Data is changing what’s possible for businesses in financial services and laying the groundwork for future growth. Data-driven technology is creating an industry where firms not only gather data, but also produce data that helps teach their algorithms to work more effectively. These three tech trends are shaping the future of business, according to Accenture’s research report Technology Vision 2018: Intelligent Enterprise Unleashed.
Data Integrity: Firms need data they can rely on. The rise of automation and the increasing use of data-driven algorithms in decision making leaves firms vulnerable to risks arising from poor quality data. If datasets contain errors or are missing values, firms face the risk of faulty decision making. If datasets fail to arrive on schedule, firms may also face the risk of business disruption. Furthermore, as new regulations focus on data security and privacy, firms will need to manage data breaches more quickly and effectively, leaving no room for questions around data lineage and flow throughout the supply chain.
Crux Informatics helps to mitigate these risks by delivering clean, validated data that improves data integrity for our clients. Our data operations support service works proactively with data suppliers to ensure that clients’ datasets arrive on time to fuel models and teams. Furthermore, our single cloud-based API provides one central, secure location to store all the datasets a firm needs, creating transparency into data lineage and flow.
Frictionless Business: Financial services firms are becoming burdened by legacy IT systems, which have become inflexible, inefficient, and costly to try to fix. The path forward for finance leaders is a micro-services approach in which the firm expands its network of technology partners and uses a modular method to implement the best-in-class platform for each capability. In 2018, partnerships are on the rise, and firms see less value in building, buying, and maintaining IT infrastructure to perform tasks which do not add competitive advantage. In fact, 36% of firms say they are working with more than twice as many partners as they did two years ago, according to research by Accenture.
Crux offers firms a plug-and-play solution to solve the challenges of ingesting data. Our simple solution replaces the need for firms to extract, validate, and load data, and eliminates the need for firms to build, buy, and maintain the costly infrastructure to ingest data. Firms who partner with Crux leverage our state-of-the-art cloud platform for efficient access to data and our world-class data engineering services to prepare data for analysis. By subscribing to Crux, firms can gain value from data more efficiently.
Internet of Thinking: With the rise of connected devices, machine learning, and AI, the environments where people work are becoming more intelligent. Whether it’s a virtual reality trading platform or satellites tracking the global flow of commodities in real time, a connected environment can help businesses interact more valuably with the world. To build more intelligent environments, businesses need to apply a combination of cloud and edge computing. Firms need to phase out traditional IT infrastructure in favor of cloud data storage and distributed devices to analyze it.
Crux can help firms expand their networks of intelligent devices. Bringing efficiency to data-driven workflows, our cloud-based solution can ingest data from any source and distribute data to devices across the client’s network. Crux also provides a data layer where data is clean and validated to enable rapid analysis. The ability to feed data to a cloud storage layer and distribute validated data efficiently can help companies grow their networks of insight-generating technologies.