07 Jun A custom solution for data reporting and consolidation
In complex insurance events, a number of businesses and other organisations often have to work together and share data. For example, following the Christchurch earthquakes in 2011, insurance companies partnered up with project management firms to collaborate on repairs, claims and costs. In situations like this, making sure that everyone’s looking at the same data and viewing the same reports is essential. It’s crucial to avoid confusion as there’s a lot at stake, and what it comes down to is confidence that the data being shared and analysed by both organisations is accurate.
In the case of some iViis customers, stored all the necessary data but categorised in ways relevant to their internal business processes. Other companies would store theirs a different way. The outcome would be that an analyst in one company might see a particular set of data as applicable, but the corresponding analyst in the other company might not.
If they’re analysing and reporting on different sets of data, the impact on both businesses and their customers can be damaging. That’s why it’s so important that they’re on the same data page. Not only that, but knowing that the data being shared is accurate helps streamline businesses processes between organisations, so that each has a clear picture of what’s been accomplished, and what still needs to be done.
An effective data reporting and consolidation tool will mean that everyone using it can see where the data has originated from. It’s still open to interpretation – the old ‘glass half empty or half full’ analogy – but analysts from both businesses can still be confident that what they’re looking at, and the reporting mechanism used, originated from the same place.
The consistency of the data and reporting means that all the businesses using and sharing it benefit from reduced errors, and increased business efficiency. For example, KPIs can be run to establish salary premiums as incentives for achieving project goals ahead of time. Departments can share data between them to analyse how any given project is going, and what its status is. Everything is aligned.
iViis offers a customised reporting and data consolidation service to help organisations achieve this alignment. Using the power of the cloud, it sits over the top of the different organisation’s systems, extracting and consolidating the relevant information.
It’s not part of our standard ViisConnect product, but a customised solution where we meet with stakeholders from all organisations involved to get a clear idea of their individual requirements. That way we can tailor a solution that benefits both businesses by making sure that their data is aligned. We give them one view of the data, and one location where it’s stored securely and can be easily analysed by all parties.
If your business is sharing data with another and is looking at powerful consolidation and reporting, talk to us about how we can help. We’ve got it covered.