How can organisations identify actions for better performance, analyse business processes most exposed to risk or fraud, or get insight into customer habits? It's all in the data, according to this white paper by FIS. Banking on Analytics: Why Data Is Your Secret Weapon looks at how data can be used to get strategic business insights, such as deepening customer engagement, optimising acquisition campaigns or improve the predictive nature of fraud and risk controls. It looks at the problem of how to source meaningful data from the perspective of financial institutions but some of the processes discussed could be used by private corporates looking to improve key financial indicators.
From data analytics to action
The reports suggests taking three steps to see how data analytics can help to solve a problem:
- Assess: what is the problem or desired goal and what do you know about it? Identify your desired outcome and think about this can be measured.
- Analyse: think about areas of data that could show where improvements can be made, such as focus on a specific market segment or a way in which value can be driven.
- Action: identify possible actions to achieve the goal then take those that are possible to build an action plan.
Make data meaningful
The report also looks at how data analytics can be used to:
- obtain insights into customer habits;
- encourage behaviours that improve the bottom line;
- measure performance against industry benchmarks;
- improve the return-on-investment in financial technology investments;
- analyse front and back office data holistically to identify fraud risks and take action to reduce these.
CTMfile take: The report looks at data analytics from a bank perspective but some of the strategies discussed will spark ideas for corporate treasurers too.
Big data and the corporate treasurer
How can big data be meaningful for corporate treasury? This is one of the questions addressed in Journeys to Treasury, the 2017 report from BNP Paribas. PwC, the EACT and SAP
Data security and privacy is major reporting challenge, say CFOs
Security and privacy of data are two of the main reporting challenges for CFOs according to a report by EY
Hey Gia: Give me an update on total cash received so far this week
EMAGIA launches voice activated artificial intelligence digital assistant Gia to optimise the way enterprise finance operates