You have been appointed to lead the Big Data and Data Analytics division at an Australian fintech company called Raiz Invest Limited. Launched in June 2016, Raiz Invest is a micro-investment services platform that enables customers to invest in a range of diversified portfolio investment options for a fixed monthly service fee. The fee is payable only if their investment balance is greater than $5AUD. The company has now grown to over 190,000 customers as of August 2019. Other than the investment service, Raiz has expanded to offer Raiz Rewards (a rewards program that invests a proportion of purchase amount from partnering companies into the customer's Raiz investment account), and Raiz Super along with life insurance.

Goal is to design a Big Data strategy plan that identifies the key issues and opportunities for the business, present recommendations to better achieve the objectives, and convince the Raiz executive team to invest in Big Data project. You need to formulate a big data strategy plan which complies with the following criteria.  

It must be:

• feasible
• coherent
• imaginative and/or novel
• actionable and realistic
• ethical and sustainable
• profitable. 

 

Part 1

Identify two or three of Raiz's key business processes. Identify two or three business processes that uniquely differentiate Raiz Invest from the competition.

1. Identify the four big data value drivers that are enabled by the economics of big data and describe how each might impact one of organisation's key business processes identified in (a) above.
2. For the key business processes identified above in (a), evaluate how each key business process might be improved as it transitions through the five phases of the Big Data Business Model Maturity Index. Identify the customer, product, and operational ramifications that each of the five phases might have on each selected key business process.
3. Critically evaluate the cultural changes that organization must address if it hopes to leverage big data to its fullest business potential. Flag the top two or three cultural challenges that might be the most difficult for organization and critically evaluate what you think the organization needs to do in order to address those challenges.

 

Part 2

Identify what you believe should be Raiz Invest's key business initiatives over the next 9 to 12 months.

1. Select one of business initiatives, and then critically evaluate the key business entities that impact that selected business initiative. NB It is around the individual business entities that we want to capture the behaviours, tendencies, patterns, trends, preferences, etc. at the individual business entity level.
2. Evaluate the key decisions that will need to be made about each key business entity with respect to the targeted business initiative.
3. Provide a grouping of the decisions you have identified into common use cases: cluster those decisions that seem similar in their business or financial objectives.
4. Identify different data sources that you might need to support the categories you have identified:
   1. Identify potential internal structure (transactional data sources, operational data sources).
   2. Unstructured (consumer comments, notes, work orders, purchase requests) data sources.
   3. Identify potential external data sources (social media, blogs, publicly available, websites, mobile apps) that you also might want to consider.
5. Use the data assessment worksheets to determine the relative business value and implementation feasibility of each of the identified data sources with respect to the different use cases.
6. Use the prioritization matrix to rank each of the use cases vis-à-vis business value and implementation feasibility over the next 9 to 12 months.

 

Part 3

Develop a persona for one of organization's key customers (stakeholders). Carefully evaluate that customer's key tasks, decisions, and associated pain points. 

1. Evaluate and prepare recommendations that organization could deliver to that customer based on the customer's key decisions. Be sure to take into consideration the pain points as recommendations.
2. Identify the potential data sources for each of the identified recommendations. All data source ideas are worthy of initial consideration. evaluate the value and feasibility of the different data sources later.
3. Prioritise the recommendations from the perspective of the value of the recommendation to the customer, the value of the recommendation to organization, and the feasibility of its implementation over the next 9 to 12 months.
4. Cluster the recommendations into similar or logical groups to make a monetization plan.

Answer rating: 100% (QA)

Here is a suggested big data strategy plan for Raiz Invest Part 1 a Key business processes Customer onboarding and account management Investment portf... View the full answer