Unlocking the Power of Data Analytics in Optimising Corporate Expenditure Budgets

Insights from MBA Student Solomon Olayemi’s Research

In a world where businesses are constantly looking for ways to boost efficiency and cut costs, Solomon Audu, a recent graduate from Wittenborg , conducted insightful research on how Data Analytics (DA) tools can optimise corporate expenditure budgets in the financial services sector in the Netherlands. His study explores how such tools can improve budgeting efficiency, increase Return on Investment (ROI), and enhance decision-making, offering valuable perspectives for businesses aiming to leverage technology for better financial performance.

Solomon’s research focused on three key areas: corporate expenditure budgets, ROI, and decision-making. To understand the impact of DA tools on these areas, he used a mixed-methods approach, combining qualitative and quantitative research techniques. Solomon interviewed professionals working in the financial services sector who had direct experience with DA tools in their organisations, providing first-hand insights into the practical applications of these tools.

In the qualitative phase of his research, Solomon spoke to individuals who had worked with widely used DA tools, such as CCH Tagetik and Databricks. The interviews allowed Solomon to gain a deeper understanding of how these tools are used to manage budgets, optimise expenditures, and track financial performance. Respondents shared valuable insights, highlighting both the significant benefits and the challenges they faced when using these tools. Many praised the ability of DA tools to enable real-time expense tracking and faster decision-making. However, some also pointed out the ongoing challenges, particularly regarding the integration of data from different systems and the need for better performance from the tools. Solomon’s analysis of these interviews led him to identify recurring themes in the responses, including the potential of DA tools to improve budget efficiency, enhance ROI, and streamline decision-making.

Solomon emphasised that while DA tools offered significant promise, businesses needed to work on improving their integration strategies and addressing data quality issues. He explains, “These tools create opportunities for real-time tracking of expenses, but there is still room for improvement in terms of optimal performance, especially when it comes to integrating data seamlessly.”

To complement the qualitative data, Solomon also gathered quantitative data through surveys. He asked professionals with 1-7 years of experience in using DA tools to rate their impact on key performance indicators, such as budget efficiency, accuracy, financial performance, and overall company performance. The survey results indicated that DA tools had a positive effect, with respondents rating their impact on budget efficiency at 60.74%, budget accuracy at 61.58%, and overall company performance at 61.54%. While these results pointed to significant improvements, Solomon also noted that there were still challenges to be addressed, particularly in data quality and tool integration.

The research also featured real-world case studies of companies that had successfully implemented DA tools. Solomon highlighted ABN AMRO’s use of CCH Tagetik, a DA tool that reduced data processing time by 50%, leading to more efficient budgeting and financial operations. Solomon explained, “ABN AMRO’s decision to implement CCH Tagetik allowed them to streamline their budgeting and financial processes, cutting the time needed for data processing by half. This improvement translated into a more efficient budgetary and financial operation, enabling the bank to focus more on strategy and less on tedious data management.”

Solomon also explored ING’s development of its Data Analytics Platform, which enabled the bank to increase ROI by optimising performance per euro spent. This platform also democratised access to data across the organisation. Solomon pointed out that “by making data accessible to decision-makers at every level, ING empowered their staff to make faster and more informed choices.”

Another success story in Solomon’s research was Infopulse Netherlands, which created an analytics real-time application. This application increased data processing speeds by up to 100 times for over 10,000 users. Solomon noted, “Infopulse demonstrated how DA tools could drastically speed up data processing and enhance decision-making, helping businesses make quicker strategic decisions.”

Despite these successes, Solomon’s research also identified key challenges that businesses face when using DA tools. Issues related to data quality and the integration of new tools with legacy systems were often cited as barriers. Nonetheless, Solomon concluded that the overall benefits of DA tools far outweighed these challenges. He believes that with ongoing improvements in data management and system integration, DA tools will continue to grow in importance and effectiveness.

In reflecting on his research journey, Solomon shared valuable advice for other Wittenborg students working on their final research assignments: “Be focused and agile, because it can be done. Be proactive in seeking and asking for clarifications from your supervisor before you go too far into a chapter.”

WUP 04/04/2025
by Erene Roux
©WUAS Press