BFSI stands for Banking, Financial Services, and Insurance. It is an industry that has seen a lot of growth in recent years. Most of the companies in the BFSI sector grew exponentially. But few also left out of the race. Those who left out weren’t the ones who analysed their data to take strategic decisions.
Data is a valuable asset for BFSI organizations. Data helps to drive innovation, improve operational efficiency, and enhance the customer experience. Data in other term can be called as KPI (key performance indicators).
BFSI companies those have invested in tracking the key KPIs have skyrocketed their growth. The KPIs help BFSI companies to set realistic targets, track progress and many more. And which enables the BFSI companies to make informed decisions that drive growth. Some of the KPIs are universally used across the industry while others may be specific to a particular company.
I’m outlining some of the KPIs that helps in driving growth in BFSI companies:
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- Financial KPIs:
- Revenue growth
- Net income
- Return on equity (ROE)
- Loan to deposit ratio (LDR)
- Non-performing assets (NPA)
- Financial KPIs:
- Customer KPIs:
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- Customer acquisition rate
- Customer satisfaction score
- Net promoter score (NPS)
- Customer retention rate
- Customer lifetime value (CLV)
- Operations KPIs:
- Efficiency ratio
- Assets under management (AUM)
- Productivity per employee
- Time to onboard new customers
- Fraud detection rate
- Sales KPIs:
- Sales conversion rate
- Average transaction value (ATV)
- Sales growth rate
- Lead to opportunity conversion rate
- Technology and digital KPIs:
- Website traffic
- Digital engagement rate
- Mobile app usage
- Time to resolution (TTR) for tech support requests
- Customer Satisfaction
These are not all the KPIs. But the most important ones that helps BFSI companies to make informed decisions.
By looking at some of the important KPIs you might have understood the amount of data BFSI companies deal with. Manually looking over the data is not at all an easy task. Especially when the data is too much. That’s where the big data tools come in to provide a better resolution.
What is Tableau and Why is it Important for BFSI Companies?
Tableau is a big data tool used to visualize data. Tableau is one of the most favoured tools for data scientists.
Tableau enables users to visualize, and share data in a way that is intuitive and interactive. It offers a wide range of features like mapping, data blending, and dashboards. This helps BFSI companies to gain insights into their data quicker and easier. The task which Tableau does in just 5 minutes, can take months using the traditional reporting methods. By using Tableau, BFSI organizations can make data-driven decisions. No matter how big the data is. And that is the key to drive business growth and improve customer satisfaction.
How a Tableau Expert Can Help Optimize BFSI Performance
Tableau is a handy tool, but not everyone can utilize it’s full potential. Only a Tableau expert can. BFSI companies who adopt Tableau also hire a Tableau expert to visualize data in an interactive approach.
A Tableau expert can help BFSI companies in many ways. Some of the most common tasks of a Tableau developer are:
- Customized Dashboards
- Improved Data Management
- Advanced Analytics Techniques
Let’s uncover these capabilities of a Tableau expert in detail.
Customized Dashboards
A Tableau expert has the ability to create customized dashboards. Which can help a BFSI organization identify the most important KPIs. Those custom dashboards display these metrics in an easily understandable and interactive format. This allows BFSI companies to quickly and easily identify trends, patterns. Which makes it easier for a BFSI company to make informed decisions.
Improved Data Management
Tableau experts are also skilled in data management. Managing data when it’s in large number, is crucial for BFSI companies. The expert can help in improving the accuracy, consistency of the data.
A correct data set ignites to make sound business decisions. The expert can also help BFSI companies integrate data from multiple sources. Whether the data is from databases, spreadsheets, and cloud-based applications, into a centralized data repository. Thus the BFSI company can have easier access to a centralized data.
Advanced Analytics Techniques
Tableau experts are trained in advanced analytics techniques. To name few, predictive analytics, data mining, and machine learning. Which can help BFSI companies leverage these techniques to gain a deeper understanding of their data. The better you understand the data, the better you can make business decisions. A Tableau expert can implement predictive models that can be used to identify trends and forecast future outcomes. Which can give the BFSI the potential they need to stay ahead of the competitive edge.
