Developing a Big Data Strategy for Commonwealth Bank: Analysis Report

This report provides a comprehensive analysis of developing a big data strategy for Commonwealth Bank. It begins with an executive summary highlighting the importance of big data analytics for the bank, focusing on how it can improve customer experiences and business operations. The report includes an organizational analysis, covering the bank's nature, SWOT analysis, stakeholder analysis, and business pressure analysis. It then outlines a proposed big data strategy, detailing initiatives, outcomes, and specific tasks. The report further explores the use of big data technology, multi-dimensional data analysis, and NoSQL databases to support decision-making. It also examines the role of social media in the decision-making process and discusses big data value creation within organizations, concluding with recommendations for the bank. The report emphasizes the importance of a holistic, business-focused, flexible, and scalable approach to big data strategy implementation.

Running head: DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
Developing a Big Data Strategy for Commonwealth Bank
Name of the student:
Name of the university:
Author Note

1DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
Executive summary
The big data analytics is helping various organizations to harness their data and utilize that for
identifying the latest scopes. The big data has turned into a huge deal for the Commonwealth Bank
that has been changing the way how the customers could pay and quickly the business gets paid. The
report has analyzed the organizational analysis, big data strategy and multi-dimensional analysis.
Moreover, the case of NoSQL for big data analytics and lastly the role of social media in the process
of decision making are also considered here.

2DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
Table of Contents
1. Introduction:......................................................................................................................................2
2. Organizational Analysis.....................................................................................................................3
2.1. Nature of the business:................................................................................................................3
2.2. SWOT analysis:..........................................................................................................................3
2.3. Stakeholder analysis:..................................................................................................................4
2.4. Business pressure analysis:.........................................................................................................5
2.5. The need for developing big data strategies:..............................................................................6
3. A Big Data Strategy...........................................................................................................................6
3.1. State the big data strategy that the organization wants to adopt:................................................6
3.2. Initiatives that Commonwealth bank needs to take:...................................................................7
3.3. Outcomes of every initiative and critical success factors:..........................................................7
3.4. Specific tasks for each initiative.................................................................................................7
3.5. Sources of big data for supporting such tasks:...........................................................................7
4. The Use of Big Data Technology for Supporting the Big Data Strategy:.........................................8
5. Multi-Dimensional Data Analysis for Decision Support.................................................................10
5.1. Define data analytics and multi-dimensional data analysis and discussing their importance. .10
5.2. Use of data analytics and multi-dimensional data analysis to support decision making in
organizations:...................................................................................................................................10
5.3. Types of data analytics could be used under the proposed big data strategy to support the
decision making...............................................................................................................................11

3DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
6. NoSQL for Big Data Analytics:......................................................................................................11
7. Different NoSQL Databases and Their uses:...................................................................................12
8. Role of Social media in decision making process:..........................................................................12
9. Big Data Value creation in organizations:.......................................................................................13
10. Conclusion:....................................................................................................................................13
11. Recommendations:.......................................................................................................................14
12. References:....................................................................................................................................17

4DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
1. Introduction:
The big data analytics has been helping the companies to harness their data and utilize that
for identifying the latest scopes. In turn this has been leading to smart business approaches, higher
profits, happier customers and efficient operations (Provost and Fawcett 2013). Its presence has left
impact on cost reduction, faster and better decision making and latest services and products.
There has been no definite technology encompassing the big data analytics. There has been
various advanced analytics applied to the big data. However various kinds of technology have been
working together for helping to retrieve the best value from the data. The biggest players lying here
are the data mining, data management, text mining, predictive analytics and in-memory analytics.
The big data has been a big deal for the Commonwealth Bank that has been changing the
way how the customers could pay and quickly the business get paid. Daily settle and the other
merchant solutions and the mean funds have been quickly credited to the clients account regarding
invaluable insights and real results.
The report aims to analyze the new decision making techniques under the light of big data.
The fundamental objective is to undergo through a theoretical analysis providing a clear
understanding.
The study has included the organizational analysis, big data strategy and multi-dimensional
analysis. It has considered the case of NoSQL for big data analytics and lastly the role of social
media in the process of decision making.

5DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
2. Organizational Analysis
2.1. Nature of the business:
The Commonwealth Bank has been delivering various economic services. This includes
business, retail and institutional banking, superannuation, insurance, funds management, broking and
investment services (Provost and Fawcett 2014).
2.2. SWOT analysis:
SWOT Analysis
Strength Weakness
The bank posses a strong revenue and
rising profit
The bank has witnessed the loan
impairment.
Opportunities Threats
Implementation of the technology at the
core banking activities could help to
increase the quality of services.
The bank could face risks because of
changes in foreign exchange rates.

6DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
Promoters Defenders
Latents Apathetics
Interest of stakeholders
Influence of stakeholders
2.3. Stakeholder analysis:
Figure 1: “Stakeholder Analysis at Commonwealth Bank”
(Source: Www1.worldbank.org, 2017)

7DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
Globalization
Government regulations
Customer demand
Collaboration of partner
New vendors
New models of business
Decisions
Predictions
Analyses
The integrated computerized decision support
Business
Intelligence
Business
Environmental
factors
The response of
Commonwealth
Bank
Decision and support
Pressures
Opportunities
2.4. Business pressure analysis:
Figure 2: “The business pressure analysis at Commonwealth Bank”
(Source: Markets.theaustralian.com.au, 2017)

8DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
2.5. The need for developing big data strategies:
Since the customer relationships have been disrupted by the technological upheaval at the
sector, the big data strategies have turned out to be one of the largest strategic focuses for the
Commonwealth Bank at Australia.
3. A Big Data Strategy
3.1. State the big data strategy that the organization wants to adopt:
Holistic:
For setting the basis for the long term success, the companies require the big-picture viewing
that identifies the various distinct elements of the effective system.
Focusing on business:
The strategic planning regarding the big-data must be led by business.
Flexibility:
The strategies should account for the creation of the incremental value and the overall
evolutionary process.
Scalability and structure:
The primary step has come forward by the adaptable and powerful ecosystem linking the
discovery and the data platforms. This has been regarding the long-term scalability and connects to
the crucial external sources (McLeod et al. 2017).

9DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK

10DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
3.2. Initiatives that Commonwealth bank needs to take:
Commonwealth should think how to accelerate the innovation and predict the trends of the
seasonal demand. They must find out the most effective supply chain partners and uncover the
unnecessary costs of overhead.
3.3. Outcomes of every initiative and critical success factors:
Whether Commonwealth Bank performs the personalization of the promotional offers or the
loyalty programs for various client segments, the big data could deliver the insights for helping to do
that quickly and with more sustainably.
3.4. Specific tasks for each initiative
In order to keep the proper strategy in place, a unified and strong architecture to make that
accessible could be used (Raghupathi and Raghupathi 2014). For creating the best value from the
investments of big data investments, daunting and addressing the question regarding what to do with
these data must be done.
3.5. Sources of big data for supporting such tasks:
The NoSQL or Columnar data sources include the InfoBright, Cassandra or MongoDB are
the instances of the latest kinds of map reducing repository and the data aggregator.

11DEVELOPING A BIG DATA STRATEGY FOR COMMONWEALTH BANK
4. The Use of Big Data Technology for Supporting the Big Data Strategy:
Big data
technologies
Characteristics Discussion Implementation
Hadoop It stores data and
run applications on
the clusters of the
commodity
hardware
It has huge data storage
for any type of data with
outstanding power of
processing.
As the security projects like
Rhino, Sentri and others
achieves stability, the
implementation of Hadoop
expands.
Cloud solutions It provides perfect
scalable resolution
to manage large
volume of
information.
As the Internet of Things
has been spreading in the
market place, the
generation of data is on
rise. There have been
various advantages of
Hadoop on the cloud in
order to sustain various
big data technologies.
This could be implemented
either by taking the server
and put that on anyone
else’s data centre or by
having a service provider
managing the devices.
Self-Service Big
Data
applications
This simplifies the
data preparation,
data cleaning and
the tasks of data
exploration.
The tools such as the
Hadoop and Tableau is
been rising in popularity
in the last few decades
(Demirkan and Delen
Regarding implementation,
it must be kept in mind that
the bank has to evolve
beyond the spreadsheets and
IT. They should nor settle