Utilizing big data for financial institutions

By - May 30, 2018

In order to succeed in today’s fast-paced business environment, leaders need timely and actionable data to make strategic decisions. Financial institutions have a lot of customer data but traditionally have struggled with converting data into actionable information. Advancements in technology enable real-time reporting, easy-to-use dashboards and customer analytics.

Many financial institutions finds themselves asking how to transform their valuable data into information. Corporate performance management (CPM) is an umbrella term used to describe software applications that automate your business’ budgeting planning and forecasting processes and enable companies to define, analyze and execute strategic goals relative to finances, operations, business modeling, analysis and key performance indicators.   CPM can be used to:

  • Execute strategy and objectives for improving performance
  • Articulate a clear link between valuation/shareholders’ expectations and the drivers that influence profitability
  • Create a fact based decision making culture by linking metrics, planning, and decision making
  • Set targets and drive desired behaviors at each layer of the institution
  • Develop and test alternative scenarios to facilitate planning capital and resource allocation
  • Provide a cost effective platform for effective analytical processes that are responsive to the institutions’ needs

The path to revolutionize data analytics includes:

  • Defining expectations and goals to execute strategies
  • Uncovering and examining key elements of your business
  • Developing pragmatic suggestions
  • Deploying new processes and systems

To find out more about how RSM can assist you with evaluating CPM or additional business needs, contact RSM’s management consulting professionals at 800.274.3978 or email us.


Leave a Reply

Your email address will not be published. Required fields are marked *

Receive Posts by Email

Subscribe to the Management Consulting blog and receive notifications of new posts by email.