Across the world, the financial analytics market is exhibiting positive signs of growth. The rise of digitization and the increasing adoption of cloud solutions are two of the main factors central to this market growth.
Financial analyst solutions are enjoying widespread global adoption as organizations look to increase efficiency by planning, monitoring and budgeting better.
There is an emphasis, too, on collecting insight related to customer behavior (through sentiment analysis and other means), value drivers like growth, profitability, capital efficiency and risk, and also resource optimization.
However, traditional finance organizations weren’t exactly built on a foundation suitable enough to answer modern business questions, As such, the integration of sophisticated, modern solutions might seem like an insurmountable task for many.
Retrofitting isn’t as straight forward as it might first appear. You wouldn’t wedge a CD into a tape-deck, so it begs the question: why would you invest time and capital in a solution that might not fit your needs or structure?
Does no-code hold the answer?
Just as traditional finance organizations may struggle to implement a modern strategy, modern finance organizations may struggle with a legacy solution.
Let’s be real, financial institutions know money, so when it comes to balancing the risk and reward of a data strategy, there is heightened scrutiny.
Whether it’s allocating time to existing employees for training, or assigning the budget required for hiring new talent, both can be off-putting.
This is were no-code comes in.
No-code, although a relatively modern movement, has been gathering pace for the last few years. However, it’s not a new invention. No-code has been around in some form or another for a long time. We just might not be aware of it.
Take Microsoft Word for example. Users can format documents, add graphics or data tables, and publish reports as a PDF without writing a single line of code. There’s code running in the background, don’t get me wrong. Some incredibly complex, intelligent code. We just never see it. We don’t need to.
Every day we perform many codeless tasks, but it’s all “under the hood”, so we rarely pay it any mind. We are able to perform complex computing processes in just a few clicks.
Also read: Technology and Innovation in the Insurance Department
Data analysis in clicks, not hours
Traditional data analysis isn’t always easy. It doesn’t always provide all the answers. It can often be time-consuming. The platforms and tools are convoluted, packed full of unused features. It can cost a fortune to hire personnel or train existing employees, not to mention the uphill battle of embedding a data culture from top to bottom.
So, when presented with the opportunity to mitigate these costs and these risks, organizations should jump at the chance, right?
With no-code data analysis platforms, you can make it easier for your organization to adopt smarter analytics to motivate better decision making.
No-code affords your employees the time to focus on insight, rather than repetitive, routine, complicated tasks.
You don’t need hundreds of thousands of dollars to implement a strategy. You don’t need the most expensive platforms and solutions.
Knowledge of your domain is there, you have the expertise in your field – one of the most crucial factors in data-driven strategy – now all you need is the insight and the means to communicate those ideas effectively using incisive, data-backed intelligence, in a single end-to-end, powerful notebook.