Unless you avoid reading any business news or never spend time on social media, you are well aware of Data Analytics.
A vast majority of business experts, influencers and industry players share quotes, articles and use cases on how data is the new oil and how if you do not master it, your business is in jeopardy. They are right of course; we all have to take appropriate actions in our organization towards a better understanding and mastering of data.
But concretely, what should we do?
What exactly is mastering your data and giving meaning to it?
It is important to clarify what we mean by Data Analytics. When we talk about its importance, we do not refer to data stored within your organization. Each and every company in the world has data on their customers, clients, staff and processes. But only very few firms have what really matters: a system to ensure different sources of data communicate with each other and provide real-time insights, measurements and analytics.
When it comes to data you have to have a continuous flow. Not rigid and separated silos…
This is how you will make sure to get instant value for your operations, growth and regulatory obligations:
Optimize your fund launch process and avoid errors or endless back-and-forths between product, operations & commercial teams
Prepare and share state-of-the art information with your (happy!) clients
Make sure you provide your regulatory, compliance and risk reports on-time
Let’s face it, you have to have real-time information to run each and every business nowadays. Real-time information requires real-time data.
You have 2 ways to do this:
1. Manage your data interfaces via your staff: requires a lot of people, is prone to errors and is very costly.
2. You implement a data & workflow management system that integrates different sources of data in an intelligent and efficient way.
We recommend the latter.
You probably ask yourself “I have just changed my legacy system into a brand new software, why on earth do I need interfacing?" First of all, you did well. It is important to adopt latest technology. Nowadays, business is all about data-in and data-out; only “most forget to think about what happens in-between” as Susanne Schartz says.
We all rely on external data to run our business. And external data is all but homogeneous. If you have a tremendous system but at a certain point you turn to a manual process to treat your operations, BOOM! All the advantages of your new systems are gone.
Good news is that there are solutions to fix this issue. Ensure you identify your data sources and structure and see if you can manage them in-house or via a data interfacing system that can be implemented in a simple, efficient and agile way.
I would like to conclude with Nicolas Buck’s quote:
”Data is powerful only when you give meaning and context to it, that’s when you get knowledge!”