Perpetually exploding data has called for a technological change in the way a business operates and made it imperative for a business to keep up with the change to be a part of the ever-challenging race. Over the past two decades, technology has slowly and steadily made its presence and importance felt across business processes. In order to realize the true value that technology can bring to your business, it is important to understand which processes can be automated in the first place.
The role of the Business Intelligence (BI) team is extremely vital to today’s successful organisations. It is that specialized group that focuses on generating lines of business opportunities for the sales team to target and reach closure. The BI team missing out on identifying a sales opportunity can directly impact the company’s top-line. However, the strategies adopted by the BI team still revolve around the conventional word of mouth, reading newspapers, cold-calls and referrals which have a high probability of missing out on untapped opportunities. Hence, it is essential they work with the help of sophisticated tools to leverage information arbitrage and decode the market ‘black box’.
In the world of business intelligence, media news is a commodity, that holds the potent capability to help teams make informed business decisions. If the discovery of actionable insights from relevant news is made in real-time, there is an opportunity to gain a lead-time in acting upon the decision. However, there is limited realization of the intelligence held within these data sets.
These pieces of valuable information have always been out there. Media 2.0 has revolutionised the generation and aggregation of news. With the advent of big data, people might already be used to seeing plethora of data around them generated by numerous formal and informal sources. But, the question is, are they really able filter the data relevant for them? Are they really able to extract insights out of this data and consume it? Are they really able to act on the data? Various software tools across the internet might be useful for searching the data, but efficiently filtering and extracting relevant data in real-time requires artificial intelligence in action.
The BI team at banks/ NBFCs will definitely be updated on a news like ‘JSW Steel to set up a 10 million tonne a year steel plant in Odisha’. But, are they also able to keep themselves updated in real-time about a small company opening a small manufacturing plant in Ludhiana?
This news will not only suggest a direct qualified lead for the bank, but also an indirect lead. Supply chain finance is very important to any business. In short, the bank has the original company as the primary lead and suppliers of this original company as secondary leads. The system ensures that the BI team is not only able to connect the dots in real-time, but also identify MANY potential opportunities that are intricately linked.
Let us have a look at news update on Bangalore based Rajesh Exports. On August 31, the world’s largest gold refiner announced the company has secured Rs 1,172-crore export order from Singapore. Based on this news item, let’s see how the Heckyl Platform will help identify a sales opportunity:
As soon as the news appears on the digital space, Heckyl Platform will automatically tag the news to Rajesh Exports and classify the news as news with positive sentiment. It will further categorize the news under ‘Business Orders/ Contracts’ category. The system will then alert the RM in Bangalore region, who is in charge of that particular sector, with a pop-up indicating that Rajesh Exports, who has recently won an order, might be in need of a working capital or long-term loan. The system will further link the key suppliers of Rajesh Exports. A notification will then be pushed out the concerned RM that a particular machinery supplier to Rajesh Exports might also require a working capital loan.
The Heckyl platform features a unique Product-Mapping engine, where the RM can map which kind of loans can be offered in each scenario. The RM can then escalate the findings to his supervisor. If the news alerted leads to a successful business opportunity for the bank, the RM can tag the news alert as a ‘useful indicator’. The RM can additionally, pull out periodic reports from the system which details the kind of opportunistic alerts generated by the platform over a period of time and the count of ‘useful indicators’.
Access to such deciphered information in real-time can enable the BI team, who is constantly monitoring the market to target the next prospect on-radar, to considerably cut down on the time elapsed in discovery of relevant information. This time can be channelized to effectively target the right companies at the right time to bring more business to the bank.