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The simple answer is no!
It’s not a question of there not being enough data – in fact organisations collect and process more data now than ever before – but rather how good they are at using the data assets that they have under management to deliver insights into their business. Accessing timely and actionable insight from their data is something finance organisations have struggled with for years, but it is a challenge organisations should be addressing head-on as it can be key to success.
In a recent Experian survey it was revealed…
“Seven in 10 businesses struggle to unlock data’s true potential because of a lack of control, leaving many businesses with untrusted data that undermines business innovation and customer interactions”
The global survey collated views of 1,000 data practitioners. It highlighted that 75% of participants think the responsibility for data management should ultimately lie across multiple departments with occasional input from IT. This obviously makes logical sense: Insight needs to be in the hands of the people who need it the most for it to be valuable. Despite the fact there is wide recognition of this self-evident truth, remarkably only 13% of respondents actually run their organisations this way!
So why do most finance organisations continue to struggle with inefficient data management and IT information bottlenecks?
The answer is: Confidence.
In 1865 Richard Millar Devens coined the phrase ‘Business Intelligence’. Devens was describing how Sir Henry Furnese, a banker, profited from information he gathered and acted upon to keep one step ahead of his competitors, then, somewhere between 1865 and the 2021 data management and reporting got VERY complicated, like SERIOUSLY complicated!
In fact mention the words OLAP cubes, SQL, ETL, Executive Information Systems, data warehouses, Decision Support Systems to your average business users and they’ll probably shrug their shoulders and point you in the direction of IT! Yet these are the people who need the insights that these tools, technologies, and systems are meant to deliver in order to do their jobs most effectively.
Business users typically lack confidence in their ability to access timely insight from the organisation’s data due to the technology barriers that have traditionally been in place around it, often leading to a situation where there is a reliance on IT to provide answers to questions to facilitate the decision-making process.
There is no point in asking for a report on a Monday and getting the report weeks later when in all likelihood the opportunity or the need has passed. Businesses need to be agile, and to have the ability to react, test theories and plan in real time. The only way to do this effectively is to develop a stable and scalable platform on which all decisions can be made, (If data isn’t consolidated and accurate users run the risk of missing out on a piece of the puzzle and making decisions based on inaccurate insight) and to give your business users the tools to make insights locked away in your data truly accessible.
Organisations need to focus on creating and maintaining this single data view on which users can access insight and move on from existing outdated reporting processes. Solutions like Connexica’s CXAIR For Finance do exactly that. Building societies, banks, credit unions and other financial service providers can use CXAIR For Finance to seamlessly combine data from across their organisation to gain a real-time, accurate data view on which business users can ‘self-service’ their requirements for insight rather than waiting for an information professional.
CXAIR For Finance empowers your business users by giving them the ability to answer their own questions in real-time at the point at which they arise, and by giving them the ability to easily access insights about the business based on a reliable, consistent, and integrated data source as a basis for their decision making you can transform your business and become a truly data-oriented organisation.