Business Lunch with Techie, Half-Techies and Non-Techies
Today here at Squirro we caught ourselves embroiled in technology - even a bit too much for lunch time…
The ‘Where’ in Data and missing Standards (London - Week 10)
He made a forceful comment about a problem easily overlooked in the Big Data Hype: The ‘where’ of data. Operating a global company in jurisdictions with very dissimilar legal frameworks and requirements goes opposite to an uniform cloud based application and data delivery framework.
Data in Germany about German clients may not leave the country’s border, i.e. a physical cloud setup in say Dublin will not compute. In another country you may transfer certain data if, you say comply with a safe harbor agreement. Many of the banks we are in discussions about onboarding Squirro to analyse their treasure troves of unstructured data face similar challenges.
Next to these restrictive regulations the lack of a standardised regulatory framework puts up additional hurdles.
The situation is reminiscent of the situation roughly 175 years ago with the advent of the railways. Britain alone, had railways operating on roughly a half a dozen different gauges, and Bristol time was different from London time from Edinburgh time, lest anything going on the continent…
It took suppliers, railway companies and the regulator about 50 years to create a unified environment. Let’s hope it takes the industry and the regulators a little less time today.
Shape the future of Big Data analytics in Finance
February 27, 2014 – Enterprises see exponential growth of both structured and unstructured data in all areas from customer acquisition and retention, internal and external data feeds, employee communication.
Our interactions with leading financial institutions supporting FinTech in UK demonstrated that there is no unified pattern in adopting, analyzing, accessing and understanding Big Data within financial institutions.
The survey results will provide current information on how financial institutions use structured and unstructured data, what benefits and value they are currently extracting from the data.
Financial institutions will know how to leverage structured and unstructured data and how to optimise their Front-to-Back processes by having access to powerful insights and information.
Survey participants will be provided with a full report of the summary results in advance of the public release.
HOW TO PARTICIPATE IN THE SURVEY?
The survey will take approximately 5 minutes to complete. Please take the survey before March 10, 2014. All individual responses will be kept confidential – only aggregate data will be released.
Thank you in advance for your time and we look forward to sending you a free copy of the report.
Take our survey, benefit from the complete results and insights and shape the future of Big Data analytics together with Squirro.
Squirro partners up with Sovereign Merchant to strengthen presence in Australia and New Zealand region
ZÜRICH, February 20, 2014 – Squirro, the leader in Context Intelligence, and Sovereign Merchant, the business facilitator for new and disruptive cloud based technologies in Australia and New Zealand (ANZ), have signed a master reseller agreement to deliver Context Intelligence solutions to the ANZ market.
Context Intelligence is the ability to combine structured and unstructured data to generate actionable insights and for better-informed decision-making.
Today companies base 95% of their decisions on only 20% of their available data; the remaining 80% is left untouched. Squirro’s Context Intelligence solution extracts huge and key value from the 80% of unstructured information, combining it with structured data in order to radically improve decision-making, drastically reduce costs and help achieve major increases in effectiveness.
Squirro is the first Swiss company, along six other Leading Financial Innovators selected for FinTech Innovation Lab London. The Lab, which was launched by Accenture in 2012, is a collaboration between Accenture and leading financial institutions such as Barclays, Deutsche Bank, Citigroup, Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley.
Furthermore, Squirro’s client portfolio includes amongst others worldwide companies like ABB, the international engineering consortium, Swisscom, Experteer, The Vanella Group.
With outstanding experience in management, sales leadership and business growth strategies Sovereign Merchant brings disruptive technologies and innovative solutions to the ANZ market via channel and other business processes designed to accelerate and maximize penetration and adoption.
The partnership between Squirro and Sovereign Merchant will address clients’ growing necessity of combining, analysing and interpreting structured and unstructured information in a unique and compelling way.
Speaking about the new partnership David Collins, Managing Director at Sovereign Merchant and former Alliances Director at QlikTech Australia said: “This partnership is great news for our existing clients, as we can now offer that much needed context discovery behind their data. The ability to identify patterns in big data collection is essential in extracting insights from Enterprise solutions. What people need behind the data to truly understand its context and this is what Squirro provides.”
Dr. Dorian Selz, Co-Founder, CEO at Squirro added: “We are thrilled to have Sovereign Merchant as our master reseller for ANZ. Its management experience is a guarantee of its capacity to understand client challenges and deliver solutions that match customer needs. Our common goal is to bring Context Intelligence solutions to the ANZ market and help companies leverage insights from their unstructured data.”
About Sovereign Merchant
With a wealth of experience in managing software organisation sales and go to market strategies, project management, consulting and enablement, Sovereign Partner helps companies launch software solutions quickly and cost effectively in Australia and New Zealand. Sovereign Merchant combines a strong understanding of the market, economy, partner landscape and local business needs and provides strategic advice and tactical execution for companies to excel.
