Many credit unions are turning to self-service data prep solutions not only to ensure timely and accurate management of all critical data, but also to maintain and enhance member services that will give them a competitive edge.
Self-service data prep solutions are used by many credit unions throughout the United States to facilitate data-driven decisions, without the pain or cost of data warehousing initiatives. This is accomplished by offering a self-service solution for business users to access data directly from a myriad of transactional and operational reports used by credit unions.
In the eight years since the financial crisis of 2008 was felt around the world, a number of regulations have been enacted in an effort to mitigate risk. While market volatility remains, and there is still a focus on risk management, cost reduction and reporting, there’s also a growing emphasis on core investment activities. For organizations to remain competitive, they must do more with big data. The problem is, they aren’t.
Do your month-end closing activities feel like they take a year to complete? Do you wish your annual reports were like the Olympics and only came around every four years? Do you find yourself suddenly in need of a “sick day” when forecasting time rolls around? If you answered yes to any of these questions, you may be in the ranks of individuals who could use a self-service data prep solution.
A recent blog post from James Haight at Blue Hills Research took a look at the average amount of time – and money – spent on inefficient data prep. The results were pretty sobering, to the tune of two hours per day spent on data prep which equates to roughly $22,000 per year, per analyst. That’s a pretty hefty price tag for a low value-add activity. Imagine if you had a team of…
When it comes to data preparation, timing truly is everything – both in terms of understanding why it’s such a laborious process in the first place and how you can streamline your activities.
Self-service data prep initiatives can be a huge source of anxiety for compliance and security teams whose main directive is to minimize the risks associated with data management but, it’s important to know that there are compliance-friendly data prep solutions available today that are also user-friendly for those simply looking to get at their data faster in order to perform more timely and valuable analyses.
Self-service data preparation tools are rapidly being recognized as a necessary component of any data discovery or advanced analytics implementation. But at the enterprise level it’s critical for your solution to be able to bridge the gap between the ease-of-use and agility that business users demand and the scalability, automation and governance required by IT.
If you’re in the process of evaluating solutions to help with data preparation, take care to avoid these five mistakes that can sometimes occur during the selection process.
Data security fears have been widespread for several years now, as the world has seen massive increases in the frequency of major breaches and subsequent damages associated with identity theft.