Statistical data analysis used to be a confusing, sluggish process. Calculations were all performed by hand. If even one key data sample was missing, it would ruin the accuracy of the entire report. Today, business intelligence (BI) tools have made it much easier to perform statistical data analysis. Machines do most of the work, eliminating…
The best decisions are data-driven. In the past, business owners had to rely on instinct and guesswork when creating their business strategies. Now, they have access to state-of-the-art data analytics tools that are capable of making reliable predictions about every single decision and corresponding outcome. How do you get your team on board with this…
If your business doesn’t use data blending, it isn’t running as efficiently as it could. Data blending helps nearly all modern businesses, from insurance companies and healthcare providers to manufacturers and financial institutions. So why doesn’t every company already use it? One reason is that many business owners aren’t sure where to start. They…
FinTech disruption is changing how we think about banking. In the past, customers had to visit a branch just to deposit a check. Now, many deposits are made directly from phones, whenever and wherever needed. This convenience comes at a cost. Traditional banks have to make major changes to their business strategies. They also have…
Are you making the most out of your data? For many businesses, there’s plenty of room for improvement. That’s where data governance and data management come in: These processes ensure that businesses collect the highest-quality data possible and manage it effectively. But which process is most important: Data governance vs. data management? There are pros…
About $80 billion in fraudulent insurance claims are made every year in the United States, and this is just a conservative estimate. Many more cases of fraud go undetected because insurance companies don’t have reliable tools to identify them. However, there’s a solution to this widespread problem. Using comprehensive data analysis for insurance fraud prevention,…
All business owners want their organizations to be as efficient as possible. They want to make sure that their time and resources are being put to good use. Business intelligence helps agile organizations achieve that goal. An effective BI strategy can speed product development and improve the quality of the services you offer. By picking…
More banks are making the switch from traditional on-premise data storage systems to cloud computing and storage. Part of the reason why cloud computing in banking is becoming so popular is because cloud-based systems are more secure than ever. However, some financial administrators are still wary of cloud computing. They worry about data breaches, poor encryption…