Embracing Big Data in Financial Forecasting

By CIOReview | Thursday, May 31, 2018
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The arrival of big data has marked the beginning of major breakthroughs in almost all the industries. With its rich benefits, big data is attracting a lot of sectors. Finance is one of such industry, which is trying to leverage big data to streamline its operations such as financial forecasting. But the finance sector has to cover three key features to implement big data in economic forecasting.

Right technology:

Technology today is considered as the one of the core pillars of any organization. Only by the implementation of right technologies, an organization can achieve a better outcome. But deciding the right technology is much of a choir. Favorably, many IT companies are coming up with effective dashboards that can track analytics effectively. For instance, consider Microsoft Azure from Microsoft that offers streamlined analytics with better security.

Quality Data:

Right tools should be employed to obtain the right data. With big data, a virtually endless source of intelligence is available but filtering the required data from a mountain of raw unstructured and structured data is a mammoth task.  

Informed Team:

Organizations should have a proper understanding of statistics and analytics. Furthermore, they should provide appropriate guidance and training to reskill employees.