The real value in digitization is the data modern technology can unlock.
It’s no secret that no matter the business, access to the right data at the right time can provide valuable insights into the current state of that business and potentially an entire industry and its future. Accurate, real-time data serves as benchmark against past performance while also providing a predictive roadmap for future trends. Knowledge is power, and in the financial industry, access to the right information can be the key to preventing small issues from becoming multi-billion or even trillion-dollar problems.
During the global financial crisis, the International Monetary Fund estimated that banks and other financial institutions faced aggregate losses of $4.05 trillion, $2.7 trillion of which came from loans and assets originating in the United States, reported The New York Times. Additional news outlets have reported total global losses as large as $15 trillion from the crisis. Imagine if just a fraction of these losses could have been avoided with timely access to critical data insights.
Within an industry that has remained confined to spreadsheets and paper files, the real value in digitization is the data modern technology can unlock...
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