The spread of COVID-19 has been challenging governments, businesses and the global markets at an unimaginable scale as it continues to disrupt mobility, social interactions and traditional ways of collaboration. For financial professionals looking for new ways to thrive and solve problems remotely, data access, discoverability and consumption are more important than ever.
Operating and innovating with data in a COVID-19 world is much more challenging. Getting value out of data is similar to using assembly lines to make cars – but in the office, the data assembly line was never fully automated, and instead a combination of automated and manual processes. As such, many firms have not been able to smoothly adapt the data assembly line to the remote work environment.
Complex manual tasks are taking longer and are more prone to error, especially when involving multiple participants. These challenges not only slow down the process of finding value, but also the speed of innovation.
In order to better suit this new work environment and the increasingly complicated demands on data, the future of data will require a move towards extreme digitization.