InterSystems, a creative data technology provider that helps customers solve critical scalability, interoperability, and speed problems, has found that financial services organisations fail to achieve new levels of innovation because they do not democratise data.
The financial services industry already uses data management technologies to break down siloes, improve data quality, and deliver more meaningful insights across their organisations. Now, InterSystems has emphasised the importance and benefits of data democratisation, which can be achieved by improving knowledge sharing and enabling users to interpret and capitalise on insights, regardless of their technical skillset.
“The secret to creating an efficient organisation that delivers relevant insights to its teams and great service to its clients is all in the data. Employing a data management platform that supports the democratisation of data is critical for businesses looking to keep their staff well informed across all departments,” said InterSystems regional director Andrew Aho.
The benefits of data democratisation for future-focused organisations include:
In a report released last month, global data and analytics software company Quantexa found that 95% of Australia's insurance and banking industries still struggle with data management. Moreover, only 16% of insurers and banks have a data-centric culture to drive strategic decisions to improve business value, and only 10% have a rich, single view over their data to support operational decision-making.
Meanwhile, InterSystems said data management remains a key concern for organisations across the globe that look to create a 360-degree view of their customers' habits and needs. Therefore, democratising this information through implementing the right technology will address their concerns internally and provide business leaders with a more solid understanding of their customer data.
Data siloes remain an issue across industries. However, incorporating data management technology based on a cloud platform means data can be updated in real-time and accessible at a moment's notice, ensuring that all team members can access critical organisational information, regardless of their technical abilities.
Democratised data empowers team members to use the most relevant information in their day-to-day activities, inspiring ideas to innovate and unlock new organisational capabilities and helping business leaders keep pace with market changes more effectively and identify and capitalise on untapped opportunities.
Aho commented: “Smart data fabrics can analyse, transform, and harmonise data from multiple sources on demand to make it usable and actionable. These systems work to keep organisations compliant, as well as improve efficiency by allowing data to be accessed freely by internal parties, while maintaining data security and integrity across the organisation.As technology continues to develop, it will be critical for organisations to evolve and embrace these changes to better establish a digital foothold in the future of the financial industry.”