Guest post written by Kevin Garabedian, Senior Director for Small and Midsize Business at SAS Institute, Inc.
Data underpins the operations and strategic decisions of every business. Yet these days, data is generated faster than it can be consumed and digested, making it challenging for credit unions to extract maximum value from this vital asset. Many decision makers – whether data analysts or senior-level executives – struggle to draw meaningful conclusions in a timely manner from the array of data available to them.
Reliance on spreadsheets and specialized reporting and analysis tools only limits your flexibility and output. After all, spreadsheets were not designed for data analysis. And specialized reporting and analysis tools often lack integration with other critical business applications and processes. Dependence on the IT group for ad hoc reports slows insights and decisions, putting the company at a disadvantage. Business decision makers feel a loss of control waiting for the already overburdened IT department to generate critical reports.
Savvy credit unions are moving beyond static graphs, spreadsheets, and reports by harnessing the power of business visualization to transform how they see, discover and share insights hidden in their data. Because business visualization spans a broad range of options, from static to dynamic and interactive, it serves a variety of needs within organizations. As a result, credit unions adopting data visualization are able to extract maximum value from information captured throughout their environments.
According to the recently published paper Data Visualization: Making Big Data Approachable and Valuable, the key features you should look for in a data visualization solution include:
- Highly integrated graphics that incorporate data visualization best practices
- Integrated, intuitive, approachable analytic capabilities
- Easy report building
- In-memory processing capabilities
- Ability to easily distribute answers and insight via mobile devices and Web portals
With data visualization tools, credit unions can free themselves from the constraints of spreadsheets and make it possible for everyday business users to tap into the power of data-driven decision making. So how are you visualizing your data?
Want to get started now? SAS offers Visual Analytics for credit unions. Currently, SAS is offering a 2 week Try-Before-You-Buy trial on this product. This enables your credit union to interact and really get hands on experience with a product that:
- Reduces the time it takes to publish monthly and quarterly reports
- Analyzes customer intelligence and manages risk
- Reduces time to market products and services