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Why FinTech Companies Should Implement BI Sooner Than Later

Financial technology is a burgeoning industry with many new startups hitting the playing field every year. With ever-increasing competition, early implementation of business intelligence and analytics capabilities can have a significant influence on the future success of a business venture. FinTech presents a unique environment where data-driven insights from the outset could well determine whether a company is successful or not.

The field of finance is no stranger to numbers and data. Financial departments are important points of contact for strategic and operational decision-making as they lay the foundation for most KPIs. Yet, many financial departments and FinTech companies fail to fully utilize all the data that they have available. Many focus solely on the core of their business: financial data.

However, combining financial data with various sources, such as ERP data or user data, can provide deeper insights than any data source could alone. Business intelligence (BI) allows companies to draw information from disparate data sources and transform that information into knowledge about risks and opportunities that would otherwise remain occluded.

Countless companies have alr ...

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