We’re hearing a lot about the benefits of Business Intelligence and Analytics in the financial services space. BI helps organizations gather real-time customer insight that can be used to better understand customers’ transaction patterns and preferences. BI also supports governance, risk and compliance processes for financial services firms. In summary, BI delivers smarter outcomes for banks across the business.
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BI requires a lot of foundational work and is an ongoing function within a business. As financial services institutions are evaluating BI for their business it is also important they establish the value to be derived and understand the implementation challenges. I wanted to share John Bradshaw’s blog post that provided a nice high-level overview of some of the in’s and out’s of BI. I thought he did a nice job of explaining some key BI concepts applicable across industry verticals (even though the post is on our Healthcare blog). Here’s an excerpt:
Business Intelligence (BI) is complex, broad, and requires a great deal of foundational work and organizational commitment for it to be successful. It’s not just an IT thing. Simply put, you start by collecting the organization’s data, giving it meaning through employment of data governance and management practices, which leads to the creation of information, a corporate asset. Next, it’s about understanding the organization’s norms, so that they can be easily described and rules defined to represent them. Lastly, there’s innovation and opportunity.
Read the full blog post on our Healthcare blog.