Advanced Analytics: Speeding Time-to-Insight to Gain a 360-Degree View of Customers and Improve Business Processes
Improving Processes and Speeding Time-to-Insight with Advanced Analytics About the Client The client is a Fortune 500 financial services firm, based out of Canada. The client is well-known for offering a wide range of financial services that cater to the varying needs of industries. The Business Challenge The rising volumes of data are inextricably linked [...]READ MORE >>
Improving Processes and Speeding Time-to-Insight with Advanced Analytics
About the Client
The client is a Fortune 500 financial services firm, based out of Canada. The client is well-known for offering a wide range of financial services that cater to the varying needs of industries.
The Business Challenge
The rising volumes of data are inextricably linked to the rapid pace of change and innovation in every industry. Organizations today possess a gold mine of information about their customers and business processes, but tapping into these resources to extract insights seems to be an uphill task. However, advanced analytics techniques and big data can help businesses to enhance efficiency, drive innovation, reduce risks, and improve customer experience.
Competing in today’s digitally oriented world means being able and willing to adapt to evolving market trends. This involves making the best possible use of organizational datasets through the use of sophisticated analytics models. With similar intent, the client- a financial services provider approached Quantzig to leverage its advanced analytics expertise to optimize the customer service operations of its cards’ division. The company had several service centers set up across the U.S, Germany, and Canada with 1000+ customer service representatives handling millions of calls per year to address customer queries about a broad range of financial services and key offerings. The influx of such massive datasets brought in new challenges and threats. Hence, they wanted to integrate advanced analytics throughout their business processes to bolster data security and mitigate risks.
Top Challenges Faced by the Financial Services Firm
Problem Statement 1
Fragmented databases and business processes reduced the potency of their data management system, due to which the client was suffering from a siloed data environment that required significant manual intervention in day-to-day business functions.
Problem Statement 2
The second major challenge was to integrate advanced analytics techniques throughout their business processes and set up a robust data management platform to effectively manage customer service KPIs, reduce manual intervention, and optimize the operating costs.
Problem Statement 3
As the interim goals were met the challenge now intensified and moved on to improving customer experience and loyalty. To address this challenge the client was looking at synchronizing service offerings across multiple channels and customer touch points by leveraging advanced analytics techniques and data management solutions.
Although the financial services provider was willing to invest in state-of-the-art technology to improve business outcomes, the company lacked the appropriate outcome-focused, advanced data analytics methodologies, and insights to determine suitable investments and drive revenue.
Through advanced analytics and digitalization, businesses are revolutionizing the way they operate. We have created entirely new methods for engaging customers—illustrating the disruptive power unleashed by comprehensive digital transformations and analytics.
Solutions Offered and Value Delivered
The solutions offered were divided into the following phases:
In the initial phase of this engagement, we offered dedicated data management support to build a robust foundation for advanced analytics and reporting.
The second phase involved the setting-up of cost-benefit analytics processes to handle business requests with an outcome-focused approach.
In the third phase, we embedded advanced analytics into their management information system (MIS) framework to deliver meaningful insights and build a robust feedback mechanism.
The true success of this advanced analytics engagement revolved around introducing advanced analytics techniques and predictive sciences to address the client’s challenges. This was achieved only by complementing technological prowess with a robust data management approach. Also, the advanced analytics framework aided proactive decision-making and helped the client to enhance the end-to-end visibility of their customer journeys. Ever since Quantzig has maintained a working relationship with this client, managing their key business processes across key business functions such as marketing, risk, and operations through the application of predictive sciences and advanced data analytics.
Over this period, the customer service operations team has grown by over 50%, taking on additional processes and project areas. Additionally, by identifying the right data sources and by leveraging advanced analytics techniques our experts were able to help the client resolve their issues in a very short span of time. Quantzig has delivered close to $50 million in cost savings through collaborative business projects and sustained thought leadership for advanced analytics and other big data approaches. A reduction in cycle times and enhanced information management system proved to be a key driver of business efficiency by helping them cut down on their data management costs. Also, fewer defects were reported due to enhanced agent proficiency and call elimination through self-service augmentation.
What is Advanced Analytics?
Advanced analytics is an umbrella term for several sub-categories of analytics services that work together in their predictive capabilities. Advanced analytics solutions include predictive analytics, big data analytics, and other data mining techniques. Being a data science methodology advanced analytics techniques focus on projecting future trends and behaviors. This empowers organizations to perform advanced statistical analysis by considering ‘what-if’ scenarios, as well as future-proof various aspects of their business operations.
Quantzig offers a complete, turn-key approach to define, implement, and support a wide range of advanced analytics solutions. We combine our analytics and subject matter expertise with best-in-class advanced analytics methodologies to ensure timely completion of our data management initiatives. Our advanced analytics solutions help drive business value, thereby helping our clients meet their ROI expectations within a short span of time.