Our Wealth Management Roundtable Event: A Summary

On the 20th October, we hosted our Wealth Management Roundtable event. Hosted in Qlik’s UK offices, on the 32nd floor of the impressive Tower 42 in London – it was a spectacular setting. Ruffer LLP’s Operational Risk & Control Manager, Stewart Lancaster, was our special guest speaker and the event was attended by representatives from various Wealth Management firms interested in understanding how organisations like Ruffer solve some of their most complex data challenges.

Becoming a data-driven organisation

Our Sales Manager Andy Patrick, started proceedings with a presentation on the challenges and opportunities faced by businesses in their quest to become more data-driven and effective in making decisions. Another key element Andy discussed was how companies can be more self-service orientated when they have access to the right tools, such as Qlik Sense.

We know that a key concern of our clients is the pressures they face in trying to balance the need for data security while also allowing their business the “freedom” to explore data in a meaningful way. This was another theme explored.

A Client’s Perspective

Next, Stewart took us through Ruffer’s journey of transformation over the last 18 months. Ruffer started out with a largely ineffective business intelligence system which had been developed in an old version of Qlik View (version 8). The company were struggling to achieve any valuable insights in the areas required: Key Performance Indicators, Key Risk Indicators and Key Control Indicators.

Stewart then went on to cover some of the challenges faced in implementing a new solution. Many of these centred on the cultural challenges experienced: the shift from an over-dependence on IT and Microsoft Excel does not occur overnight. Stewart finished by explaining the roadmap for the solution, such as expanding Qlik to include N-Printing, in order to get to the next phase of adoption.

Throughout, Stewart was highly enthusiastic and praised the level of engagement and support he has received from Ometis in helping transform the vision into a reality.

The discussion

Following Stewart’s insights, we moved onto our Q&A. Some fantastic questions were asked by our guests on a range of topics. Some centred around the uses and capabilities of Qlik in various business aspects including market risk management. Others focused on best practice and how to effectively tackle business challenges.

Following a lively and interesting discussion, we agreed the below approach:

  • Choose a use case that is small but high value
  • Deliver a proof of concept
  • Get buy in from stakeholders
  • Expand to other use cases

The session concluded with a great demonstration of Qlik Sense’s capabilities, delivered by Andy. This showcased all the capabilities of the solution and touched on many of its benefits as well as exploring some specific use cases such as the Wealth Management dashboard and some specific Ometis use cases showing the use of Qlik Sense in real world scenarios.

We had a fantastic day and want to say a huge thank you to our guests who we know got a lot out of the event. Also a thank you to Qlik for allowing us the use of their brilliant office space. We’re already looking forward to the next one!

You can find more information on how we can help support Wealth Management organisations here.

Scared about sharing your data? Your competitors aren’t!

Forget locking it away, here’s 5 reasons you should be sharing data outside your organisation

There are many businesses out there who are still to really get to grips with their data, and how they need to share this across their organisation.  I’m always banging on about how businesses need to do a better job of treating their data as a key asset.  It’s the hidden gem.  The golden egg.  Yet it often sits there, neglected…unloved.  With the potential to transform a business, but without the platform do so.

I’ve seen first-hand how a well thought through business intelligence strategy can drastically improve a business’s performance.  I’ve seen it open up new markets, drive operational efficiency, improve customer retention and ultimately deliver profits that were previously thought unachievable.

However, today’s blog isn’t aimed at those who are yet to begin their analytics journey; it’s focused at those who already have access to internal data, but who are missing the next big opportunity – sharing that information with a much wider audience.

1 – break down the barriers

Open your books.  Share your data.  Ok, so I understand that it sounds a bit scary, but many forward-thinking organisations can see that by sharing relevant information and data across the supply chain they are, in fact, entrenching themselves further into the hearts and minds of both their customers and their suppliers.  Supplying great analytics helps engender a positive and productive relationship.  After all, two brains trying to solve a problem is better than one.  Use the power of the collective human intelligence available to you – but make sure that all parties (both internal and external) have access to the data to make those decisions.

Become an indispensable cog in the wheel by opening up, not hiding away.

2 – gain a competitive advantage

There’s no getting away from this shift in commercial relationships.  It’s happening.  Let me be clear – if they are not already, then your competitors will all soon be doing this.  If you think it might not be a good idea, then you are already one step behind.

However, there may still be time to steal a march.  Talk to your key customers and suppliers about how you can provide data and share more analytic capability, and how they feel that could benefit your relationships.  Be innovative – you might just be surprised by the reaction!

