Business execs believe mining data could boost revenue

More than four in five (83 per cent) of financial services executives said they believe that leveraging data-driven insights to the fullest could improve their bottom line by as much as five per cent every year.

However, they're not really keen on giving teams and departments a continuing access to information and data, as less than 20 per cent of executives would allow it.

Those are the results of a new study released by Qlik and WSJ Insights earlier today, based on a poll of 300 global financial services leaders.

“There’s gold in these servers, and the trick is how we extract that gold from the ore,” said J.R. Reed, a senior manager for financial analytics at Deloitte Consulting LLP. “Data is an asset, a very important asset. Companies have been gathering this information about their markets and their customers. They’ve been accumulating all of this information that they can use to positively impact their customer and positively impact their business.”

Just half (51 per cent) of respondents said their organisation is in the clear regarding who needs what information, the report also highlighted. Businesses are facing a challenge in communications issues and data complexity, as well. Mutually incompatible systems (42 per cent), the loss of critical information thanks to poor communications (43 per cent), and the lack of recognition of data as a shared corporate asset (41 per cent), have all been identified as major challenges.

Other industries are not as confused about who needs what information as much as banks, the report added.

Image credit: Jirsak / Shutterstock