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Improving Data Quality for AI-Powered Financial Analytics in the Philippines

ENTERPRISE EDITION

TECHNOLOGY LEADERS WEEK

A Platform For Collaboration

OpenGov Asia extends a special invitation to an exclusive OpenGov Leadership Forum. This session is specifically tailored to delve into the latest advancements in data integration with Generative AI and analytics, highlighting the benefits for the Philippine Financial sector.

Meet Our Distinguished Speakers

Patrick M Meneses
Senior Vice President, Chief Data Officer
Security Bank

Joseph Lluisma
Country Director, Philippines
Qlik

Sunit Kapoor
Business Strategy and Value Engineering Advisor
Qlik

Mohit Sagar
CEO & Editor-in-Chief
OpenGov Asia

Strategies to Maintain Data Quality in AI-Powered Financial Systems

The utilisation of artificial intelligence (AI) in financial analytics has great potential to promote efficiency, accuracy, and creativity in the Philippines’ quickly changing financial landscape. Assuring data quality is one of the major obstacles that financial organisations must face, though. Effective AI models require high-quality data as their foundation since low-quality data can produce erroneous forecasts, incomplete insights, and ultimately, poorly informed decisions.

While using traditional tools such as Excel for data analysis is convenient, its effectiveness may be insufficient. A significant percentage of the effort—around 80%—is often allocated to manually obtaining and preparing data, with only 20% reserved for real analysis. Adding more visualisation tools complicates the process by introducing potential complications and inaccuracies. This unstructured method can jeopardise data integrity, reducing faith in the accuracy of financial analysis results.

Data mismatches, or disparities or divergences in data sources, are a common problem that can result in inaccurate insights and analysis. These discrepancies are frequently caused by incorrect data formatting, inconsistent data collection techniques, or mistakes made during the data entry process. These inconsistencies not only jeopardise the accuracy of financial information but also erode confidence in AI-based decision-making processes.

To address these issues, it is critical to develop strong data governance structures. Standardised data-gathering methodologies, data validation and verification procedures, and improved data-cleansing techniques are all critical components. Furthermore, AI-powered anomaly detection systems can assist in proactively identifying and correcting data errors before they become major issues.

Optimising Expense Management Using Finance Analytics

Through the integration of disparate data sources, finance analytics enables effective expense management by offering thorough insights into costs, contracts, and procurement. Finance teams may reduce costs by using this unified strategy to find the true cost of operations and make more informed decisions that increase profitability. Organisations in the Philippine financial sector can attain sustainable financial wellness, optimise resource allocation, and manage expenses proactively by utilising advanced analytics.

Improving Budgeting and Forecasting with Advanced Analytics

By using sophisticated analytics for enhanced forecasting, budgeting, and planning, finance departments can be empowered to attain greater operational and financial control. Organisations can improve overall financial performance, strengthen strategic decision-making, and optimise budget allocations by utilising these tools. Proactive resource management, precise forecasting of future financial results, and the synchronisation of financial plans with organisational objectives are all made possible by this method. In the end, combining sophisticated financial planning and analysis enables finance professionals to successfully manage complexity and promote long-term growth.

Overcome Difficult Risk and Compliance Issues

By utilising integrated data from multiple sources and matching governance models with organisational objectives, finance professionals are prepared to handle complicated risk and compliance concerns. By improving transparency and facilitating more intelligent decision-making, this strategy lowers risks, fines, and fraud incidents. Organisations can successfully manage compliance risks and cultivate a regulatory adherence culture by creating strong governance frameworks and unifying data. This proactive approach enhances organisational resilience in dynamic market circumstances while simultaneously protecting financial integrity.

AI in Financial Data Management

AI integration is revolutionising data optimisation in the Financial Services Industry (FSI), enhancing processing, analysis, and insights from vast datasets. It can uncover hidden patterns, streamline operations, and enable proactive risk management. AI-powered predictive modelling reduces manual labor and accelerates tasks like data cleansing and visualisation. Organisations can promote responsible AI practices by establishing robust data governance frameworks and ensuring transparency. Advanced analytics enable informed decisions, gaining a competitive edge.

OpenGov Asia extends a special invitation to an exclusive OpenGov Leadership Forum. This session is specifically tailored to delve into the latest advancements in data integration with Generative AI and analytics, highlighting the benefits for the Philippine Financial sector.

This event is by invitation only and will be an interactive session with decision-makers from the Philippine Financial sector.

During the session, delegates will: 

  • DISCOVER how real-time insights into systems and applications provided by observability technologies, facilitate data-driven decision-making and improve operational effectiveness.
  • IDENTIFY the challenges associated with digital transformation by utilising full-stack observability.
  • RECOGNISE how observability delivers optimal performance while navigating the complexities of today’s IT settings.
  • LEARN how to reduce alert fatigue by using AIOps, machine learning, and a tailored solution architecture driven by metrics to automatically prioritise and highlight real issues.
  • CREATE an operational excellence culture where the organisation’s IT strategy includes observability as a crucial component.

Who Should Attend

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“Very informational. Love
the collaboration and
sharing of ideas”

CTBC Bank Philippines

“There are realisation and also
learned a lot from the topics of
Mohit and sharings of other
government organisations.
Learning their challenges and
assessing if those were
actually addressed in our
respective organisation”

Bangko Sentral ng Pilipinas

“OpenGov never fails to deliver. Topics are relevant and of interest for our organisation”

Home Development Mutual Fund (Pag-IBIG Fund)

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PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com