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Insights and Expertise

Once the data is easy to work with, you can generate
custom reports for tailored business insights. One
report, for example, could look at supermarket Unlock Your
spending, where you could see the effect of lockdowns
as people shifted from smaller, more frequent shops to
a more substantial weekly one. Building these custom Growth Potential
reports would be a laborious job using in-house
resources.

Effective data standardization processes also speed up With a BCP Loan
investigations and rectify anomalies in reconciliations.
With so many different files and data sets involved
across multiple sources, it's common for some data fields
to be missing. Or perhaps a processor generates data
columns named in a certain way (such as transaction
date, currency and transaction amount), while another
might use a random code for that same column. These
differences create issues with reconciliations.

If you tried to investigate those differences in-
house, you'd have to look through each processor's
specifications document and figure out each column
in each data set to find what they were looking for.
Advanced standardization practices resolve that by
looking for certain transaction elements, such as dates,
amounts or how the transaction was authorized.

What's next for smart data?
Data science will become increasingly mainstream
as people become more aware of techniques such as
machine learning, especially given the uptake of
ChatGPT and other large language models. More
interest in these areas will lead to more research,
development and interest in potential applications.

Data monitoring and reporting in the payments
industry revolves around delivering solutions for
companies to gain the most value out of their data.
Data is also starting to be mapped to wider economic
data, like GDP figures or other macroeconomic data,
to provide more intelligent insights and benchmark
against the wider industry.

Looking further ahead, I expect different statistical BOCA
models or machine learning models will be used for CAPITAL
more accurate forecasting. You might have a set of PARTNERS
cardholder spending at a certain point in time, but how
will that look six months from now?

That's the next step to gain more useful information out Get a loan from $100,000 to
of your data and then use it to help drive management
decisions. $5,000,000 for your ISO today

Dr. Sophie Harbisher is the Data Science Lead for the Kani Payments
platform, overseeing data modeling and reporting. Prior to joining
Kani Payments, Sophie worked as a postgraduate research student
in Bayesian statistics at Newcastle University, during which she Call Now: 844-531-4957
completed a 3-month placement at IBEX Innovations. Contact her bocacapitalpartners.com
at Sophie.harbisher@kanipayments.com.

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