What Financial Industries Need to Focus on: Data
Continuing our discussion from “Digital Transformation Optimizes Financial Markets“, let’s discuss exactly what is expected from companies and the data they can gather.
The Two Main Historical Issues With Data Analyses
First, gathering data from customers is easier now than ever before. While before clients were wary to offer up their information, today they have no issue giving away information if the benefits they redeem improve their lives, and giving clients tools or incentives in exchange for their information is key. Combine this with BI (business intelligence) and you have the best way to acquire client data.
Forrester discovered that using client data in conjunction with BI to increase agility, decision making, and business innovation were the top priorities of businesses. The best way to increase business performance is by integrating new initiatives to better your CX.
Experts responsible for data analysis and storage of information used to store all their information in siloed, personal excel sheets. These ‘excel-warriors’ created siloed means of gathering intelligence which took away from the overall business’s ability to grow and profit.
These siloed means of analyses are now obsolete as storing data on separate platforms takes away from overall business performance. It is tremendously important to ensure that data is visible; and data visibility can directly affect business profits and client perceptions in today’s information-saturated environment.
Second, these data siloes are considered “the enemy of visibility” and will further impact your clients. People expect instant access to any and all information that is pertaining to them at a keystroke. Anything less will have clients looking to competitors for the same services.
What Clients Expect in Today’s Digital Age
Keep accessibility in mind as clients now expect convenience when they search for information. They expect this with quick and efficient feedback from people offering personalized services to suit their demands.
Data, according to recent statistics, is incredibly valuable to companies. Companies that are using information from their analytics and BI have cited that they show improved margins by 51%, have reduced IT costs by 63%, can make fuller use of all enterprise data by 64% and both increased their agility for faster decision making and drove new revenue streams by 65%.
More than 50% of companies surveyed still use ad-hoc data analysis rather than set metrics to stay organized. As mentioned previously in ERP systems In a Business World of Digital Transformation, ERP programs are no longer simply for manufacturing companies. They can help organize and structure all your business procedures, automating and keeping track of any analytical processes. They also remove the uncertainty of ad-hoc analysis and ensure a constant data stream.
Companies are unable to use proper embedded analytics and data collection as 53% of employees are still requesting ad-hoc analysis. Companies (49%) are reporting that clients need more control of when & how they analyze data, and 30% reported that their data is still poorly managed and aren’t suitable for embedded analytics.
All businesses need Data analysis in order to successfully compete in today’s market. Moreover, keeping your analytics organized and 100% visible to both employees and clients will drive your success. With today’s technology, people expect quick interactions with their financial institutions and even quicker resolutions to their questions and problems. The traditional method of storing and collecting data, in siloed servers is no longer acceptable especially with Cloud technology and the tools offered by Objectif Lune.
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