How to leverage data analytics for investment firms

Transcript: Data isn't useful until it becomes information data has to tell a story that allows business leaders to make sound business decisions decisions that increase cost efficiency enable the execution of your business strategy and ultimately protect your brand as a business your data doesn't belong to your IT department it belongs to you it's a critical asset that belongs to the business at pwc we understand I team we know how to leverage the significant investment you've made in your ERP environment through data analysis we speak the language of your business we advance your business by identifying how you can best leverage your data investment by comprehending billions of transactions we unveil the truth of your data so that you can do your day-to-day business better PwC data assurance providing comfort cost efficiencies and brand protection... See more →

Key quotes:

• "With cloud computing, even the smallest start-up can couple big data technology with advanced data analytics."
• "Strategic analytics is detailed, data-driven analysis of your entire system to help you determine what’s driving customer and market behavior."
• "It can help your company harness the power of data to identify new opportunities."
• "It will help you incorporate data analysis into key decisions across all departments, including sales, marketing, the supply chain, customer service, customer experience, and other core business functions."
• "With strategic and platform analytics already in place, EIM helps you take advantage of social, mobile, analytics and cloud technologies (SMAC) to improve the way data is managed and used across the company."
• "By building agile data management operations with tools for information creation, capture, distribution and consumption, EIM will help you: When defining your EIM strategy, identify the business requirements, key issues and opportunities for initiating EIM."

Key quotes:

• "Data Science: Where to start? We’re all data rich today, so why are we finding it so difficult to drive our growth backed by data? In today’s world, where data is increasingly considered the king of resources, many organizations are collecting vast amounts of data in the name of giving it importance, but gleaning very little information out of it."
• "While an increase in data volume gives you more to analyze, most are struggling with how to make use of it."
• "It’s as if organizations are sitting on enormous oil reserves, but lack the infrastructure to turn it into anything truly useful."
• "The key to unlocking the entire potential of data lies in the data itself and the ones employed to make use of it."
• "Below are a few pointers to help you understand the gaps you need to fill before leveraging the power of data to drive growth."
• "We’ve seen the challenges of not just driving growth by relying on data but also of hiring top data scientists and retaining them in today’s market."

Key quotes:

• "But as technology advances, customer engagement processes are changing quickly and Big Data becomes an important part of it."
• "This is a signal that banks clearly realize that on the long run they must master Big Data implementations in order to understand customers better and provide better and tailored services."
• "Banks should master the automation of data collection process, which can give tools to know how to track users by their purchases, friends, and actions before and after purchasing a product, paying for a service."
• "The changing banking habits [especially in case of millennials] are an important fact to consider when it comes to reinforcing the customer engagement with the bank, as customers with “digital mindset” will more and more shift from branch to new channels."
• "Banks should also embrace AI/ML technologies to better understand their behavior and engage with customers in order to meet their ever-changing needs."
• "Having a successful digital-banking customer engagement in place requires a marriage of traditional consumer research and a deep, real-time understanding of the behavior and pain points of individual customers."

Key quotes:

• "Data availability has been great for investors who want to research companies and access news, financial statements, and SEC filings."
• "Finding New Data Sources Hedge funds, wealth managers, and other professional traders are now exploring alternative data sources to help generate the higher returns their clients demand."
• "Some sources of alternative data are more useful for analyzing specific types of investments, so it is important to find the most appropriate data to gather additional information about a company."
• "Leveraging New Data Sources The problem with all of this data is that there is no way a human can process the enormous amount of financial information generated every day."
• "Once the patterns emerge from the data, investors can use this information to model potential market outcomes and investment strategies."
• "Using the tools of AI and machine learning, investors, analysts, and wealth managers can develop far more complex forecasts than ever before to increase their rate of return on investment."

Key quotes:

• "Rapidly advancing analytics-based solutions have changed how forward-thinking employers manage their workforces to help them become more productive and profitable.” Let’s look at some specific categories where data analytics drive organizational improvements."
• "Enter the world of ‘data-driven people decision-making.’” The report explains how data-driven companies use algorithms that predict the engagement of potential employees, which help managers make hiring decisions, determine which management methods will produce optimal performance, and more."
• "Based on that analysis, the company changed its recruitment and training processes, which, within only 12 months, produced measurable results, including: To sum up, tapping into data can help businesses recruit and retain the best talent, then generate insights into how to improve their performance."
• "In this case, data-driven hiring and training methods produced a domino effect of benefits, leading to both improved customer service and increased cost savings."