As an example, a client of ours recently won a large tender with a supermarket.  The supermarket’s decision to award them the contract was driven in no small part by their ability to demonstrate that they could provide access to accurate, timely data to support both production and sales workflows across that supply chain.

The other competitors couldn’t provide this.  Need I say more?

3 – open up a new revenue stream

Once you’ve come to the conclusion that you would like the capability to deliver information to your customers and suppliers, the next thing is to consider if that access can be monetised.  It’s certainly not the case in all situations – often there is a different need to share data (such as winning the business in the first place), but there are also many use cases where you may be able to charge a fee to access that data.

For some of our customers their business model is specifically driven by this approach.  They have developed a unique offering in their sector, where they can provide (paid-for) access to data which gives insights to their customers.

4 – learn and evolve faster

There is no better way to understand how you can improve your products or services than sharing information.  Is there a gap in the market?  Should you open more stores? How can you attract more clients with specific attributes?  These questions are the typical hunting ground for most board meetings.  Looking for those opportunities to grow and develop.

Unfortunately, opportunities are often lost because there’s simply not enough data available to support the decision-making process.  All too often it comes down to gut feel.  For some, this can work well, but business is littered with those horror-stories of people who took a gamble that didn’t pay off, or those that rue the opportunities they missed that their competitors didn’t!

By sharing data, you will be able to make those decisions with a much greater level of analytical support.  Ok, it’s not going to be a magic bullet, but at least you are going into those opportunities with your eyes open rather than your head buried in the sand.

5 – move with the times

We live in a new digital age.  We are impatient, demanding, and if we can’t get what we want we will move on to another supplier quickly.  Workers are used to modern tools – mobile apps, cloud solutions, seamless integration of systems and processes.  Modern fridges can now re-order products for us.  Modern cars can drive and park themselves while communicating to other cars around them.  The same modern approach is true of our expectations around data and analytics when interacting with our customers and suppliers.

Take the rise of FinTech as a good example.  Targeted at millennials, they provide banking and finance solutions that rip-up the rule book.  Starting with a blank canvas (but a lot of data) they are able to consider their market differently to the traditional institutions.  They have become a disruptive force.  Building focused solutions for a new generation, who are demanding a modern approach.

Data and analytics is right at the heart of this.  Those new FinTech companies use vast quantities of data to make sure their products are working effectively for their customers, but they are also sharing a level of analytics with consumers never before seen in that market.

Let me put this differently.  How many of you reading this have a bank who would consider themselves ‘modern’ because they now offer you a digital bank statement and a mobile app to check your balance?  Probably most of you.  What if your bank offered you access to a platform whereby you could get access to full portfolio analysis across all of your accounts, savings and investments?  Better understand spending patterns, market forces and how other products and services could help improve your returns.  All of this on a modern, dynamic platform that can be accessed from any device at any time.  Doesn’t that sound better?

Now consider your business.  Which category do you fall into?  Those millennials are no longer just the workers.  They are today’s purchasers, managers and directors.  They are demanding a modern approach and you need to move with the times to satisfy them.

If you are still not sure…read point 2 again.

How can we help?

As the UK’s largest, dedicated Qlik consultancy we spend our lives implementing these modern analytics platforms for our customers.  Many of those customers are still focussed on internal reporting – which is certainly an area to be addressed first.  It makes perfect sense to ensure your own workers, managers and directors have access to a comprehensive, intuitive data analytics platform before you open that up to your customers and suppliers.

Many of our customers have already reached that point.  They are the ones who are innovating in their sector, by sharing data, information and insights to a wider, external audience.  They are also the ones who are seeing the biggest growth in their markets.  Winning more contracts, adding more customers, working more efficiently.

The Qlik Platform is able to deliver industry leading business intelligence solutions for the complete range of use cases.  Structured dashboards, governed self-service analytics, mobile solutions, custom portals, embedded analytics, or content distribution – no problem.  Whether the consumers of that information are internal or external, Qlik has it covered.

Want to read more about just how ‘industry leading’ Qlik is?   Then read my blog on this years’ Gartner Magic Quadrant.

If you’d like to talk to me, or one of our team about how we could help you to deliver enterprise quality internal and external analytics, then we’d be happy to help.  Please check out our other blogs and our website for lots more information and additional ways to get in touch.

If nothing else, I hope this article gets you thinking about how attractive working with your business is to your wider supply chain of customers and suppliers.  Could you do more to innovate and develop those relationships?  Would that help take your business to the next level in your sector?  Food for thought…

Thanks for reading,

Ross Greig

Managing Director, Ometis – Elite Qlik Solutions Provider

ross.greig@ometis.co.uk

0330 363 9900

http://www.ometis.co.uk