Increasing Business Competitiveness with Adaptive System
Currently, we live in the digital transformation era. Indonesia has become a digital first nation. This fact was shared by one of the speakers at AdIns Executive Business Gathering 2019, Ivan Cristian.
According data, Ivan Cristian, the Head of Product Development CONFINS AdIns said that Indonesia has the largest population in Instagram, with 57 million users. Not only Instagram, Indonesia – especially Jakarta – is the busiest city in Twitter.
Startup industry is also growing. Indonesia has most unicorn startups in Southeast Asia. Thanks to e-commerce that dominate only market in Indonesia. E-Commerce has become popular due to easy to use, practical, and automatic. E-Commerce player can do that because they collect data, with 75% process.
With a huge growth in digital business, what should you do to be competitive with using data?
You need fraud detection
To use data in e-commerce, we need skills to filter all data and sources. That is why you need fraud detection in this process. There are five fraud detection components for you to do. The first component is duplicate checking. You should check whether there is duplicate data or not and decide how to use the data.
The second component is asset checking. We can see whether there are units or goods that have been financed couple of times, also known as double financing. This is done by the next component, external checking. The fourth component is a behavioral checking with various data source, such as e-commerce.
In e-commerce, there are various information that you can get such as identity and address. You can also get identity from e-money data and check the validity using credit storing. The last component is the third-party data checking that has relationship with credit storing from ordinary store card.
Not only fraud detection, but also credit storing
Ivan Cristian also explained that, “fraud detection is the first step for filtering. After that, we need to do credit storing. It starts from store card and its component, from age, income, and others.” It shows the importance of credit storing. The data collected will be processed with fraud detection and credit storage.
Understand purpose of financing according to OJK rule
In the multi-finance business, there is a purpose of financing that categorize multi-finance business into four parts, including business capital investment. OJK gives freedom to multi-finance business to expand their business.
Don’t forget to manage SLE
Ivan Cristian said that the management of service level experience (SLE) is very important. SLE has a goal to give customer quicker delivery time.
We also need dashboard to monitor lead from entry to finish to understand the bottle neck. We need this to understand the process and make decision to improve them.
So, what is adaptive system?
Ivan Cristian explained that adaptive core systems need to have open information. There are a lot of digital transaction, so we need them to be open, so we can do digital acquisition and third-party checking. In the end, we had to focus on data collecting and enrichment. We can optimize the data and use them.
Then, decision engine, business rules, and workflow are needed to be adaptive and manageable. For management, you need to prepare useful dashboard and field in to analyze the data. The adaptive system is including SLE competition. That is why we have to supervise each SLE.
We cannot fight change, but we can adapt. We need to apply adaptive business system, that can be changed and customized quickly. Some of the process will require you to do some automation. However, as long as your business apply some tips above, your business is adaptive and you can increase your competitiveness in the market.