The financial sector remains dependent on ‘archaic’ data collection practices

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For organizations in the financial industry, having quick access to relevant data makes the difference between success and failure. But many still cling to “archaic manual data collection processes”, limiting their full potential.

That’s according to a new report released by proxy firm Oxylabs, which says more than half (52%) of UK finance companies collect data manually, making it ‘impossible’ to take data. informed and timely decisions. The report also states that more than a third (37%) of companies found it difficult to access real-time data.

Of the companies that use an automated Extract, Transform, and Load (ETL) framework, more than half (52%) consider it a “critical asset”.

One of the main obstacles to the wider adoption of automated data collection tools is the lack of internal skills. For more than a third (35%), talent hunting is a “constant problem”, while 36% found it difficult to find reliable partners to outsource web scraping.

“Data is as good as the actions taken from the signals it creates,” said Julius Černiauskas, CEO of Oxylabs.

“It’s not enough to analyze data and predict information that may or may not be profitable. These ideas and their foundation must fall into the hands of the right people at the right time. Proper execution of the data governance strategy ensures that no information is wasted.


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