How data-nerdy are you?
Are you a data nerd?
It’s fine — admit it. You like to look at the numbers.
In fact, when it comes to business, you probably like to dig into the weeds, maybe even push your glasses up the bridge of your nose and double-check your pocket protector is in place.
(We’re kidding. We know nerds are cool now.)
But the fact is, data runs our daily lives. From data-mining social media channels that harness our personalities into algorithms, to obsessively checking fitness devices and apps to analyze our sleep patterns and activity levels, the real world is effectively a world run by data and what is done with it.
But … Is your financial services firm carrying that notion into how it manages its data?
In short: Are you all-data, no-management?
5 ways to tell if you’re achieving “nerd” status with your data
Financial services enterprises that manage data for the modern era do the following:
1. Play three-dimensional chess, not checkers.
If you’re in the financial industry, you know the power of a good investment. When looking at technology solutions, it’s tempting to evaluate them based on the needs of your team right now, but what you actually need is something that is both an instant game-changer and a long-term, scalable solution.
A high-performing content services platform makes it simple for you to leverage the data you’ve collected into meaningful business processes, as well as to help drive informed decisions. With a holistic platform like OnBase, Hyland’s enterprise information platform, you can scale, adapt and adjust the technology as your business needs evolve. A focus on integrations, cost-effectiveness and cloud technology gives you the opportunity look past this year’s needs and into the future, whatever it may bring.
2. Automate analytics and reporting capabilities.
It’s one thing to collect data — it’s next-level business to actually analyze and leverage it. When you do, your enterprise gains transparency, visibility into your content and the impact of processes, as well as the ability to make more-informed decisions.
As a data nerd, you know the power of interactive dashboards, audit trails and real-time feedback – it gives you the ability to react in an informed way to changing business conditions based on actual data.
3. Free employees to do the knowledge work alongside intelligent technology.
Intelligent data management technology is packed with time-saving, paper-reducing capabilities that enable your employees to spend their valuable time on knowledge work and delivering exceptional customer or member experiences.
For example, employees can focus on high-touch priorities while expertly tailored technology solutions allow for:
- Intelligent capture that automatically identifies and extracts critical information from paper or electronic documents and other formats, then validates it and stores it in a centralized repository to share across the system.
- Configurable workflows that automate even complex business processes and streamline the flow of documents, allowing your team to keep things moving, never lose an important document and always have an eye on where they are in the workflow.
- Loan document tracking that manages the complete lifecycle of a loan, including every document associated with a loan, so lenders can deliver exceptional service to customers or members from anywhere, any time.
- Built-in collaboration tools that give your enterprise control of sharing any document, both internally and externally. This allows your team better access to the important data you so carefully collect, all while making it easier to put it to work.
- Records and retention management that provides the most accurate, efficient and compliant approach to meet regulatory and industry requirements.
4. Eliminate hurdles to accessing all the data.
If the data at your firm isn’t accessible to the people who need it, they can’t leverage it. You need to manage data to meet the moment of the world we live in.
And from one data nerd to another, I know you can do it.
A modern data management strategy consolidates every data point onto a single platform, so it’s easier to process, store and retrieve the relevant information. With this 360-degree view, your team can streamline workflows while remaining secure and compliant.
Couple that with robust search capabilities, and your users gain the power to find the data they need at their fingertips, from anywhere and at any time. Imagine the day-to-day improvements when team members gain unfettered access to exactly the piece of loan collateral or application document they need through flexible, intelligent query design tools, relevance rankings and contextual filters.
5. Zero in on success, then repeat.
A scalable solution gives financial institutions the opportunity to evaluate new technology under real conditions. Are employees enthusiastic about the upgrade? Does it integrate as well as it needs to? Does the projected return on investment meet expectations?
Once your new solution has earned its place based on metrics and real-world experience, expand it as time, budget and priorities allow. This kind of growth breeds confidence and even excitement — once the power of the solution becomes obvious, word gets around and employees embrace change even faster, leading to enhanced experiences for staff and customers.
Data runs the world
You just read 849 words, 32 paragraphs and five best practices about how data nerds effectively manage data – you’ve earned your data nerd status! And, we’ve confirmed what you probably already knew: The nerds have taken over the world.
You know what that means for your firm? There’s no better time to lean into powerful data management with intelligent technology.
Go ahead — dig in. Check out this detailed look at Alliant Credit Union and how it optimized its interactions with data.
- Time to weed the garden: How to keep the tech that works - 10/13/2020
- Innovation and evolution: The power of the Guidewire and Hyland team-up - 09/22/2020
- How data-nerdy are you? - 08/26/2020
