Robin’s writes “Data is urgent if it loses value while the receiver is waiting for it”.
Just think about the following analogy.
When you go to the supermarket to buy an apple, the price you’re willing to pay is directly related to how closely the apple looks like one you’d pick off a tree yourself, like this:
On the other if that apple isn’t fresh and tasty looking, it has no value at all.
This apple loses all its value between the time it was picked fresh and delicious from the tree and when it rotted and was delivered to you completely worthless.
Today I presented at the Corda Visual Evolution conference in Las Vegas. I presented on “Using Kapow to enhance Corda CenterView with real-time Web data” where I discussed data urgency and how it relates to value.
One of the customer examples I presented was Fiserv and how they use Kapow to automatically aggregate financial account information from more than 300 banks in 10 countries and display the data in Corda’s CenterView dashboard for point in time regulatory compliance.
Previously, the treasury department had no other way to collect the bank data than to manually login to each of the 300 banks and cut and paste (i.e. pick) their financial transaction data into a spreadsheet. Due to the time it took to manually collect the data, not only was the data inaccurate, and thus out of compliance, but errors often arose due to the error-prone methods of manual data collection.
Thomas W. Warsop, Group President at Fiserv, wrote a detailed white paper about how “technology supports the work of corporate treasury” which you can download here to learn more.
Within Kapow’s customer base of almost 500 customers we see more and more examples of how “flawless data” is now “picked” 100% automatically, delivering critical real-time value to our customers.
The urgency of valuable data requires real-time automated data collection.
By: Stefan Andreasen