Data First Approach Can Improve Financial Services Operational Efficiency

Data First Approach Can Improve Financial Services Operational Efficiency

Legacy software and legacy processes are among the chief frustrations that bog down efficiency efforts in financial services. Too often, data gathering and reporting has been automated only to have the results be exported to spreadsheets for manipulation into “usable” reports.

Taking a “Data First” strategic approach may offer a way to replace slow and potentially error-laden processes and increase operational efficiency and employee engagement. The difference between a data first strategy, and a data-driven enterprise is who is in the driver’s seat. In a data-driven situation, the numbers are generated, and those who are responsible for reporting must then take the data and “make it mean something.”

Depending on whether the person asks the right questions and is clear about whether all of the reporting criteria are represented, your reports may or may not be effective, or audit compliant. A data first approach considers what questions your business must have answers to and approaches the sources of data with that in mind.

Knowing what your data must tell you allows you to choose from among your data inventory and use software to generate the reports that provide the best information. The complexity or the quantity of data should be managed without resorting to spreadsheets to “massage” the numbers into the desired information.

This point is where custom software solutions can provide the “last mile” in your data-first strategy. Too often, off-the-shelf software – even ones sold to a specific industry – can’t quite meet the organization’s requirements or operational format. Whether you want to track branch performance, be alerted to at-risk customers, or quickly gather information for audits, a custom solution can connect disparate sets of data and produce the needed insights automatically.

Triple Helix has experience dealing with the multi-platform data gathering that makes custom solutions more a necessity than a luxury. Because so many systems are baked into financial processes, the platform-agnostic, open-source building blocks of Triple Helix’s software solutions create opportunities to shift strategies in your data collecting and reporting without risking today’s solution become tomorrow’s headache. Your investment can evolve to serve changing needs.

Triple Helix focuses on delivering software that makes a positive impact on operations and solves business data and process problems. We have helped clients in manufacturing, professional services, and non-profit services, and can help your business too. Contact us if you would like to schedule a risk-free consultation to see how your organization could benefit from a custom software solution.

About The Author: Jason Bittner

CEO and founder of Triple Helix Corporation, since 2004. Has worked closely within the Aerospace / Defense / Manufacturing industries for over two (2) decades, solving technical challenges with integrating data and information technologies with best business practices. Jason seeks to educate and inform his readers with the latest news about the information management space, along with insights into how best to operate our companies now and into the future.
November 13th, 2019

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