Today, data management continues to be a big pain point as well as a big opportunity for banks and credit unions. While business intelligence is not a new concept in banking, it is now more powerful than ever. For an expert perspective on data management, CDW’s field solution architect Phil Salm shares advice for financial services institutions regarding their infrastructure for BI/analytics.
Some organizations think they are too small or can’t afford analytics solutions. However, more affordable offerings targeted to smaller organizations are now available. Several solutions can be deployed on a desktop PC. And although “Big Data” is all the buzz, you don’t need “big” sources of data to get started. Identify a business challenge, and put the data you do have available to work to improve results. That success can provide you the capital you need for larger initiatives.
For organizations that are more mature with their analytics endeavors but may have passed on high-performance analytics warehouses in the past because of price, now is a good time to take another look. Prices have come down on these powerful solutions.
What tips would you offer a financial institution seeking a BI/analytics solution?
- Identify business challenges you can leverage analytics to address, no matter what size your organization is. Reach out to a partner to understand the art of the possible.
- Understand your existing data resources, and map out the steps needed to bring a new understanding of that data to the organization in a meaningful way. Start small and build on your successes.
- If you’re a mature analytics company, look at how you can tap into new data insight from unstructured data sources as well as structured data, and take the time to reevaluate high-performance data environments.
For more insights on how your organization can make the most of unstructured data, read the entire article, “Unleash the Power of Your Data”