Exploring the data analytics of the future: Moving to the cloud, ESG and automation
In our latest FIMA Benchmarking Report, we surveyed 100 of the most senior figures in financial data to unearth the trends that are shaping the industry. Sponsored by Informatica and Cognaize, the report also features commentary from Royal London Asset Management and Legal & General Investment Management. You can download the full report for free.
Here, we present some of the report’s key findings and provide a sneak peek into some of the survey results.
Cloud Transition: A Paradigm Shift in Data Management
Data executives are increasingly embracing cloud-based business systems. All of the respondents to our survey acknowledged some level of cloud integration, with a majority using the cloud for most (36%) or half (38%) of their systems.
This widespread adoption signifies recognition of cloud technology's value in modern data management. Moreover, the integration of modern data platforms with established hyperscalers, is gaining significant traction.
Despite the challenges posed by transitioning core banking to the cloud, the research suggests a continued trend towards increased cloud integration over the next year.
ESG Compliance: Regulation as a Catalyst for Change
In chapter two of our FIMA report, we explored ESG and found compliance with regulations to be a critical factor in driving ESG goals. An impressive 63% attributed their efforts to regulatory requirements, while a similar number reported improvements in their ability to collect ESG data - underscoring the successful results of regulatory-driven efforts.
Interestingly, the survey reveals a shift in focus away from internal stakeholders as motivation for meeting ESG targets, while automation plays a crucial role in helping firms navigate the complexities of ESG data collection and processing.
Automation and AI: Paving the Way for Transformation
There is a growing inclination toward automation in data analytics. A notable 22% of our respondents have already integrated automation within their data analytics platforms, with the vast majority midway through the process.
However, challenges remain, with high costs, a lack of resources, and unclear roadmaps posing obstacles to widespread adoption.
Artificial Intelligence (AI) is emerging as a promising solution, offering the capability to process vast amounts of data and derive valuable insights. The integration of AI is set to play a pivotal role in bolstering decision-making processes and enhancing data analytics outcomes.
Despite current cost limitations, the future holds great potential for AI-powered analytics.
Conclusion: Navigating the Shifting Landscape
In conclusion, the survey's key findings shed light on the transformative trends shaping the world of data management and analytics. Cloud adoption is at the forefront, with businesses rapidly embracing the benefits of cloud-based systems.
ESG compliance, driven by regulations, has resulted in positive outcomes, and organisations are increasingly relying on automation and AI to revolutionise their data analytics capabilities.
As the industry continues to evolve, it is evident that data executives and organisations are taking proactive steps to navigate the challenges and opportunities presented by these trends.
The road ahead promises a data-driven future where cloud integration, ESG compliance, and automation play pivotal roles in shaping the success of businesses in an increasingly digital world.