We live in an era of information overload.
Every day, our technologies generate an ocean of valuable data, much of which never comes to the attention of anyone. These data points remain hidden, under the surface. Connections are missed. Trends drift away unnoticed. Opportunities are overlooked. The status quo remains.
The problem is that humans only have so much time to dive into the data manually and attempt to interpret it all, often from our own flawed perspectives. Fortunately, technology now exists that can interpret this nonstop stream of data in real-time.
It’s called business intelligence.
Business intelligence helps organizations automate and streamline processes such as data collection and analytics. Managers are finally able to give their employees the resources they need to track and gather data more efficiently and effectively.
Business intelligence software is transforming companies, industries, and economies everywhere. Early adopters are already witnessing the benefits of having more accessibility to business data, and late adopters risk being left behind by their more innovative competitors.
Wealth management teams are no exception to the trend. Focusing on business intelligence is not only critical to your success – it’s essential to being an innovative player in the market.
What is business intelligence
Business intelligence programs capture, analyze, and then visualize data, with the goal of deriving better answers to key questions and empowering employees and business leaders to make better decisions.
Because they are automated, business intelligence programs are much faster than manual data crunching and more accurate because they reduce the possibility of human error.
Focusing on intelligence allows managers to become like detectives, uncovering previously unknown data relationships. Discoveries like these allow you to explore new leads, pursue golden opportunities for growth, and make data-driven decisions. As a result, you might devise new processes, consider new products to offer, or enter new markets altogether.
There are millions of terabytes of data in the world that contain many secrets just waiting to be unlocked. Your business is no different.
In your own business, you have gigabytes, or terabytes, of potentially predictive information waiting to have their secrets revealed. Implementing a BI solution is the key to unlocking the code to those secrets.
In general, business intelligence supports:
- Faster and more accurate research.
- Cause-and-effect analysis.
- At-a-glance insights.
- Data mining, aggregation, and filtering.
- Increased transparency in client interactions.
- Faster identification of trends, challenges, errors, and anomalies.
Business intelligence and wealth management
The wealth management industry is often guilty of taking an approach that lags other industries when it comes to new technology. Yet, clients and prospects are increasingly interested in better reporting tools and automation surrounding their own day-to-day decisions.
The desire to operate with confidence and efficiency with insights powered by artificial intelligence and machine learning cannot be overlooked any longer.
For the wealth management world, business intelligence is a source of truth for trends in revenue and managed assets. You can:
- Explore the relationships of revenue and assets under management.
- Continuously monitor and analyze fee revenue.
- Detect market fluctuations that impact revenue.
The best business intelligence programs take information traditionally viewed in reports and converts that information into charts and visuals that help you clearly identify trends and track KPIs that are related to your business goals.
Business Intelligence and Cheetah
Cheetah Wealth ManagementTM is a comprehensive, cloud-based trust accounting and wealth management platform built with unparalleled business intelligence capabilities.
Combined, Insights and Query Builder form the business intelligence solution within the Cheetah suite.
Insights processes and analyzes your data to produce a vast array of visualizations that cover metrics critical to your business. Each view shows multiple widgets that work together so that as you explore different scenarios (variables) they adjust with each other to provide different perspectives of the same data.
Query Builder is a data inquiry tool within Insights that allows any user to extract raw data from their Cheetah wealth management system. Pull up-to-date portfolio information, track new accounts, review administrative workloads, analyze revenue streams, and monitor trends within your portfolio.
Query Builder is:
- Customizable – all your account data from Cheetah is accessible, so you can find and filter any data you or your client might need.
- Reliable – Cheetah is the single source of truth for the information behind Query Builder. All metrics and reports provide accurate insights based on your account information.
- Fast – Query Builder pulls the raw data quickly through APIs already integrated with Insights and your Cheetah account.
- Secure – Query Builder securely stores your account information so no external users can access your custom-built reports and data findings.
The better and more informed your decision making, the more likely you are to stay ahead of the competition and keep your business on the path to achieving its goals.
With the right business intelligence program, you can do more with less by empowering your already hard-working team to work smarter. To learn more about how to make that happen, request a demo today.
By Craig Bushong, Senior Solutions Architect
