Smart use of data not only drives revenue-generation but also minimises costs.
Over the past 12 months, FeedStock has conducted conversations with C-Suite executives from across the financial services, consulting, pharmaceutical and real estate industries to identify and address the potential benefits which enterprises can unlock if they pursue data-driven business practices. In this white paper we divide these potential benefits into three categories: driving revenue growth through empowering “knowledge workers” with data-driven insights; improving front-office productivity through automating non-core administrative tasks; and AI technologies to minimise the cost, risk and burden of regulatory compliance. By combining the results of these conversations with the findings contained in our dataset, we deliver statistics and expert opinion on the power which smart use of data has in revolutionising an enterprise’s revenue generation.
How making sense of unstructured communications data will drive enterprise profitability.
Increase productivity through automation
In an increasingly digital environment with a growing number of communication channels and information sources, the enterprises which can automate non revenue-generating tasks will win.
AI technologies reduce the cost and risk of regulatory compliance.
Increasing pressure on the bottom line and a constantly changing political and regulatory environment are making it increasingly important for organisations to lay the foundations of a future-proofed, compliant enterprise. With the cost of MiFID II compliance set to rise to 10% of revenues by the end of 2021* and compliance costs amounting to as much as 40% of a firm’s total costs in today’s environment,* it is unsurprising that the RegTech industry is set to grow by 25% year-on-year to a forecasted $4.9bn in annual revenues by 2023.*
(Source: Duff & Phelps, Global Regulatory Outlook, December 2018)
(Source: EY, Building the investment bank of the future, 2016)
(Source: The Cambridge Centre for Alternative Finance, The Global RegTech Industry Benchmark Report, 2019)
Investment in RegTech solutions is proving to be beneficial for operational, strategic as well as regulatory use-cases.
Investment in RegTech lays the foundations for a data-driven enterprise. Superior data drives superior enterprise decisions. Using AI technologies to provide a complete, accurate and impartial data set will enable business managers and executives to gain a full understanding of enterprise operations. 78% of senior executives see AI driving a high degree of performance improvement across their overall business. AI will have most benefits in eliminating repetitive processes (51%); streamlining decision making process by providing relevant information (33%) and delivering new insights (31%).*
(Source: Forbes Insights, Everyday AI: Harnessing Artificial Intelligence to Empower the Knowledge Worker, January 2019)