Moving and managing money is complicated, but is a critical driver for the economy. Financial services organisations should be leading the way in the quest for data-driven insight, but recent Aberdeen research shows key opportunities for these companies to broaden their analytical footprint and magnify the impact of business analytics.
Exposing the analytical opportunities
The common thread among investment banks, insurance companies and commercial banks is the nature of its analytical activity, which is fairly advanced, and performed by highly skilled people. Aberdeen’s research reveals that financial services companies generally do possess several key organisational capabilities related to analytical skill (Figure 2).
Big bucks for big data
Technology leaders in large organisations need to ensure that the infrastructure is robust and scalable, the environment is secure, and that users have the tools to do their jobs. With this in place, organisations can use analytics to move from automation to optimisation.
IT budgets are finite and can shrink from year to year, so companies have to think hard about priorities when it comes to areas of spend. However, Aberdeen’s Computer Intelligence Technology Data Set (CiTDS) found that financial services companies have more freedom compared to other industries when it comes to IT spend (Figure 1).
On the other hand, financial services companies are less likely to share data across business functions. Aberdeen’s report “Explore It, Don’t Just Store It: The Value of Searchable Data” looks at the performance implications of a responsibly open data exchange. Figure 3 illustrates one of the key benefit of data accessibility, namely analytical empowerment.
- The money is there – Financial flexibility can allow for stability in the IT infrastructure and empower key employees with analytical capabilities.
- The skills are in place – The bar for analytical talent is normally higher at financial services organisations.
- The sky is the limit – Financial services organisations that expand analytical thinking and activity outside the most technical and statistical savvy roles will soon see tangible results.
Aberdeen Group has been an international research partner of Nebula since 2010. With thousands of research documents, growing daily, Aberdeen’s research library helps enterprises and service providers discover the priorities and strategies of best-in-class enterprises.
Besides Nebula’s insight and research services, we also provide services to help large enterprises assess, optimise and manage their enterprise ICT environments.
Should you be interested in finding out more about Nebula’s services or discussing this research, please send us an email indicating your requirements to ContactUs@nebula.co.za.