To help manage risk in a rapidly changing business environment, financial services organizations require robust, agile business analytics solutions. Visual analytics solutions streamline data extraction and aggregation to create real-time reports based on relevant, timely information so that management can respond efficiently and effectively – from anywhere.
The financial services industry is facing an environment of rapid change. Recent shifts include:
Today, effectively managing risk requires accurate and timely business intelligence data. Management information systems often fail to measure up to the challenge of responding to the demands of an unpredictable environment.
But new visual analytics solutions are revolutionizing how companies aggregate, analyze and report their financial and operating data. An intuitive reporting dashboard synthesizes relevant data to produce a single graphic that can offer valuable insights more effectively than a complex spreadsheet. Solutions that offer mobile business analytics are also becoming increasingly important for senior executives who are typically traveling or in meetings.
Business insight technologies have been around for decades, but few approach business intelligence with real-time data analysis. The problems of most current solutions are threefold:
In the constantly changing financial services industry, companies need agile data, technology and implementation. Visual analytics products simplify and streamline the task of extracting management data. Intuitive front-ends enable insightful real-time reports and a cohesive view of a company based on relevant, timely information from a number of disparate data sources.
And because they build on current systems rather than replacing them, implementation can happen in weeks rather than years. The result? Anyone in the business can ask any question they have whenever they want and get relevant answers.
At KPMG member firms, our Financial Services practice area professionals have leveraged agile technology solutions with visual analytics in both our internal operations and in solutions for our member firm clients. Typical visual analytics applications include:
The ability to view information instantly, from anywhere, allows organizations to respond to rapidly changing demands as well as identify opportunities to make performance improvements. Moreover, these new business intelligence solutions are both cost-effective to implement and money-saving over time.
Visual analytics can dramatically decrease the time and effort spent aggregating, reconciling and cleaning data from various sources. Management can focus on genuinely valuable data and insights instead of spending time debating ‘the truth’ found in multiple business analysis dashboards. With business knowledge and industry experience, real-time data solutions with visual analytics can deliver dramatic impact for the business relative to both effort and cost.
KPMG in the UK
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KPMG in the UK
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