The growing scale of operations and ever-evolving industry dynamics call for every contemporary organization to keep in-pace with technology. Ujjivan has always believed in the power of technology and has been one of the frontrunners in the industry to embrace the state-of-the-art technology time and again. Yet another initiative to make to the list is Ujjivan's engagement with IBM and Equifax for Data Warehousing, Business Intelligence & Analytics. It combines the data mining capability of IBM's tool and Equifax's industry knowledge & bureau data to optimize business value & adopt relevant models of product & risk management. Ujjivan will be able to customize its offerings to customer segments based on a client 360° view.
The Data Warehousing tool will allow creation of integrated & real time data repository for all in-house source systems. Business Intelligence on the other hand will help in leveraging on the data available by allowing historical and predictive analysis. Riding on this venture, Ujjivan will be able to tap business opportunities timely, manage credit risk effectively & design products based on customer behavioural patterns.
With this partnership, Ujjivan joins the elite league of financial institutions that are using sophisticated BI tools for their business decision making.
"Analytics and Big data are increasingly becoming key risk management tools in BFSI sector by establishing Early Warning Systems & Detection of Trends. Ujjivan is pioneering this initiative in the MFI sector by embracing Business Intelligence & Analytics. The ultimate goal is to get ahead of ourselves, to outshine our own records & all this by enabling our people to accelerate decision making based on data", said Sneh Thakur, Head Credit, Ujjivan Financial Services.
Deepak Shridhar Ayare, Chief Information Officer, Ujjivan Financial Services said, 'Data collected but not utilized is like cash lying idle in your safe, you can't benefit from it until you spend it effectively. Same applies to the organizations today. Collection of data is not an end in itself; you need to use the same for the benefit of the organization – to enhance business prospects, manage risks, drive policy decisions and put controls in place. This requires deployment of proper tools for data storage and analysis. We have selected best tools like IBM Cognos and best implementation partner Equifax (NetPositive) for our DW & BI project'