Investment firms are always looking for ways to beat the competition, achieve growth and gain more market share, in order to exceed the shareholders’ expectations. It is becoming more and more frequent to hear buzzwords around data and data-driven decision making. As important as it is for investment firms to have skillful analytical teams in their arsenal, some executives consider them to fall under separate field as in sales, marketing, compliance, technology or risk management. All these departments and analysis of relevant data is of vital importance for the operation and profitability of the firm, yet the truth is if the investment firm wants to win, instead of just participating it needs to go further.

Going further is only a step and a step can be as simple or as complicated as the following two words;

Business Intelligence (BI).

The purpose of business intelligence

The business intelligence team is responsible to work with complex and big data, to analyze them and then represent them in a simple and meaningful way, along with insights. This sounds simple and it can be simple. The biggest challenge here is that BI has to be omni-departmental,  if it is to have any value. Otherwise, it is same old analysis, taking place in silos and will never be able to appropriately influence strategy, only tactics.

Complex to simple

Not surprisingly, it is all about having the right people to handle the implementation. People who know what are the available tools and system, the right set of tools and systems to use and how to use them. The BI team will reveal a complete picture of the firms’ activities and provide insights to the executives, so they can take decision ranging from the firm’s marketing budget to the investment in a new product or a change in pricing structure.

Metrics and numbers that matter

A nonexhaustive list does not exist, however, there are different performance metrics that matter on department verticals and for the firm to succeed. Marketing metrics, sales metrics, retention metrics and financial metrics are the key performance metrics, while key performance indicators (KPIs) help the teams to stay focus on the company’s goals and targets.

The information provided in this article is for general information purposes only. You should always seek for professional advice suitable to your needs.