Here are some of the key technologies that are making insights transparent and accessible across lines of business:
Cloud computing. A cloud platform enables companies to connect and scale their data capabilities and operating systems without the worry of physical limitations. And having systems on a single platform eliminates the reconciliation issues that occur when data and systems are on separate platforms.
Financial services firms are starting to take the leap into the cloud. Jerry Silva, research director for IDC Financial Insights, discusses this trend in a webinar about elevating the role of the back office in financial services firms. Silva explores the drivers behind the adoption of cloud in financial services and the cloud infrastructure—public, private, or hybrid—under consideration at financial institutions.
Open APIs. In financial services, open APIs (application programming interfaces) are often discussed in the context of open banking, where banks are opening up internal data to external applications. It’s how banks are evolving their services to meet customer demands. For example, open APIs enable an investing app to connect to a user’s bank account without compromising the security of the account holder’s financial institution.
Workday Cloud Platform leverages open APIs to help companies extend their Workday data ecosystem and drive additional value for the business with third-party applications. Erin Yang, vice president of platform technology product and strategy, highlights how Workday customers are using APIs on the Workday Cloud Platform to build applications and benefit from solutions created by other Workday customers and third parties. Among those examples include a financial services company, which built an application that allows employees to request tuition reimbursement for training courses prior to registering. As a result, the application did more than eliminate the need for the HR services team to manually update a tracking spreadsheet—it greatly improved the employee experience.
Artificial intelligence and machine learning. Simply put, artificial intelligence (AI) and a subset of AI, machine learning (ML) are game changers for analytics. These technologies modernize the way companies gain insights from data. AI and ML enhance the discovery of insights in data by quickly detecting patterns, identifying trends, and offering predictions. Sayan Chakraborty, executive vice president of technology at Workday, describes more ways ML has changed the way we work, including how it speeds up business processes.
For example, finance typically spends extended amounts of time reconciling the monthly close. But ML helps to reduce that review time. So, instead of combing through numerous accounts to find discrepancies, an ML-augmented financial management system can send alerts about anomalies in the general ledger.