How American Express uses Big Data to transform operations
Big Data is at th...
In this article, we look at the final company featured in February’s Big Data feature in Supply Chain Digital — American Express.
Big Data is at the heart of American Express’ decision-making. Its effect is prevalent in two key areas: detecting fraud and bringing merchants and customers closer together. Currently, there are over 110 million AmEx cards in operation, as well as more than US$1trn in transactions processed. In total, American Express handles over 25% of US credit card activity. The primary aim of AmEx is to detect fraudulent transactions efficiently in order to implement a machine learning model that leverages a range of data sources. This includes things such as card membership information, spending details and merchant information to track fraudulent activity and make a decision in milliseconds.
Ensuring customer’s finances are protected is essential to banks, which means that the importance of monitoring against cyberattacks is paramount. For consumers, American Express is utilising vast data flows to develop apps that can connect a cardholder with products or services. The apps offer benefits to cardholders that use the app, as well as providing an incentive for more businesses to accept American Express.
In 2010, the company upgraded from traditional database technology to a Hadoop infrastructure and brought in machine learning algorithms. In a bid to centrally focus on Big Data, American Express has opened a tech lab in Palo Alto, California.
To read more about how American Express and other companies are using Big Data, click here!
For more information on all topics for Procurement, Supply Chain & Logistics - please take a look at the latest edition of Supply Chain Digital magazine.
New speakers announced for Procurement & Supply Chain Live
Two leading executives in supply chain transformation have been confirmed for this year's Procurement & Supply Chain Live event.
Procurement & Supply Chain Live is the perfect opportunity to hear from prominent executives at the world’s leading procurement and supply chain businesses. The event will be streamed live from Tobacco Dock, London via the leading networking platform Brella.
The three-day show, running 28-30 September 2021, is an essential deep dive into the industry, with influential speakers sharing insights and strategies from their organisations, group roundtable discussions, and fireside chats.
We take a look at the latest additions to the already amazing lineup of speakers announced so far, and what they will bring to the flagship event.
VP Global Supply Chain at Macmillan Education Ltd
Shaun Plunkett has over 30 years of supply chain leadership experience in FMCG, entertainment and media sectors, supporting multi-billion euro businesses including Universal Music, EMI, Sony Music, Harper Collins and Associated British Foods. He has a track record of successfully delivering transformational change coupled with award winning operating models and developing and coaching global teams. Plunkett says that challenging the status quo is at the heart of what drives him on a daily basis - and encouraging others to continuously push the boundaries.
Read more about Plunkett’s involvement in Macmillan Education’s supply chain transformation HERE
Digital Transformation Lead, Oracle UK and Board Member, CILT at Macmillan Education Ltd
Vikram Singla is digital transformation director at Oracle, UK. He helps supply chain and finance business leaders leverage technology to deliver meaningful business outcomes for their organisations. He also serves on the board if CILT (Chartered Institute of Logistics and Transport) – UK and is an Honorary Visiting Fellow at Anglian Ruskin University. Singla has more than 25 years’ experience in the technology sector, and in global supply chain transformation, including deploying business transformation programmes for Fortune 500 firms. In his spare time, Singla is a passionate brand ambassador for Cancer Research.
Plunkett and Singla join a growing line-up of speakers, including: Sheri R. Hinish, IBM; Robert Copeland, G4S; Daniel Weise, BCG; Mark Bromley, Mastercard; David Loseby, Rolls Royce; and Ninian Wilson, Vodafone Procurement Company.