A new global survey conducted by ActiveOps reveals the pressing challenges that operations teams in financial services face with data management and decision-making, amidst the rising influence of AI. The survey, which involved over 850 operations leaders across seven countries, sheds light on the widespread difficulty in accessing timely and reliable data, essential for critical business decisions.
The findings show that 91% of respondents struggle to gather actionable insights from their operational data, and 98% face significant challenges in adopting AI to improve data analysis and reporting. A striking 75% of these leaders are forced to make decisions based on data that is more than a week old, with 65% of South African leaders relying on data that is over a month old, and 47% using data that is over three months old.
These outdated data practices are not just impeding day-to-day operations but are also affecting the ability of businesses to meet their 2024 priorities. The top focus areas for South African operations leaders include increasing revenues, bolstering business resilience, and managing risk. However, the data landscape in South Africa remains a challenge, with many operations teams expressing a lack of confidence in achieving these goals due to outdated information and unreliable data.
Despite these hurdles, the survey highlights optimism for the future. Approximately 95% of leaders believe that customer experience, risk mitigation, and cost control could significantly improve with access to real-time data, while 50% are eager for AI to suggest actions based on predictive insights. This optimism underscores the growing faith in AI as a tool for transforming data management and decision-making in the financial services industry.
As the demand for real-time, reliable data increases, operations teams will need to embrace AI and advanced analytics to stay competitive. The findings suggest that while the journey to AI integration is still in its early stages, its potential to revolutionize operations is clear.
