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How can you use FinTech to make informed decisions about resource allocation?

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Resource allocation is a crucial process for any business that wants to optimize its performance, efficiency, and profitability. It involves deciding how to distribute your limited resources, such as money, time, people, and assets, among your various activities, projects, and goals. However, making informed decisions about resource allocation can be challenging, especially in a dynamic and uncertain environment. That's where FinTech can help. FinTech, or financial technology, refers to the use of innovative software, platforms, and tools to deliver and enhance financial services and solutions. In this article, you will learn how you can use FinTech to make informed decisions about resource allocation in four ways: by automating data collection and analysis, by enabling real-time visibility and feedback, by facilitating scenario planning and forecasting, and by supporting collaboration and communication.

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Michel Kilzi

Turning Data into profit-generating assets | AI Thought Leader - Advisor | 20 years of empowering companies with Data…
Houssam Kayal

Managing Partner - Financial Inst. - Fintech - Embedded Finance
Idosa Tolesa

Senior Change Management Officer at Cooperative Bank of Oromia

1 Automate data collection and analysis

One of the benefits of FinTech is that it can automate the process of collecting and analyzing data from various sources, such as accounting systems, bank accounts, invoices, receipts, payroll, inventory, sales, and customer feedback. This can save you time and effort, reduce human errors, and provide you with accurate and reliable information. For example, you can use FinTech tools to track and categorize your income and expenses, monitor your cash flow and liquidity, measure your profitability and return on investment, and evaluate your performance against your budget and benchmarks. By automating data collection and analysis, you can have a clear and comprehensive picture of your financial situation and your resource utilization.

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Michel Kilzi

Turning Data into profit-generating assets | AI Thought Leader - Advisor | 20 years of empowering companies with Data analytics & AI | Executive Education Faculty | Writer & Speaker | Investor | Founder & CEO |
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My experience has revealed the critical role of diverse data sets, encompassing both traditional and alternative data, in reaching the underserved. This data richness enhances credit underwriting and risk management, among other functions. The process begins with aggregating essential onboarding, KYC, and application data, progresses through robust profile scoring, and culminates in innovative credit scoring methods. Automating the data collection process is pivotal; it ensures data integrity and actionability. This automation fosters precise performance monitoring and resource allocation, propelling us toward a future where strategic decision-making is a consistent advantage, powered by the deliberate harmony of data.

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Houssam Kayal

Managing Partner - Financial Inst. - Fintech - Embedded Finance
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Having had the privilege to work with different fintechs , their primarily focus is on their use case ( consumer lending , expense management .. etc. ). Nevertheless once you highlight to them the value they are getting from collecting data, then the business case shifts to take into account a data centric approach while also driving revenue streams from their main service/s. This shift is critical in the way they build their architecture and understand the regulatory requirement to store and use customer data.

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2 Enable real-time visibility and feedback

Another benefit of FinTech is that it can enable you to access and share your data in real-time, anytime and anywhere, through cloud-based platforms and mobile applications. This can help you to stay updated and informed about your resource allocation and its impact on your business outcomes. For example, you can use FinTech tools to generate and view dashboards, reports, and alerts that show you how your resources are allocated across your activities, projects, and goals, and how they are affecting your key performance indicators, such as revenue, growth, customer satisfaction, and quality. By enabling real-time visibility and feedback, you can identify and address any issues or opportunities that arise, and adjust your resource allocation accordingly.

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Idosa Tolesa

Senior Change Management Officer at Cooperative Bank of Oromia
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Utilizing FinTech can significantly enhance the process of making well-informed decisions about resource allocation. Specifically, it can be employed for real-time data analysis, predictive analytics, automated budgeting and forecasting, expense tracking and management, risk management, as well as integration with other business systems, and mobile accessibility. By integrating FinTech into decision-making process, organizations can optimize resource allocation and foster a more adaptive and data-driven approach to financial management. The real-time insights and predictive capabilities offered by FinTech empower decision-makers to strategically allocate resources, contributing to the overall success and sustainability of the organization.

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Michel Kilzi

Turning Data into profit-generating assets | AI Thought Leader - Advisor | 20 years of empowering companies with Data analytics & AI | Executive Education Faculty | Writer & Speaker | Investor | Founder & CEO |
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Achieving real-time data visualization, a pivotal step towards enlightened decision-making. With cloud-based platforms and mobile applications, data isn't just accessible; it's a living, breathing aspect of business strategy that provides immediate insights. Real-time dashboards, and alerts setting offer a lens into resource distribution's direct impact on critical performance metrics. This immediacy enables proactive issue resolution but also strategic opportunity leverage. By setting rules to monitor interactions and transactions, we bolster fraud prevention, anticipate potential delinquencies, and enhance overall risk management, paving the way for a future where every decision is data-informed and every opportunity is data-driven.

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3 Facilitate scenario planning and forecasting

A third benefit of FinTech is that it can facilitate the process of scenario planning and forecasting, which are essential for making informed decisions about resource allocation. Scenario planning involves creating and comparing different possible scenarios of the future, based on various assumptions and variables, such as market trends, customer demand, competitor actions, and regulatory changes. Forecasting involves estimating and projecting the expected outcomes of each scenario, such as sales, costs, profits, and cash flows. For example, you can use FinTech tools to create and test different resource allocation scenarios, and see how they would affect your financial performance and your strategic objectives. By facilitating scenario planning and forecasting, you can anticipate and prepare for different situations, and choose the optimal resource allocation for your business.

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Michel Kilzi

Turning Data into profit-generating assets | AI Thought Leader - Advisor | 20 years of empowering companies with Data analytics & AI | Executive Education Faculty | Writer & Speaker | Investor | Founder & CEO |
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FinTech equips us with the power to simulate diverse future landscapes, considering market dynamics, consumer behavior, competitive moves, and regulatory shifts. By tapping into data transformation process to reveal valuable insights, that can be leveraged to project the financial trajectories of these scenarios, measuring their impact on sales, expenses, and revenue. It allows for informed, agile, and strategic decision-making, enabling businesses to navigate potential futures with confidence and precision. Embrace FinTech, and you're not just planning for the future—you're actively shaping it

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4 Support collaboration and communication

A fourth benefit of FinTech is that it can support the collaboration and communication among your stakeholders, such as your employees, managers, partners, and customers, who are involved or affected by your resource allocation decisions. Collaboration and communication are important for ensuring that your resource allocation decisions are aligned with your vision, mission, and values, and that they meet the needs and expectations of your stakeholders. For example, you can use FinTech tools to share and discuss your data, scenarios, forecasts, and decisions with your stakeholders, and solicit their feedback and input. You can also use FinTech tools to automate and streamline the execution and monitoring of your resource allocation decisions, and ensure accountability and transparency. By supporting collaboration and communication, you can enhance the quality and effectiveness of your resource allocation decisions, and foster trust and engagement among your stakeholders.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use FinTech to make informed decisions about resource allocation?

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1 Automate data collection and analysis

2 Enable real-time visibility and feedback

3 Facilitate scenario planning and forecasting

4 Support collaboration and communication

5 Here’s what else to consider

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