Financial institutions can use data to improve operations

Financial institutions can make better use of data to identify and solve internal challenges.

“There is data trapped within the organization that we desperately want to unlock and make practical,” said Paul Hockel’s Vice President of Technology. Comprehensive Mechanics Information TechnologySaid so AFSA Vehicle Finance Conference in Dallas.

Companies should identify two or three organizational issues and track data to identify where to fix, Hockel said. us air forcethe data was often used to identify security breaches.

“It doesn’t have to be complicated from the start. Just understand what your needs are,” he said. “Fix these things and you will be better. As an organization, you will improve, you will be more efficient, you will be more profitable. Please stay away from

According to Hockel, data is only as valuable as the company creates it, so it’s important to make sure it gets to the right people to act on it.

“We had to understand that our information depended on whether it would help the operation accomplish its mission,” he said. “We have initiated a cultural shift over the years to open up our culture of information sharing and enable us to support our operations.”

As data collection improves, companies will need to monitor more and expand the sources of data to make better-informed decisions when solving problems within their organizations, Hockel said. I’m here.

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