Today, many of us in an enterprise are accustomed to incorporating a variety of business management tools in our daily operations. These tools can help us manage customer relationships, supply chains, and quality controls. A successful operational business management tool is easy to use and well-integrated with existing and new infrastructure. It helps an organization stay focused, increase performance, cope with changes, and ensure a competitive edge.
Due to the sophisticated nature of operations in the financial industry, digital transformation of many manual processes is essential. What other qualities should an operational business management tool possess?
Here are some thoughts:
In today’s superfast business environment, decisions require information based on reliable data—as fast as the data is generated. Milliseconds matter. A valuable operational business management tool must incorporate both historical and real-time data to provide operations teams the best chance at making considered decisions. In the financial industry—in which time and dollars coincide, correspond, and even inter-depend, generating real-time data can make a significant impact on the bottom line.
Speaking of the value of timely data in making decisions, why rely on data that is just probably right? Confidence in your data inspires conviction when making decisions. The immutability of processes ensures the repeatability and reliability of dependent decisions. This is particularly important if these decisions are audited—or worse, questioned. The integrity of both the data and the processes that generate that data can provide proof that may be difficult to produce otherwise.
An effective operational business management tool must also place security above all. A pluggable platform ensures seamless integration into an existing enterprise security framework. Security is always evolving, and there is no remedy available today for the security challenges of tomorrow. Therefore, a well-suited operational business platform must also exhibit the flexibility needed to both extend and encompass future security requirements.
Not too long ago, the idea of storing customer data on the cloud made businesses uncomfortable. Business leaders agonized about access, availability, and ownership of data if they were to save it in the “magical” cloud. Today, however, most large businesses have been reassured that the benefits outweigh the risks and have made the leap to the cloud—and are enjoying the features of that digital transformation.
The financial industry, however, is still grappling with the concerns of yesteryear. No one is expecting a sea change to cloud adoption overnight, but FIs can now make calculated steps to make that change. One solution is the hybrid cloud model, which offers the benefits of the cloud while permitting full control of highly sensitive data using selective on-prem storage and applications.
The promise of artificial intelligence (AI) and machine learning (ML) in the financial industry is boundless. Financial firms manage mountains of data on a daily basis, and examining this volume of data for irregularities isn’t easy, but is absolutely essential. Fortunately, identifying patterns—and breaks in those patterns—is what AI and ML do well, even better than humans. An operational business management tool built around AI and ML can assist operations teams to gain insights into their data and enable them to take action with confidence.
An operational business management tool ensures the efficiency and effectiveness of operations and business processes. Beyond data and process optimization, the tool must enable businesses to gain insights, perform better, and discover new opportunities.
If your financial institution is interested in employing an operational business management tool like our Cuneiform Platform, get in touch with us and request a demo today.
Last week on our podcast, Digital Switch, we sat down with Harpal Gill, PeerNova’s European Head of Business Development to discuss critical challenges and inefficiencies within financial institutions. Be sure to listen to that episode on your favorite podcast delivery app or through Digitalswitch.show.
