Imagine a world where your financial services organization becomes an army of analysts, scaling the work of a small number of data crunchers currently engaged in janitorial work.
Financial Services firms typically have at least one ”spreadsheet ninja” who has put all of the necessary pieces together to bring insight to management. The reason your ninja has been successful and becomes an invaluable source of information is because no one else has been able to properly combine data from disparate data sources, transform the information into meaningful analysis with complex algorithms and deliver you actionable insights.
Here are three important roadblocks that are stopping the organization from achieving breakthrough results by scaling your ninja’s valuable work:
- Governance & Change Management
Over time, the process has become more complicated as your ninja has incorporated more data and analytics. With constant change that the firm experiences, the ninja has built in his/her own rules, added macros or tweaked query pulls that have a tendency to become buried in the process.
- Distribution & Adoption
Your ninja’s primary tool is spreadsheets and the file size of the spreadsheet has become too large. In turn, he/she spends a tremendous amount of work figuring out a way to print their pivot table and spreadsheets to store on a website or send via email in a static delivery system.
The process of pulling customer and transactional data from multiple systems and business units can take days, weeks or even months. This is a result of combining the data pulled with other models to support matched rate funding, currency conversion, risk allocation, unit cost analysis or economic capital assignment to get the information to the people who need it all.
Imagine a world where the three barriers described above are removed and employees use their knowledge of the business to help people make better decisions. Imagine a world where all of the energy trying to determine “Whose numbers are right?” is re-directed and solely focused on the proper question “What do we do about the numbers?” Imagine a world where your financial services organization becomes an army of analysts and no longer relies on a small group of data crunchers engaging in janitorial work.
Bottom line is your spreadsheet ninja has created a valuable view of your data but it is built with data queries, spreadsheet macros, vlookups and rubber bands. Unlocking this treasure chest of analysis supports your strategy of increasing profits while controlling risks by allowing everyone the same visibility (and accountability) to the results.
Seeing is believing:
Our “Risk Adjusted Performance Management” demo (accessible with any device) is a great example of allowing an entire organization to have access to a 360 degree view of the risk and profitability of its portfolio. The app incorporates concepts such as Probability of Default (PD) segmentation, Economic Capital allocation and Weighted Averaging to provide full visibility to every aspect of the business and your customers.
Here is a video that demonstrates the application:
Here is a link to the embedded Qlik Sense app. Go ahead, click anywhere!
This capability is available in near real time, accessible to the entire organization and placed on an enterprise-class, mobile-friendly platform that meets the stringent governance requirements of the financial services sector.
What are your plans to take advantage of Data Discovery?
Qlik Director of Industry Solutions, Financial Services, leads Qlik’s Financial Services industry and functional go-to-market initiatives for the Americas