The world is regulating towards the expeditious use of financial data. Businesses and governments are now searching for the ability to see how their financial transactions happen everywhere and to see such intelligence all the time. The value of financial analytics and business services is estimated to reach $27 billion by 2022, accomplishing the new gold rush and legalizing data as the new gold.
Southeast Asia’s lead financial data hub, Singapore, instantly saw the rush and introduced the $1-billion Facebook data center and as well as the Chinese e-commerce giant Alibaba’s first joint research institute. Vietnam clutched it by encouraging financial analytics companies; Ho Chi Minh-based Larion presently provides financial data management to more then 15 countries. NTT Data of Malaysia employed business intelligence finance professionals who help their customers manage and define strategy, cost management and enhance profitability; and planning and forecasting cycles and streamline budgeting. In the Philippines, Companies such as Sprout Solutions deliver tools from predictive analytics to the world of human resources.
It is now an analytics-driven world, and financial analytics is the 24k of new gold. To derive the rewards of the financial data-driven world, the academe, businesses and government must take intended investments in IT infrastructure and emerging analytical tools to support them.
The government should drive the power to speed up internet connectivity in the country. Although developments, average mobile and fixed-line internet speeds in the Philippines still drop below te global average.
Higher education in the country observing the consequence of data analytics; universities are now presenting master’s and bachelor’s courses in data analytics. Academics should take the start to teach and learn financial analytics to accountancy and business students, because businesses are emerging with the technology, and companies need more data from finance on the climb of authentic financial reports and statements.
The demand to shape business strategies and develop day-to-day decision- making in real time, by gaining predictive insights from the growing mountain of data, is now gaining to be a must. Skills on the use of software such as Zoho analytics and Oracle analytics that can help increase day-to-day decision-making in real time, the rapid processing of business data and the manufacturing of insightful reports should be part of every business module. Financial Analytics software can curtail human distort, thereby making decisions data-driven, with shorter workflow and greater accuracy.
Governments and companies are enfolding financial data analytics, so the academe should offer students the contingency to take up financial education certification programs and engage in financial analytics internships, to grant them to administer their skills in a real-world business environment.