Factgem with Clark Richey (CTO) | E56

Summary: Jason Pereira, award-winning financial planner, university lecturer, and writer, speaks with Clark Richey, CTO of FactGem, about the recent strides in connecting “big” data and the challenges associated with it. Show Notes: ● 0:35 - Clark Richey, CTO of the data linking company FactGem, gives some background information about his company. ● 1:55 - Richey explains his own background. ● 3:05 - Host explains why data analysis is important. ● 3:50 - Richey explains the steps and challenges involved in analyzing data. ● 5:44 - Why are certain companies able to gather a great deal of information linked all together? ● 7:18 - Why are certain established companies really struggling with this problem? ● 8:50 - Older companies especially in the financial sector have created their own problem because of sticking with old technology. ● 11:13 - Discusses his first steps including education and examples when sitting down with company leaders. ● 13:35 - Talks about challenges of interacting with internal IT departments. ● 16:00 - Companies don’t need to modernize their entire system all at once. They can start with small steps. ● 19:00 - They discuss the value of having live information while running a business. ● 21:00 - Why Excel use is going by the wayside. ● 21:35 - How to deal with fraudulent data. ● 25:16 - Richey explains how he would want to create a culture that embraces ambiguity and trying new things. ● 25:56 - He explains the challenges of running a new company. ● 27:08 - He tells listeners about exciting changes coming in his business. ● 32:13 - Grocery stores are making excellent strides in customer data connection. 3 Key Points: 1. The field of data analysis and connection is making exciting new strides to help willing businesses be more successful. 2. Some older companies are really struggling with data connection, mostly due to being wed to old technology. 3. The business intelligence industry is ready for massive change. Tweetable Quotes: - “I wanted to see if we could build a product or a set of products that allows people to use those techniques, those engineering methods, without actually having to write software themselves and to make it really easy for the average person..” - Clark - “By not changing, you’re taking on tremendous amount of risk because I guarantee you there’s ten other companies, at least, that are looking to move into your space because they’re going to think about the data in a completely different way and gain a competitive advantage.” - Clark - “The business is always gonna change. You’re never gonna know what you’re gonna want data-wise in a month, or two months, in a year.” - Clark Resources Mentioned: ● The Fintech Impact Podcast ● Itunes to access the podcast ● Refer to Jason Pereira ́s Linkedin for Information about the Fintech event ● Woodgate Financial