HDBank-AWS

Data quality challenging, but essential for impactful analytics

Enterprises in Vietnam are keen to adopt advanced analytics to drive their business decisions, but struggle with data quality issues as they work to move legacy data infrastructures to the cloud.

Most businesses in the Asian nation have yet to build infrastructures that can deliver data analytics across their organization.

They recognize the need for a platform that runs on cloud architectures and are eager to migrate their data to tap the benefits these modern technologies can facilitate, such as data visualization and real-time analytics reports.

Ensuring data quality, though, is proving to be a major challenge, especially as they migrate and modernize their applications for their shift to the cloud.

Without a proper framework to safeguard data quality, organizations can end up with missing data and incompatible data formats. This, in turn, can lead to poor data insights and ineffective business decisions.

Vietnamese organizations are not alone in this predicament.

According to Gartner’s research, poor data quality costs organizations an average of $12.9 million a year, with a direct impact on revenue and leading to poor decision making.

The research firm suggests that this problem is likely to intensify as data environments grow increasingly complex. Companies with multiple business units across different regions, in particular, will experience bigger data quality challenges as well as organizations with a wide ecosystem of suppliers, customers, and partners.

As it is, 52% of companies point to data quality and access as a top challenge in scaling and operationalizing their artificial intelligence (AI) deployments, according to research firm IDC. In addition, 50% of the time is spent on data preparation.

It is not surprising then that companies are dedicating resources to address data quality issues.

In fact, focus on data quality will heighten as more organizations tap data analytics to drive business decisions. Gartner forecasts that, by 2022, 70% of companies will track data quality levels via metrics, resulting in improvements of 60%.

The analyst firm estimates that a 10% improvement in customer data quality, for instance, can lead to a 5% improvement in customer responsiveness, as quality and trusted data can enable customers to be serviced better and more quickly.

Proper framework key to ensuring data quality

Cloud vendors such as Amazon Web Services (AWS) understand this and offer a host of solutions designed to help enterprise customers govern data quality as well as prepare their data for analytics and machine learning models.

A robust framework is also a critical key to ensure the right processes are in place to guide an organization’s cloud migration and application modernization efforts. Each organization needs to find the most suitable framework in which can be unearthed during the discovery phase of the process or can be customized and utilized from existing frameworks  adopted by other cloud vendors.

, helps customers design a three-stage roadmap to deploy its data analytics solutions. This encompasses an initial assessment that looks at the customer’s data maturity and challenges, ensuring its data strategy and architecture are aligned with its business strategy.

In the second stage of the roadmap. TechX will walk the customer through its migration and modernization plan, including moving data from on-premises and developing reusable frameworks for data ingestion, ETL (extract, transform, load), and data governance.

Automated reusable ETL frameworks deliver standardized processes on which data is ingested, transformed, and enriched. These accelerate the data platform implementation process and further ensure data quality.

The final stage of the roadmap covers the implementation of a data governance framework, optimization of data operations, and enabling AI and machine learning analytics.

Roadmap toward lower operational costs, faster insights

TechX’s three-stage data roadmap has served as a beacon for many of its customers including HDBank, a commercial bank in Vietnam serving retail and corporate customers.

The bank lacked a reporting self-service reporting system that could enable its employees to tap data analytics and drive their business objectives. The cost of running OLAP (online analytical processing) workloads on its existing Oracle databases also was escalating and increasingly tough to control.

Discussing about the topic, Mr. Nguyen Phuc Duong, HDBank Deputy Director of ECIT Division and DTC shared the bank vision: “We understand that data is one of our most important assets, with the application of advance Big Data technologies, including AI and Machine Learning from AWS, HDBank, and Sovico group can focus on analyzing and use our data to develop our business.”

HDBank worked with TechX to put together a roadmap to migrate from OLAP and modernize its data analytics architecture.

Using AWS solutions, HDBank built a lakehouse to serve as a central data repository. The bank also modernized 10 reports using AWS-native data processing services.

The implementation and move away from traditional Oracle databases reduced HDBank’s operational costs by 42%, moving part of the bank’s CAPEX to an OPEX model, with AWS Data Analytics running as the foundation.

HDBank analysts also are able to slash the time and effort they need to build reports by 40%, resulting in faster and automated reporting pipelines that now drive their business decisions.

With the proper data approach, organizations such as HDBank not only can establish a 360-view of their operations, but also embrace a business culture where critical decisions are driven by real-time analytical reports and forecasts.

 

AWS Services Used

About TechX Corp.

TechX Corporation is “AWS Partner of the Year” 2021 – 2022 in Vietnam.

TechX Corporation is a young startup, founded in 2020 by a team of well-established technology experts, with years of experience in multi-national enterprises and VN30 corporations with the mission of supporting Vietnamese companies in their digital transformation journey. TechX’s team of cloud experts possesses a comprehensive insight of Vietnam market, especially in major industry such as banking and finance, technology, E-commerce, etc.

Became AWS Advance Consulting Partner in less than 1 year since its establishment, TechX has been leveraging AWS advance cloud services and technology to provide tailored cloud transformation solutions our customers. Currently, TechX Corp. proud to be cloud consulting partner to top banks and financial institutes in Vietnam, such as Maritime Bank (MSB), Vietnam International Bank (VIB), VietinBank, FE Credit, etc., and many other companies in different industries.

Share on facebook
Share on twitter
Share on linkedin
Close Bitnami banner
Bitnami