Why does the Finance industry need data insights?

Data analytics generated insights enables the finance industry to analyse and understand vital metrics, and detect fraud in revenue turnover. The data insights determine the ways of maximising profits, improve business relationships and customer service. In a nutshell, analytics helps by summarising the whole story of transactions in the form of reporting to the managers and management level. The finance industry mainly uses analytics to forecast demand, supply and manage risk management.

20%

Cost savings

13%

Increase in Profitability

180 hours

Annual time savings

See how Finance industry projects
turned into success stories
Laura Pardoe

I hired a data analyst from Pangaea X to analyze and prepare a furnished report for the year. Amazing results!!! On time and very professional service. I’ll be hiring more often.

Laura Pardoe
Grow Agency
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Vital Finance industry skills involving data
Below are some niche skills required in the Finance industry
Accounting (Data Automation)
Overview: An accounting department of a large organisation had trouble matching the credit and debit data. An accountant was tasked […]
Savings up to 20% of the cost
Optimization of the staff schedules
Manual free system
Finance
An accounting department of a large organisation had trouble matching the credit and debit data. An accountant was tasked full time to match these records from the transactional level which was quite overwhelming. Transactions are the base level dataset which helps create bigger picture for management in terms of income statements, Balanced sheet, PL statements etc.
Tools used: Power BI, Talend
Audit company (Data Automation)
Overview An audit company was digitizing auditing by automating using data analytics solutions. Due to the nature of the work, […]
Extraction of data using one single piece of connector
Process Automation
Finance
An audit company was digitizing auditing by automating using data analytics solutions. Due to the nature of the work, the auditors were surrounded by huge pile of data most of the times causing the solution delivery to clients, thereby, affecting the cost to company.
Tools used: Excel, SQL Server, SAP, NetSuite, Alteryx
Local Supermarket (Data Automation)
Overview A local supermarket had issues with cash inflow/outflow analysis. The owner wanted to ensure that the transactions are recorded […]
Profitability up by 13% just because of automation
Positive operation workflow
Time saving by at least 2 hours per day
Finance
A local supermarket had issues with cash inflow/outflow analysis. The owner wanted to ensure that the transactions are recorded and wanted the process automated and generate reports every day.
Tools used: Clover ETL, CSV, Excel
Facility management company (Data Automation)
Overview A facility management company had a system set for reconciliation and account receivables/ payables. The current process is a […]
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Zero error margin
Saved 180 hours annually
Finance
A facility management company had a system set for reconciliation and account receivables/ payables. The current process is a poor set up and needed automation to get the right reconciliations at right time.
Tools used: Pentaho
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