April 07 - 08, 2025
Westin Copley Place, Boston MA
Full Report Available: May 2020
The development of the data practice has traditionally been motivated by a need for clear reporting for compliance and in order to support the needs of the business. As technologies become more adept at channeling data sources in to standardized formats and providing stronger insights from analytics, data practices have an opportunity to move beyond these focuses and deliver increased value to the business—value that can lead to greater influence and resources.
Consider the fact that 80% of c-suite leaders within financial services organizations now trust the insights generated by data within their organizations, according to data from the 2019 FIMA C-Suite Report. As the reliability of data improves within the organization thanks to stronger management tools, the potential for using that data to drive business strategy grows. Tying ROI to the function of the data practice is not a new concept, but as time has progressed, the application of AI and machine learning to Big Data means that the data practice is increasingly positioned to deliver insights that can have more than a small impact on revenue.
It’s an exciting time in the data management space, as the ability to understand and derive insights from data on a large scale is becoming a critical trait across industries. That stated, within financial institutions the link between stronger data management and greater profitability may be the most clear.
In the upcoming report from WBR Insights, Developing Revenue Generating Capabilities Through Optimal Data Management, we will examine the timelines that executives have established for driving profitability within the data practice, as well as what tools they consider to be essential for allowing them to get there.
Full Report Available: May 2020