Financial institutions record millions of transactions monthly as clientele, withdraw, deposit or even borrow from them. This poses a threat to their core systems whose data is backed up regularly. Most of this data however remains untampered and unused.
Most of the banks that use this data have invested heavily in IT solutions that cost more than US$30,000 in implementation, maintenance and training. These technologies can be used to analyse these large data sets of more than a billion records but come at a massive cost. Yet, only about 10% of the entire staff can use them adequately. Training them is a rather costly and unsustainable venture that bears down on the bottom-line.
Other firms have resorted to sampling this data in batches so that they use a small random sample to give the bigger picture. This however is statistically inaccurate and leads to biasness. However, they cannot help because their applications can only handle as much.
Gone are the days when Microsoft Excel could only allow just about 65,536 rows of data. A few versions later, it can now handle up to 1,048,576 rows of data. This however is the only number of rows you can load to a Microsoft Excel dump.
Yet, you can work with more than a hundred million rows at once thanks to innovations courtesy of Microsoft Excel’s powerful data modeller feature. With the right skills, your executives can work with more than the prescribed quota and have insights that are more accurate in their business data.
Empower your team with the skills to work with vast amounts of data like transactions, inventories and other per second facilities that are always entered in your cores. Analyse not part, but the whole of the picture. Let’s not leave data lurking and miss a crucial pattern that could spur our businesses to greater heights.
Sign up for #BeyondExcel Productivity Package and let your data do the talking.