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by Rui Cardoso
06 June 2023
Smart Data Foundry: Empowering informed decision-making through real-time financial insights

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Smart Data Foundry: Empowering informed decision-making through real-time financial insights

In today's rapidly evolving world, where data has become the lifeblood of progress, there is an ever-increasing need for reliable insights to drive informed decision-making. 

The ability to access and analyse vast amounts of data can revolutionise our understanding of complex challenges and pave the way for innovative solutions. In this regard, Smart Data Foundry has emerged as a leading force, spearheading the mission to unlock financial data's power and transform how we improve lives and shape our societies.

Smart Data Foundry is a mission-led organisation at the forefront of a paradigm shift. Our purpose is clear: to inspire financial innovation and enhance the lives of individuals by harnessing the potential of financial data. 

We have established a collaborative ecosystem that empowers decision-makers to leverage data-driven insights for transformative change by forging partnerships with the public, private, and third sectors.

One of the primary motivations behind the creation of Smart Data Foundry was the realisation that critical policy decisions and strategic actions are sometimes made based on limited or outdated information. 

This lack of comprehensive and real-time data undermined the efficacy and impact of these decisions, impeding progress and leaving vulnerable populations at risk. Smart Data Foundry sought to address this gap by developing interactive dashboards that provide near real-time insights into the dynamics of the financial landscape.

Smart Data Foundry's data-sharing partnerships provide unparalleled access to a wealth of financial data, including a weekly feed of transactions from 1.2 million current accounts across Great Britain through their key partnership with NatWest Group (NWG). This aggregated data allows for the categorisation of income, financial commitments, and essential expenditures every week. 

Furthermore, with the capability to segment the data by geography, age, and sex, Smart Data Foundry equips decision-makers with detailed insights to comprehend the effects of policy interventions on diverse demographic groups.

The importance of such insights is vital to enabling strategic interventions, particularly when it comes to highlighting the experiences of vulnerable and low-income groups. By delving into financial data, Smart Data Foundry can shed light on the challenges these marginalised populations face, amplifying their voices and paving the way for more inclusive and equitable policies.

The impact of policies and interventions is more expansive than their initial implementation. Smart Data Foundry's interactive dashboards play a crucial role in enabling the public sector to understand and measure the effectiveness of these policies over time. By providing regularly updated insights and the ability to analyse data weekly, decision-makers can assess the outcomes and consequences of their actions. 

This retrospective analysis allows for a comprehensive understanding of the long-term impact of policies, facilitating evidence-based adjustments and refinements for continuous improvement.

In recent times, the world has been hit by an unforeseen crisis—the sharp spike in inflation and energy prices—that has left governments and local authorities grappling with its socio-economic ramifications. Consequently, local authorities face the arduous task of adapting to these challenges and making informed decisions promptly. In this scenario, the role of data and actionable insights becomes paramount.

Smart Data Foundry has developed the Cost-of-Living Dashboard, recognising the urgent need to support local authorities during this cost-of-living crisis. This powerful tool integrates near real-time financial well-being indicators with contextual information, providing local authorities with a comprehensive understanding of the difficulties faced by their citizens. 

Armed with this knowledge, local councils can make more informed decisions and allocate resources where they are most needed, ensuring that their actions have a meaningful and positive impact on the lives of their constituents.

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