Impact of Business Intelligence and Analytics in BFSI and financial decision making
Data is everywhere in your business, but often one may encounter lack of clarity, relevance and accuracy. Sigma Infosolutions is your one-stop solution provider to BFSI and financial decision making by using the latest business intelligence tools to achieve actionable business insights ensuring overall growth of your company.
We understand as a part of the uncertain financial data, the goal of your organization is not just risk management or complying with the governmental regulations. You actually wish to use these BI tools to guarantee clarity to customers, regarding your operations and forecasts.
A recent survey by a leading consulting house found out that 28% executives did not have the information to accurately predict business performance, while 54% had insufficient data required to provide complete visibility.
The key areas and challenges are:
- Ensuring data fed from various sources to central repository is of high quality
- Gathering data from disparate sources and do analyses to gain insights into financial performance of the company
- Analyzing profitability to the level of individual business unit, individual product and specific geography
- Going beyond cost controlling and identifying areas for performance improvement and optimization
- Moving accounting and financial operational data to analytical data stores which can be time consuming and needs IT help
Challenges that Financial Sector Faces in terms of Data Management, Data Warehousing and Business Intelligence Development:
There is a threefold challenge that is hindering the financial organizations and enterprises from proper execution of data in a timely manner and there by affecting best policies to be developed. In the other to solve this problem, the need for business intelligence analytics in finance is becoming increasingly important.
Here follows an overview of the components that constitute the challenge:
First, the difficulty in figuring out how a customer or a particular group of customers is affecting the foundation of the financial organizations, especially when the product lines are operating on a complicated system of management or policy making system
Second, finding the best enterprise business intelligence solution in a setting, where the financial organizations are habituated in using different types of data collections tools and enterprise applications
Third, the problems with data warehousing continue to haunt financial organizations, especially those in the insurance sector as they attempt to attain the goal of data integration through service oriented architectural platforms
The Relevance of Business Intelligence and Analytics in Finance:
The absence of a qualified, rather holistic BI suite may cause multitude of problems for organizations that hail from the finance sector. Some of the most imminent of such problems include:
- Lack of knowledge about scope of flexibility that their products have and this may lead to business generation
- Problems with data interpretation
- Absence of a centralized system of data governance, which may not only create problems will customer assistance and guidance but also the gaps in compliance with the standards of service and information management become explicit
- Lack of monitoring as well as management of the technological channels, leading to flawed business intelligence management system and increasing the risk to compromise on the customer-centric clarity
Why Sigma Infosolutions?
The business intelligence data warehousing service, delivered by Sigma Infosolutions, is one of the most effective ways of getting done with the extensive process of data collection, data management and developing the right business intelligence strategic approach for financial organizations. At Sigma Infosolutions, we use some of the latest business intelligence consulting tools (such as, Pentaho, Jaspersoft and BIRT) that help in exporting relevant data from different business applications and combine the same holistically, in order to ensure development of the best BI suit. We deploy assistance from the state-of-the-art infrastructure only after adequate evaluation of the nature of financial functions that your organization/enterprise is specialized with. We have kept ready all these benefits as we understand that the process of data gathering, analyzing and reporting cannot be the same for every organization/institution/enterprise in the financial domain.
The business intelligence data warehousing services from Sigma Infosolutions are targeted at ensuring the niche standard management of the vast data pool that simplifies as well as unifies the processes, necessary for attaining the objective of your financial organization in terms of policy development, relevant decision making and ultimately, celebrating the goal of customer satisfaction through procedural clarity.