It’s the data, stupid!
Author: David Lock, senior AI product manager
I thought it was a stroke of genius repurposing this quote from the early Clinton presidential campaign. However, I thought I’d better google it to make sure I was being unique - and I found that since then, it has been used a lot. Not as smart as I thought then.
Nevertheless, it does nicely illustrate that four words of data can be used for a lot of things across a lot of contexts, just like payments data.
Payments and its adjacent infrastructure has a lot of data that simply isn’t used, or in the case of legacy systems, isn’t stored or captured. This is despite the deep and broad utility these vast data lakes can offer to businesses.
Now while many companies in the payments space focus on data capture, the data generated from POS and ATMs are rarely captured and correlated. Here at Renovite, we recognise the value of this data. True, it’s specialised and niche, but it has tremendous potential value to the efficiency and profitability of payments infrastructure.
Digital Pond Dipping
POS and ATM data offers more of a data pond than a data lake, but don’t let its size fool you. Big fish still live in small ponds.
When combined with AI and analytics techniques, this data can provide real value in ensuring the availability of payments networks and in providing specialist value to customers. Balance this with the tremendous power of the cloud from GPUs computing on-demand for AI and the storage capabilities and you have a resource that many companies are simply ignoring.
Reeling it in
One key challenge to this is accessing the data. Generally, as soon as data is mentioned it implies an IT project which will need to be prioritised - and largely, data does not feature high on the priority list.
At Renovite, our modern cloud-native solutions have been designed to accommodate these needs from the start. We understand the value data can add to your business. In addition, we have been working on ways to capture this data from legacy systems in a ‘non-invasive’ manner, thus keeping setup and maintenance costs low.
So, are you utilising your data pond to see what’s waiting to be caught? After all, it is about the data, stupid!