If you are a runner, you likely keep track of your pace. If you are on a diet, you may count calories. If you lead a business, you probably have more data than knowing what to do with. Turning data into actionable information is an art and a science. Data becomes even more insightful when put into the context of your peers and competitors. How well do you perform against your own goals or benchmarked against your peer group?
Identifying useful metrics, trends, and indicators is not necessarily easy given the exponential growth of big data. Integration, cleansing, and validation become an effort of their own. And then you still have to present the information to your consumers, preferably real-time, without much needed training. Not surprisingly Excel spreadsheets are still predominantly used to massage and present information.
There are alternatives. The market is filled with business intelligence and data warehouse solutions. To demonstrate some of the capabilities, we have created a set of dashboards available here using 5300 Call Report data for Credit Unions. With over 20 years of data and roughly 500 million data points we are looking at a relatively small data set. Nevertheless it contains enough variety to provide insights at an industry and individual credit union level. Just take a look at the many performance dips in 2008 and 2009.
Getting business reports to your end users is the tip of the iceberg. A solid foundation is required to understand, manage and actively use the rich data you have. Governance, data integration, and data visualization are key pillars to make data part of your daily rhythm.
Want to learn more about how business intelligence can be streamlined at your organization? Send us a message and we can explore how to meet your needs.
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Denver, CO
720.722.3134
contact@finnytech.com