Business Intelligence for the Finance Industry

The banking and finance industry is experiencing continuous changes brought about by advances in technology. The changes are welcome - however not without the accompanying challenges.

As a result, the kind of market we now have is dynamic and Wall Street is making the necessary adjustments, not to dampen vibrancy in the market, but to improve strategies in line with the changing technology. That requires developing new tools and implementing them correctly.

Business Intelligence (BI) Tools for Financial Institutions

There are a lot of tools that have been developed and ones that are worth discussing about are business intelligence tools that help managers identify better management practices and make smarter business decisions. A finance management dashboard is one of these tools.

Here’s a quick look on how this kind of instruments can help in those areas and in other areas such as profitability, reduction of risks and creating competitive advantage.

  • Operational Efficiencies

Improving efficiency is a key to winning in the competition. BI tools can analyze how efficient are the operational processes leading to maximization of resources and expertise and to reduction of operational cost.

How good are you at customer experience? A dashboard can help you improve this at the point where your employees and customers come face to face.

  • Products and Services

BI tools do not only allow managers to track which products and services are performing well but also give them insights on the needs and experience of their customers.

  • Marketing

Do you want to know the best market segment to target? A simple dashboard is all you need to have a good picture of it. The tool can also show you which customer profile gives you the highest revenue and the one that should be put lowest in the list of priorities.

  • Customer Retention

There are customers who are loyal to you. You need to know the reasons why they are staying with your business, but you also need to identify why others are leaving.

Business analytic tools can help you determine the reasons why and lead you to taking steps to improve your retention rates.

  • Risk Reduction

This is an ever-changing world where nothing is 100% certain. How would you keep track of your customers and internal organizations so that you can early detect possibilities of fraud?

You can use BI tools for this. There are also lots of benefits from knowing your clients’ financial capacities, which a dashboard can provide you 24/7.

  • Investment

At some points, managers run out of invest ideas and strategies. The good thing about BI tools is that they can bring in “new” results from real-time data.

New results mean new things that can be explored further for better decision making and development of new approaches to investing. That’s the kind of data and analysis only a dashboard can bring to your organization.

As an example, the number of cars on a shopping mall’s parking lot can be useful in triangulating consumer research. Recently, images from satellites are used to gather data of the global supply of fuel.

These and more examples clearly show how indispensable BI tools can be in the conduct of modern business.

Read more at http://www.infocaptor.com/dashboard/business-intelligence-for-the-finance-industry

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Find out the true benefit of Dashboards or Business Intelligence Software

Categories: data visualization

In fact, the question should be "What should be the true benefit of Dashboards or Business Intelligence software? "
Whether you are using dashboard in excel, Dashboards in Microsoft Access, Quickbooks, business objects, Salesforce or big ERP like Oracle EBS or SAP, there are numerous tangible benefits of using InfoCaptor as your primary BI and dashboard app compared to other business intelligence software or reporting tools.

Now, well-designed dashboards are more interesting than most "old-fashioned" tabular reports [lot of the old sytle reporting software vendors have begun calling themselves dashboard bi tools] but we are not interested in just fancy looks. So let us see several notable benefits and also certain features or aspects within InfoCaptor that help you achieve them.

Read more at http://www.infocaptor.com/dashboard/excel-dashboard-benefit

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What is the true meaning and purpose of Business Intelligence?

Categories: Dashboard

Companies in a variety of industries are still data-rich but information-poor and this ratio keeps increasing every day. The rate of data generation is so high that organizations simply cannot keep up with generating insights out of it.

These enterprises lack the kind of actionable information and analytical tools needed to improve profits and performance. Business intelligence (BI) is the next logical step by management to start thinking about how to capitalize on the potential of BI to improve profit and performance.

Many companies have embarked on the journey of data warehouses and yet failed to use them to achieve BI. If you think the purpose of data warehousing (DW) efforts is to simply keep producing more reports then the organization has failed to achieve true BI.

Read more at http://www.infocaptor.com/dashboard/business-intelligence

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