We have already dedicated ourselves to detailing the 3 Steps ISOs Syndicating in Deals should Take to Grow in 2022. For that reason, now we want to dive deeper into the importance of actionable data for ISOs / Brokers in the MCA Industry.
If you’re participating in deals with multiple funders, you may know how it feels to search through different MCA portals or emails to see how your participating deals are performing.
You can organize that information with a spreadsheet or other tools to match your transactions, but this practice can lead to many mistakes that can be costly and also lose opportunities.
To avoid these pitfalls, you should consider setting up an environment that not only allows a consolidated view but also takes advantage of the analytics you can extract from your data.
Data has become crucial to empower MCA-related Businesses to make decisions based on facts. So, what do we mean when we talk about actionable data?
Continue reading this post and discover how it can help your business take advantage of an Insight-driven environment!
What does Actionable Data mean?
Information can be acted upon or gives enough insights to make future steps for decision-makers.
While Actionable Data is a product of big data, it is not simply scattered information held in databases across the company.
Four Pillars of a Powerful BI System for ISO’s / Brokers Participating in the Industry
Information technology should help collect, process and share data.
And it does. Some MCA Software or tools enable the collection and storage of data; others provide helpful insights; others produce beautiful charts. And of course, you have spreadsheets, the resource that most MCA-related Businesses use to complement other technologies.
A sound BI system goes far beyond and, adequately established, should be capable of collecting and analyzing data from all sources. It should also help forecast and plan for the future. The aim is to unify data relevant to business decisions.
This capability requires data to be actionable and available in time. Actionable Data is relevant, complete, sees into the future, and evolves with the Business.
Relevant data has a meaning, is interpretable, and is understandable by all decision-makers. Conversely, data not meeting these criteria are deemed useless for the issue at hand.
Fragmented Data means there is no clear ownership of information, no
understanding of the gaps, and a lack of transparent workflows. Another aspect of completeness is abundance, and companies typically collect lots of data, not always coordinated.
This means the right business decisions require just about the right set of
purpose clear information, not more, not less.
See Into the future
Understanding where you are and ignoring where you are going is a recipe for disaster.
Evolves with the time
Implementing an Insight Driven Organization is an ongoing process. As you dive deeper and get insights from the Business Intelligence professionals on your Data, you will see more and more opportunities to grow and change your processes. So the tools must not be static and have to be paired with financial advisors involved with the industry.
Most organizations now know that they need data scientists, technology architects, and software developers to succeed in an analytics project. These people bring sophisticated statistical, data management, and technological skills to the table.
They don’t always realize that these skills alone aren’t enough. An effective analytics team requires a range of talent prepared to get out of the back room. And some of that talent might not even be employed by you.
With over twelve years in the MCA industry and the integration of knowledge from IT specialists, Process Engineers, and Business Analysts, we have developed our systems and business analysis models to accurately and efficiently serve you.
At NISO, we offer multiple solutions for ISOs to consolidate all the different funders’ data in a meaningful way while maintaining your bookkeeping and communicating with stakeholders, among other services.
This way, you can focus on your Business. If you are a Broker / ISO or an Investor participating with different lenders and are willing to know how we can help you, let’s jump on a quick meeting with our team.
As technology evolves, alternative lending is not a blind-eyed investment anymore. Now, you can use data to predict scenarios and build a portfolio. This way, you can mitigate the risk and improve your performance year by year.