Hurry up with those insights!

Hurry up with those insights!

The financial services industry is under immense pressure to deliver faster and more accurate insights. In a recent survey, 77% of finance executives said that their organisations expect faster time to insights, and yet only half feel confident that they can meet this demand.

How can you speed up time to insights in financial services? Below are three key areas to focus on.

Data Management

The first step is to ensure that your data is clean, consistent, and complete. This may seem like a no-brainer, but it's amazing how many organisations have data that is siloed, outdated, and just plain wrong. Having clean data will help you avoid having to waste time cleaning and preparing data for analysis. It will also help you avoid inaccurate insights.

Spend some time auditing your data and putting processes in place to ensure that it is of the highest quality possible. This will pay off in the long run when you're trying to speed up time to insights.

Automation

The second step is to automate as much of the data preparation process as possible. There are many great tools available that can help you with this. For example, Alteryx is a tool that can automate the entire data preparation process from start to finish. This includes everything from data ingestion and cleansing to creating stunning visualisations. Automating the data preparation process will free up your time so that you can focus on other important tasks.

Another great tool for automating tedious tasks is Microsoft Power BI. Power BI can be used to automatically generate reports based on your data. This means that you don't have to spend precious time manually creating reports. Instead, you can use that time to interpret the results and take action based on what you find.

Visualisation

The third step is to focus on visualisation. When it comes to speed, nothing beats a well-designed visualisation. A good visualisation can help you quickly understand complex data sets and draw actionable insights from them. The best part about visualisations is that they're easy to share with others, which means you can speed up decision-making by getting everyone on the same page quickly.

There are many great tools for creating visualisations. Still, my favourite is Power BI. Power BI makes it easy to create beautiful visualisations with just a few clicks of a button. Plus, its interactive features make it easy for viewers to drill down into the details of your data set without getting lost in a sea of numbers.

For financial organisations to keep up with the demand for faster insights, they need to focus on three key areas: data management, automation, and visualisation. By taking these steps, you'll be well on your way to speeding up time to insights in your organisation.