KEY BENEFITS
Increased Productivity
Enhanced data quality and having a central system of record, will enable us to produce faster and accurate compliance and regulatory reporting. This will also help us to get more time to review our submissions. The BI initiative can also enable early warning signals in case of any deviation in relation to compliance.
Reduction in the Financial
A better data quality and also data integration linking multiple systems, will help to audit and report on end-to-end transaction flow from a single reference point. The main reason for financial write-offs (apart from credit write-offs OR capital erosion due to wrong investments OR bad risk modeling etc.), is inability to reconcile linked financial transactions across multiple systems, due to mismatching codes etc. A BI with data-integration will enable a better financial reconciliation OR at least a root-cause analysis.
Maximizing Customer Satisfaction Index
Customer satisfaction is the buzzword with media and the CEOs. A BI initiative, allows you to track the customer touch points across multiple systems, to have an end-to-end view of customer interaction. Secondly, by using data-warehouse for enterprise reporting, you can share a single version of truth with the customer. By using BI, you can also track the organizational performance on various customer sensitive parameters (TAT on delivery, TAT on support call, TAT on customer query).
Enhance Sales Revenue by Cross-sell and Up-sell
Along with providing a single customer view, BI can also provide the data for business modeling of customer profile and product affinity analysis. With both these enablers, the organization can train the contact centre executives, customer service executives, sales staff and marketing staff (for leads and mailing campaigns), to go for cross-sell and up-sell.
Exposure Management
BI provides an end-to-end customer relationship by providing single view of the customer. This enables business to do the risk profile, de-dupe multiple customer records of the same customer, manages the exposure to the customer etc. This avoids financial loss.
Better and Clear Assessment of Non-financial Revenue and Costs.
In a typical board meeting, a CEO can get many different versions of sales revenue and costs. Finally, CEO has to rely on the CFO for the costs and revenue. However, there are genuine versions of sales revenue and costs, which a CEO must know.
These pipeline versions are:
- • Business ordered by the customer, but not yet processed.
- • Returns done by the customer (negative revenue), but not processed.
- • Costs incurred by the company, but invoice not received.
The systems carrying the information on these revenue and cost pipelines, are typically field and non-core systems, which are managed with lesser attention. BI enables us to integrate data across the core and non-core systems, and allows us to reconcile the financial figures and yet to hit figures. This helps the business to do better projections and take more informed decisions.
Customer Management
BI allows you to do various analytics and data mining tasks like churn analysis, affinity analysis, customer segmentation, customer value and profitability analysis. This enables higher customer retention and segment-based products and service infrastructure (For example lower cost services for lower value relationships.)
Employee Headcount Reduction
The number of people involved in MIS and Analytics will reduce, as BI will increase the productivity and accuracy.
Increase in IT and Business Process Productivity
Using Master Data Management, Metadata Management and ETL, one is able to pro-actively address many data related issues, which helps reduce the load on IT and business to do reconciliations and production issue management. These repositories and capabilities (master data, meta-data.), will reduce the data modeling and system design efforts. For example IT does not have to design master tables like customer master, supplier master from zero-base, as they will be documented in the meta-data repository.
