For a financial service professional there is always one common question: How can I grow revenue while cutting costs and enhancing customer experience? What they don’t realize is that most of these problems are linked with ‘Data’. Surely, the next question is obvious: Is it possible to solve these issues with Data Analysis & Software? The short answer is – YES. With Proactive data integration and the right business intelligence technology, the financial services professional can accomplish a great number of things.
The following illustration explains a simple work-flow of Business Intelligence Process
Key Benefits of Business Intelligence (BI) in Finance:
- Faster Reporting: BI allows firms to visualize historical as well as current data in real time. This makes spotting patterns, potential bottlenecks, and setting goals easier based on historic metrics. No more long waits for reports!
- Data Accuracy & Integrity: BI does data integration, meaning there is no more manual data wrangling required at an individual level. This assures a single version of truth across core systems and maintains accuracy.
- Data Volume: Forget those days where systems are overloaded with data. Integrating BI with big data & cloud technologies will provide capability to process enormous volume of data in a matter of a few clicks.
- Ease of Use: How about getting reports on your mobile/tablet every morning? Or Generating real time reports in a few clicks while driving to client meetings? Sounds exciting, right? This can all be possible with Mobile BI & report subscription services.
- Customer Experience: Using BI tools, the data you already have makes it simple to personalize the customer experience. Firms can tailor-make products to customer’s individual needs based on historical behavior.
- Internal Operations: The efficiency of your internal organization is just as important as your customer’s experience with your organization. Using BI solutions is a data centric way to access resource allocation, operation efficiencies, cost cutting & performance of employees.
The right data team with comprehensive business intelligence capabilities can solve the biggest challenges and will exceed the expectations of your organization. Greenlime Consulting is proud to deliver MicroStrategy Business Intelligence Suite, a cloud-based analytics service.
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