This new tool has the potential to slash the amount of time it takes for a business to gain insight into its critical data.
Barclays has launched the SmartBusiness Dashboard, a tool that harnesses open data to give SMEs the control to manage their own data all in one place.
This new tool uses APIs, and it will collate important business statistics and other information into a system of charts to provide transparent insight in real-time.
Half a million Barclays business customers will be able to choose to use the new open data tool, and it will be directly accessible from a tab within online banking.
When using the new open data dashboard, online banking could be accessed while also factoring in product sales data and staffing data, for example. This is intended to streamline processes through enhanced visibility, having previously required multiple applications used separately.
The bank’s move to provide this tool aligns with a growing trend of building services that combine important data within a single interface to improve business management and enhance decision making.
Ian Rand, CEO for Barclays Business Banking said: “This is a significant step in transforming day to day banking- meaning SMEs can see everything about their finance and data about their business in the one place through Barclays online banking. Busy business owners shouldn’t have to spend time sorting through different spreadsheets, reports or switching between apps – we’ve created a tool to give businesses time back – and this is an efficient way to run and grow their business.”
Companies such as Microsoft and Infor are introducing new platforms that harness cloud technology to provide the enterprise with an all-encompassing viewpoint.
“In giving businesses the choice to import their data and working closely with partners through the platform, we believe this is a game-changer and will boost competition. No other bank is offering this to businesses. Crucially, if you are a business owner this is a safe and easy way to access a range of data about your business, putting control firmly in the hands of businesses,” said Rand.
Cutting edge technologies are striking up a wave of disruptive change across the full spectrum of industry, AI is set to have the biggest impact throughout the next decade according to Gartner research.
James Gage, Founder and Managing Director at Natural Tile, a luxury tile supplier based in Norfolk, said: “Through Barclays SmartBusiness Dashboard I’m able to see all my business data in one place, including accounting and website traffic alongside my bank information. Not only does this give me a better picture of my business performance and help me to manage my cashflow more efficiently, but it also frees up my time to focus on running the business. I used to spend 20 minutes reviewing my business data and finances each morning – it now takes 5 seconds.”