The capability to effectively leverage data requires one source of truth for all data—operational, financial, and HR— and in real-time. This setup speeds up the reconciliation process, and consequently, enables organizations to quickly make business decisions amid a fast-moving business landscape.
What’s more, the seamless reconciliation of data from what’s considered the front-end of the business (the operations) to back office systems (such as finance and HR) enables financial services leaders to make decisions that align with the needs of the business and the current landscape.
IMC leverages interconnected data to make sure what they’re seeing from within the company reflects reality. “We have data feeds going from the front office to the back, and then we also have data feeds going from the outside world to our back office,” Hall said. “We really need to be able to, in real time, have a great understanding that what we are seeing is what the market is seeing as well.”
Accelerating an End-to-End Digital Transformation
In a survey conducted late 2019 and early 2020—just before the onset of the COVID-19 crisis—a list of top priorities in the financial services industry included better complying with regulations and requirements, and improving products and services, said guest speaker Oliwia Berdak, vice president and research director at analyst firm Forrester, during the financial services analyst perspectives session at the Industry Insights Europe event.