The Future of KRIs and Closing Thoughts

Ann Rodriguez and Viney Chadha

THE ROAD SO FAR...

In our previous chapters, we have depicted a view about how to collect, consider and relate data associated to KRIs with the bigger picture. The key here is that the data is collected and then there is quite a bit of human intervention, beginning with the decision on whether a metric is key. Let us now look at this from a slightly different angle, one where the data speaks for itself. This is a bit different than the blended art and science approach we have discussed already.

Big data

Big data refers to the ways in which we make sense of the large volumes of information available to us. Common synonyms for big data are business intelligence and analytics, data analytics or simply data analysis. Data has come to be created in greater volumes and at a faster pace than at any other time in our history. It is collected in structured and unstructured forms, and is transmitted using the speed of the Internet. Combine this ubiquity of data with machines capable of learning, and the result is a tremendous opportunity to take a big step forward in truly predictive risk management.

Envision a future state where all of the data points from the metrics being