So what’s your take on hiring a tableau expert for your BFSI organization?
You understood that data visualization is a critical aspect of modern-day business operations. And Tableau is a powerful tool that helps you visualize and analyze data effectively. Thus, hiring a Tableau expert is essential for your organization to maximize the potential and drive business success.
If you have already hired a Tableau expert to optimize the performance of your company, it’s a good move. But if you haven’t the next tips will help you.
How To Hire A Tableau Expert
I’m providing some pro tips which will help you hiring the right tableau expert.
There are several steps you can take. But I have picked up the pin-points which you should know.
Defining Your Tableau Expert Requirements
The first step in hiring a Tableau expert is always to define your exact requirements. What you are expecting from a Tableau expert? Some of the critical skills that a Tableau expert should have include:
- Strong understanding of data analysis and visualization
- Proficiency in SQL and data integration
- Ability to develop complex dashboards and reports
- Experience with data management and data warehousing
- Excellent communication and collaboration skills
- Experience in the BFSI industry
Finding the Right Tableau Expert
Once you have defined your Tableau expert requirements, the next step is to where to find the right candidate. There are several ways to find Tableau experts, including:
- Job boards and online platforms such as LinkedIn and Indeed.
- Referrals from colleagues or other professionals in your network.
- Working with a recruiting agency specializing in Tableau experts.
- Partnering with an IT staff augmentation company.
It’s important to look for a candidate who has experience in your industry. And a strong portfolio of Tableau projects. Adding to that, look who is a good fit for your company culture. And at last, the candidate must have excellent communication and collaboration skills.
My Final Words
Today’s business environment is fast-paced and data-driven. It is more important than ever for BFSI companies to stay ahead of the curve. By hiring a Tableau expert, you can have access to advanced analytical tools and techniques. These helps in creating the custom dashboard to narrate your data interactively. Thus enabling you in optimizing performance, driving business growth, and improving customer satisfaction. So don’t miss out on the opportunity to take your BFSI performance to the next level – hire a Tableau expert today!
FAQs
1. What is BFSI?
BFSI stands for Banking, Financial Services, and Insurance. It is an industry that has seen a lot of growth in recent years.
2. What is Tableau and why is it important for BFSI companies?
Tableau is a big data tool used to visualize data, and is one of the most favoured tools for data scientists. It enables users to visualize and share data in an intuitive and interactive way, offering features like mapping, data blending, and dashboards. Tableau helps BFSI companies to make data-driven decisions and gain insights into their data quicker and easier.
3. How can a Tableau expert help optimize BFSI performance?
A Tableau expert can create customized dashboards, improve data management, and implement advanced analytics techniques. They can help BFSI companies identify the most important KPIs, improve data accuracy, and gain a deeper understanding of their data through predictive models and other analytics techniques.
4. What are the common tasks of a Tableau developer?
Some of the most common tasks of a Tableau developer include creating customized dashboards, improving data management, and implementing advanced analytics techniques.
5. What are the benefits of using Tableau for BFSI companies?
Tableau helps BFSI companies make data-driven decisions, gain insights into their data quicker and easier, and stay ahead of the competition. It enables BFSI companies to identify important KPIs, improve data accuracy, and leverage advanced analytics techniques to gain a deeper understanding of their data.
About the Author:
Meet, Judy Macias, Business Development Executive at CSM Tech, a custom software development company that serves the BFSI industry. She combines her knowledge of the BFSI industry with her passion for writing to provide valuable insights to her audience. At CSM Tech, she helps businesses achieve their goals by providing a valuable resource for improving operational efficiency and staying ahead of the curve.
Email: judy.macias@csm.tech
Phone: +1 302-200-9697
Address: 16192 Coastal Hwy, Lewes, DE 19958 USA
LinkedIn: https://www.linkedin.com/in/judy-macias/
Twitter: https://twitter.com/JudyMaciass
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