19 July 2022
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This is the second article of our Vizlib Industry Supercharge series (including retail & ecommerce, manufacturing, and more). In this article, we’re exploring how analytics can help financial services providers continually optimise and innovate at speed.
This rapidly growing sector includes everything from consumer banks to personal wealth management companies, insurance providers, and more. And with an annual growth rate that’s expected to shoot up from $20.4 trillion in 2020 to $28.5 trillion by 2025, businesses are also acutely aware of the parallel growth in competition.
To keep a step ahead, providers need the right people, processes, and means to extract insights from their data fast.
Dealing with money is, in effect, dealing with the lifeblood of organisations and individual livelihoods – your organisation must be equipped to make the right decisions at the right time.
In such a fast-paced sector, waiting for annual reports or analyses of the current state of your cash flow isn’t an option. That wasted time represents wasted opportunities in such a keenly competitive environment. Leading financial services providers have a real-time and 360-degree view of their financial resources.
Together with access to real-time insights, enterprises should also prioritise business intelligence (BI) solutions that are easy to access and produce on-demand results for all employees.
A single source of truth for your data
When your financial data is stuck in siloes, you’re not able to make trusted decisions at the speed needed in this fiercely competitive industry.
Stepping up your business operations requires you to create a single source of data truth. Neither you nor your employees should be burdened with dated tools or operations, such as merging multiple off-line Excel spreadsheets week after week, month after month. It’s an inefficiency that can be easily removed from the financial process.
By integrating Vizlib Finance into your Qlik Sense data apps, your teams can achieve instant, accurate reporting. Each employee can make clear decisions by ensuring everyone works with the same read-only data. Add to this Finance’s clear visuals and you can have data dashboards that have all the familiarity of spreadsheets, but without the drawbacks.
Improving organisational collaboration and intelligence
Your company is made up of employees from different backgrounds with a diverse range of knowledge, and this wealth of experience and skill can help guide and grow your business. So, how can everyone communicate and comment on your financial institution’s data to freely offer input and suggestions?
Vizlib Collaboration for Qlik Sense is an all-in-one solution for smooth teamwork, collaboration, and up-to-date data. And for firms operating within the financial services sector, there are a few key tools that empower teams and drive success.
• Vizlib Teamwork is the ideal tool to bring your team and data together in Qlik Sense. Users can easily start insightful discussions, call attention to interesting data points, or share their own views right inside of their dashboards. With in-context communication and real-time conversations inside your dashboards, teams can ask and answer questions in minutes, saving time and making better decisions.
• Using Contextualised Discussions to add comments on filtered data, individual charts, or the entire sheet. With the use of threaded replies, you can keep conversations in context and accessible to everyone on the team.
• Vizlib Writeback Table helps users to eliminate spreadsheet risk. You may be the largest company in your field, but there’s a good chance that you’re still using wholly-off-line spreadsheets. With the Writeback Table, you can skip error-prone manual steps required for maintaining multiple spreadsheets directly in Qlik Sense. Now, you can turn chaos into a single form of truth.
• Use the Integrated Approval Workflows to create custom workflows and approval processes. Users can request to review, approve, reject or delegate tasks without leaving their dashboard, making team collaboration even more efficient and streamlined. Plus, you can define and tailor your workflows to every Collaboration Stream to recreate the decision-making process with enterprise-level permissions control and user management. You can further bolster your project management by integrating Vizlib Gantt.
These are just a few of the features that you can expect from Vizlib Collaboration for Qlik Sense. You can find a further breakdown of all the benefits here.
Reducing errors with automation
To err is human, and to input the wrong financial data – though also human – can be costly. To help your department, workflow automation can significantly speed up the reporting process. Without it, your teams could be drowning in a sea of data.
Users can set up and schedule daily or hourly automatic reports with Vizlib Finance to reduce the time it takes to generate reports manually. And everyone can work from the same read-only data, removing room for manual errors and misinterpretations. Both of these tools lead to better quality data and results for the organisation.
With the addition of Vizlib’s Writeback Table and Input Form, finance teams can streamline approval cycles and keep the decision-making agile, all while staying in Qlik Sense.
There is a range of other ways to revolutionise your organisation to better serve modern customers and markets. Download our “Creating a future-fit finance department” whitepaper to learn how to empower the people in your organisation to become data champions with Qlik + Vizlib.
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