Should Your #BusinessIntelligence Team Go it Alone?

While an organization’s business intelligence team can be effective on its own, engaging a third-party consultant can provide additional insights and resources.

Knowledge is indeed power when it comes to consumer relationships. Data insights allow financial institutions (FIs) to better understand their consumers’ needs, behaviors, attitudes and so much more. Utilizing that data to its fullest extent, however, often requires a dedicated business intelligence (BI) team

While there is no “right way” to build a BI team, there are a number of factors to consider when doing so. A recent white paper from TMG’s CEO Shazia Manus explores how partnerships across organizational lines can lead to optimal BI results. Below is an excerpt from that paper:

“An organization with a successful BI team can still partner with third parties to tap into some of this democratized data and analytics. Doing so provides a well-rounded expertise, deeper bench strength and an outside perspective that brings new insights.

As your BI team is heads-down, working to solve priority problems, a partner can serve in a consultative, forward-looking capacity. Exponential advancements in technology like machine learning and artificial intelligence will continue to democratize some of the more sophisticated BI tools and methods. Your BI team may benefit from a heads-up partner monitoring the larger big data landscape on its behalf.”

To learn more about developing BI teams, download the full white paper “5 Considerations for Financial Institutions Building Business Intelligence Teams.