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How Active Intelligence benefits Financial Services

How Active Intelligence benefits Financial Services

Active Intelligence is the next evolution of Business Intelligence and has the power to enable sustained commercial growth in your business. Financial services firms can secure a lasting competitive advantage by breaking down data silos across their organisations and equipping employees with real-time analytics support.

This article covers everything you need to know about Active Intelligence, including what it is, why it’s relevant to the financial services industry, and how you can effectively integrate it into your business. Read on to learn more and discover powerful Active Intelligence solutions from Vizlib. 

What is Active Intelligence? 

According to Gartner, Active Intelligence or ‘continuous intelligence’ is where real-time analytics are integrated into business operations, allowing you to process current and historical data simultaneously and identify relevant solutions to pertinent problems more efficiently. These real-time capabilities make Active Intelligence an evolved approach to BI.

By making analytics support more accessible and data processing faster, Active Intelligence closes the gap between strategic analysis and strategic action.   

As a result, Active Intelligence can help businesses adapt to market changes and make critical decisions in the moment with relevant and up-to-date information.

How Active Intelligence differs from business intelligence 

Traditional BI is a passive method of understanding the causes and solutions to organisational problems. In conventional BI scenarios, organisations can only use historical data to understand why certain events have occurred and what this implies for the future.

But today, the scale of modern data generation makes managing and understanding data retroactively less effective and less impactful. Senior business leaders need to get ahead of their data and find ways to derive relevant insights quickly and effectively.

In contrast to traditional BI, Active Intelligence involves dynamic data analysis, allowing organisations to merge old and new data sources to generate actionable insights in real-time. This enables organisations to take preventative action rather than respond to problems after they occur. 

What are the use cases for Active Intelligence in financial organisations?

Active Intelligence systems are flexible tools that tackle various business problems. The only limitation is the data within your Cloud environment. An obvious choice for where the implementation of Active Intelligence would prove impactful for financial services organisations is measuring key business KPIs, like cash flow, revenue, profit, and loss.  

Additionally, Active Intelligence tools can help organisations understand other problems within the business, such as customer behavioural trends and internal performance metrics like employee productivity and project development. 

How financial service firms stand to benefit by adopting Active Intelligence 

Active Intelligence allows organisations to merge data sources to analyse and gather insights simultaneously. This helps to close the feedback loop that’s missing in most traditional BI settings and gives business users more confidence in the data and options presented to them. 

In turn, Active Intelligence can give financial services firms an advantage over competitors, allowing them to pivot to make sense of – and adapt to – market changes as they happen.  

For instance, financial services organisations can measure shifting consumer behaviours and iterate new products more efficiently, allowing them to target niche markets or respond to dynamic consumer needs more effectively. 

How Vizlib enables Active Intelligence within financial organisations 

Vizlib is a highly customisable data visualisation platform with a suite of Active Intelligence solutions for financial services organisations. 

For example, Vizlib Finance helps you simplify your financial reporting and keep pace with developments in your business. You can use it to create interactive and dynamic reports that enable teams to gain insights quickly and identify trends. Moving your reporting away from Excel spreadsheets to a more interactive and dynamic solution (while still retaining the familiar look and feel of Excel) makes it easier for all team members to understand complex financial data and make informed financial decisions. 

Moreover, Vizlib Collaboration enhances your Qlik Sense analytics tools by helping team members share high-quality insights to keep processes in motion and enable customer success. For instance, team members can comment on specific data visualisations or data points, tag colleagues in the conversation, and even attach files to add more context to the discussion. This level of collaboration helps teams work more efficiently and effectively by fostering better communication between team members. 

Vizlib Collaboration also allows for remote collaboration between team members working in different locations or time zones, making it easier for everyone to collaborate and share insights despite physical distances. This ability to share insights ensures everyone is on the same page and working towards the same goals.

Finally, Vizlib Writeback Table enhances the audit trails by making it easier to track where and how information is shared across your business, so you don’t have to worry about compliance issues. Users can create detailed annotations and comments that are directly linked to specific financial data points. These annotations can be used to explain data changes or provide additional context for the findings, and they can be shared with other team members. 

By tracking the entire history of financial data changes, Writeback also helps to improve the accuracy and reliability of financial reporting. It allows businesses to see all changes made to the data, making it easier to identify errors or discrepancies and ensure that data is accurate and up-to-date. 

You can learn more about enhancing your Qlik data apps in our dedicated article Qlik and Vizlib: Construct your perfect data solution, detailing Vizlib’s powerful capabilities.  

Access scalable Active Intelligence solutions from VizLib today 

Active Intelligence helps you generate actionable real-time insights, empowering your business to quickly adapt to market changes and make critical decisions. By adopting Active Intelligence, financial services firms can pivot and adapt to external changes as they happen, giving them a competitive advantage over their rivals. 

Vizlib is a highly customisable data visualisation platform with a suite of Active Intelligence solutions for financial services teams to help businesses simplify their financial reporting, enhance their analytics tools, and easily maintain compliance.

So, if you want to learn more about how Vizlib can help you maintain commercial growth in numerous ways, get in touch for a product demo today

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