5 reasons to start using Business Intelligence now

Author: Baiana Kashaeva

Whether we’re living through another black swan or not, we will know it many years after 2020. There are no tools or systems out there that could have predicted this pandemic and its consequences. It is still uncertain what the full effect on the global economy will be and how fast businesses will recover or if they recover at all. In retrospect, we always seem to find good reasons and logical explanations for past events.

But what if there was such a system that could have made accurate predictions? Would you integrate into your business? Or would you still ignore the effectiveness of big data analysis? How well do you really know your business?

If you’re still prejudiced to Business Intelligence tools and think it’s a waste of money, we would like to give you 5 reasons why you should implement it faster, using the example of our solution.

Brokerage Business Intelligence (BBI) from Tools For Brokers is a mix of classic BI instruments for search and analyzis, adapted to the Forex market to help Brokers examine their operations and types of clients faster and more effectively. It has an intuitive user interface that presents you with the data in the format of charts, graphs, row tables, a heat map, and even the world map. It provides:

1. Dashboards

One of the most exciting aspects of Business Intelligence is the ability to display data discovery results in real-time on the dashboard. It’s important because it helps you work with the most relevant information, instead of analyzing your business and processes with outdated statistics. We often use information that was once meaningful but has little to do with how the world works today. The last thing you want is to rely on such dated information in your business.

Dashboards give you access not only to the total number of trades, PnL, and other very well-known metrics in real-time but also to insights that do not lay at the surface, such as:

• duration of the deals, divided into 4 periods with financial results
• trades by symbol, that shows their popularity and helps to define new favorites among traders
• heat map with trades and profits that will help you apply floating leverages, spreads, markups

2. Single point of entry

Most BI systems can pull the data from clients’ CRM and ERP systems, which is then presented as-is or adapted to a single format.

In TFB, we used the second approach, and now, if a Broker has several MT4 and MT5 platforms, they will not have to switch between BI accounts, as it shows the total summary at one account. Needless to say, how much time such a tool can save, especially when you have several systems to monitor: MT4 platform, MT5 platform, bridge interface, account at liquidity provider.

As a cherry on top, Business Intelligence integrates with the TFB Trade Processor system for connectivity to liquidity, risk management, and aggregation. BI extracts vital information, which can be further used for regulatory reporting. It also gives a full picture of the trading for Dealers.

3. Reporting

The reporting module in our Business Intelligence is responsible for two types of reports:

• reporting to regulators
• corporate reports for internal use

Since most TFB clients operate under MiFID and CySec regulatory, we enhanced BI with essential reports: RTS 28, Quarterly Statistics, VOT, Statement of eligible funds, Monthly prevention statement, and End of the Day. It’s important to highlight that these reports are fully automated, and you will not have to spend additional time to create them. They will be generated with a certain frequency and will be emailed to you and stored inside of the system.

The second part of this module gives you access to the history of trades and clients. This history can be converted to custom reports. The best examples will be the generation of reports for IBs and Money Managers, which is hard to extract directly from the platform. BI software allows combining data and reviewing it from perspectives, unobtainable from traditional excel sheet.

4. Custom view

It’s ok if you don’t want to invest a lot into a big data intelligence system at the beginning.Some functionality might not even be relevant to you at some point, like if you operate in regions where these regulatory reports are irrelevant.

The infrastructure of the TFB BI system allows to separate modules and hide or show them easily. That makes the pricing policy more flexible and affordable at the start. You can help your business a lot with just one Dashboard module and not spend a fortune doing it.

5. Real-time alerts

Up until now, we talked about how business data is displayed in business intelligence software and how the software processes this data into meaningful intelligence.

Real-time alerts focus on timely notifications of these findings. It makes little sense to have the data if you are not aware of it, right? Again, these are not the classic notifications of Stop Out or Margin Calls. These are the alerts for certain groups of clients with behavior matching certain patterns and which actions affect the business. Moreover, there are predefined rules in BBI which you can apply to the clients when alerts pop up. That way, you are not missing the important events that have a direct impact on profitability, as well as clients’ well-being.

That concludes our list of reasons to start using a Business Intelligence solution. It’s vital to your business success, and you cannot afford not to have it.

We hope you’ve enjoyed this article and found useful information for you in it. Do you have any questions or suggestions? Please email us at sales@t4b.com.