Data 'essential commodity for financial services industry'

Data is an essential commodity for companies operating in the financial services industry, an expert has claimed, emphasising the importance of project management software.

Daragh O Brien, former director of publicity and member of the International Association for Information and Data Quality, has emphasised information's "mission-critical" status for firms in this sector.

He said: "What banks, insurance companies and other financial services businesses manage is the information about the concept of money and value."

Companies are able to better manage risk when they are able to access high quality, consistent data, he explained.

Mr O Brien said: "Poor quality information drives decisions based on poor foundations, which can lead to businesses biting off more risks than they actually have appetite for."

Recent research by Vanson Bourne has found that half of insurers face data integration issues as relating to multi-enterprise connectivity, which could highlight the benefits of using project management software.

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