For any pension agency, data is the most important asset.
However, data often remains underutilized and overlooked. Due to time constraints, agencies typically focus more on creating data than reviewing and leveraging it. Retirement applications, for instance, tend to surge based on factors such as month, department, and member characteristics like age, location, and education. Pension agencies can better prepare for anticipated busy periods by analyzing these patterns.
Recognizing and addressing these data-driven trends is crucial for pension agencies looking to optimize their operations. Agencies can gain deeper insights into their data by integrating their Pension Administration System (PAS) with robust Analytics and Business Intelligence (ABI) tools, such as Power BI and Tableau.
In the following sections, we will delve into the myriad benefits of using ABI tools, explore how cutting-edge visualizations and AI capabilities can transform data analysis, and provide a practical framework for agencies to start leveraging their data effectively.
Benefits of Using ABI Tools
Using an ABI tool has numerous benefits, including business insights and data visualization. These systems' ultimate goal is to improve your organization's data-driven decision-making. Here are more reasons why they can help.
Data Visualization
Using an ABI tool, you can immediately change your dashboard. Aside from the original setup and integration, the pension agency has complete control. It can be a chart with multiple lines plotted over time to compare trends, filters to explore another dimension in the data, or pie charts to investigate most data points. There is no need to wait for a vendor to make a change. The dashboard look and feel can follow the standards of your organization. This visualization gives greater flexibility in creating the views and visualization that matter to you.
Enable AI Insights
Leveraging artificial intelligence (AI) allows agencies to focus on reviewing data instead of creating a visualization. ABI tools are integrating AI to generate visual reports faster. The visuals must be reviewed for quality, but having visualizations generated in less than 10 seconds is worth the investment for an initial draft compared to spending hours on a single visualization.
Empower Data-Driven Decision-Making
Presenting these dashboards is interactive and allows for real-time drilling into the data, which allows for better and faster data-driven decision-making. For instance, many pension agencies prioritize enhancements or fixes based on anecdotal evidence from staff. Using data can better support (or not support) a decision. Identify the frequency and use of that screen or feature and by whom. You can better evaluate the value of the enhancement or fix.
How to Start Leveraging Your Data
For organizations excited to leverage their data, this 3-step framework can help:
- Source the Data
- Train Users on ABIs
- Leverage the Data
Source the Data
Organizations should work with their IT team to determine the best approach to pulling data from their system. A good start is querying and manually storing data in a spreadsheet to demonstrate proof of concept. Aim to target a small sample set of useful information. From this small sample, direct queries can be used to pull data and impact business decisions. This demonstration of value can lead to establishing a data warehouse that will be used to deliver data in real-time.
Train Users on ABIs
ABIs are an industry standard and have widespread public support. Learning an ABI tool is similar to learning popular software. Several resources are available for learning the ABI tool, including online videos, classes, and certifications. The organization can also acquire resources such as data analysts proficient with ABIs.
Leverage the Data
With the data and users knowledgeable about ABIs, you can begin to leverage the data by creating dashboards to fit your organization's needs. For example, reports generated by your organization can become interactive dashboards, allowing dynamic interaction and real-time data. Tailor these dashboards to provide insights and information to make better decisions, such as data-driven decisions.
Conclusion
Despite the potential huge benefits, not all PAS systems utilize ABI tools. As the demand for better data presentation increases, we see them included in RFP requirements or implemented for existing clients. This shift of investing in solutions integrating PAS systems with ABI tools like data warehousing provides more benefits than PAS vendors focusing on recreating visualizations available in the market.