer analytics and solution development.
Prama is indeed going to be a tool that TransUnion continues to invest in and expand. As we press forward, constantly innovating, it’s exciting to ponder just where our analytics capabilities can and will go. And wherever that is, we think it’s a win-win for us and our customers.