Fore more information on Sovereign Merchant, visit: http://www.sovereignmerchant.com
Mobile: +61 467 444 021
Squirro is the leader in Context Intelligence, combining structured and unstructured data to provide the ‘Why’ behind the data. The result is a relevant, real-time contextual stream procuring an embedded 360° context radar delivering better and more effective decision-making. What Business Intelligence systems did for numbers, Squirro does for content: make unstructured data usable.
For more information on Squirro, visit: http://www.squirro.com
Phone: +41 44 586 98 98
London - Week 8
One of the great things here in London is proximity. Okay, London is not really a small town. Rule of thumb: From one meeting to another takes you 1 hour regardless of your choice of transport*.
It is simply a great venue to interact with all people within our industry and our prospects. For example today here at the Morgan Stanley CTO Summit with great speakers, such as John Newton from Alfresco, Mike Muller from ARM and Mark Shuttleworth.
I think you can call it physical social network effects.
* The tube actually most of the times being the fastest way**.
** Twice I took a taxi recently late at night. Whereas in other large towns you have very efficient (at least late at night) inner-city highways these don’t exist in London. So you rumble along inner-city narrow streets to get from one side of London to the other side of London. Somewhere in the sixties and seventies of the last century London did not invest in inner-city destruction to make way for highways like e.g Brussels did.
50 Swiss start-ups in which to invest
Squirro is featured in the current issue of Bilan as one of the 50 Swiss start-ups to invest in.
You can read to complete article (in French) here:
Unearth Gold from your Unstructured Data
In the 2001 report “3D Data Management”, Douglas Laney of Gartner defined the three commonly accepted dimensions of Big Data that are Volume, Velocity and Variety. Volume is simply the amount of data available. Companies generate more and more digital information through customer interactions, transactional information, and social media just to name a few. They acknowledge the value of this data and therefore the volume of information available for analysis increase accordingly. Velocity is the ability of an enterprise to have access and utilise data in a fast way and to distribute it at an equally high speed. This not only requires physical bandwidth it requires architectures that balance data latency with data requirements. Finally this paper focuses on Variety or the range of data types and sources.
The variety of sources points to numerous types of data in various formats with different definitions and structures. While these issues have been addressed manifold – e.g. Master Data Management, one issue has received less attention: Putting this data in context.
This white paper looks at the enterprise information space and different data types. We outline strategies to combine data sets, referred to as Context Intelligence to drive visibility and more informed decision-making. Additionally, customer vignettes discuss applications of use case and value generation. The paper concludes with a number of suggested action items to jump-start the analysis of the largely untouched 80% of data.
Click this link to read the full white paper: http://info.squirro.com/en-wp-unearthgold
London - Week 5
Just received this card from our friends at BIPB, our first UK integration partner. We debuted at their quarterly technology conference our Squirro - Qlikview integration, allowing anyone using Qlikview to access the other 80% of data (the unstructured bit) for analysis and more informed decision-making.
Context Intelligence for Financial Services
Productivity Gains through Chat and Email Analysis
To illustrate the variety of application of Context Intelligence we will publish in the coming weeks various case studies.
Our second case demonstrates how with Context Intelligence banks are able to catch escalation scenarios substantially earlier generating substantial savings while at the same time increasing client satisfaction.
Company: A global financial firm with large foreign exchange trading (Forex) activities. The bank is reputed to have a best-of-class Forex-trading platform and wants to extend this industry leadership to the monitoring and analysis of the forex trades. Because of regulatory demands, the fast paced nature of the Forex business and legacy systems, an actual trade may be passed between up to 12 different systems (systems for trading, ledger, front-, middle-, back office, etc.).
Challenge: The bank lacks at any one point in time a 360-degree view on the condition of its Forex operations. Last year it started to implement a solution combining the structured data into one single stream for analysis in a BI platform. However exceptions and escalations often are best traced in the chat and emails accompanying a trade. These types of information are typical cases of unstructured information and have so far not been incorporated in any analysis. However, trading exceptions and escalations – e.g. when a trade did not close at the projected price because of market movements – are sources of disputes and of considerable costs. The bank sought to close the loop by incorporating the analysis of chat and email data to get a true 360-degree view of their Forex operations.
Figure 1 – Interface for Chat Analysis
Solution: To capture the structured elements of any Forex transaction (trade, log entries, transaction times, etc.) the bank deploys a state of the art bank specific ETL-framework to deliver the necessary data input to a BI solution for analysis. Squirro provides the missing piece – analysis of unstructured data. Loading and analysing chat and email, automatically analysing the data on a number of dimensions such as exception, escalation, and compliance issues, the results are pushed to the BI layer for in depth exploration. The in-built alerting function of Squirro allows triggering events programmatically when certain escalation conditions are met.
Context generation: The analysis of the chat and email data streams is based on state-of-the-art techniques such as density based spatial clustering, topic evolution analysis, and cross-document reference and concept detection. The resulting patterns are normalized and pushed to the BI platform.
Results: By applying context intelligence techniques the bank is able to generate a full 360-degree view of the health of their Forex operations. They are able to catch escalation scenarios substantially earlier saving the bank massively while at the same time increasing client satisfaction. Return on investment calculations show cost savings of > $1 million with ROI figures of 25-30% per annum.