When Every Penny Counts, Firms Must Operate Smarter Through Deeper Data Analysis
As financial firms go through budgets and expenses with a fine-tooth comb, they need to analyze data in an intelligent way.
What has been commonly referred to as 'Project Lean' across most of the financial services industry, has been a multi-year effort to reduce costs while combating shrinking commissions and rising overhead.
Those familiar with the process understand that all budgetary items from technology spend, resource requirements and even phone bills are being dissected for cost savings. But in order for a company to really control costs and operate at an effective profit margin, it is necessary to identify where the real cash-flow drain occurs. In a large and diverse broker-dealer, for instance, it is a very complex process to identify and manage the various cost centers and apply the appropriate controls. ... Read full story on Wall Street & Technology
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