Brokerage Firm Gains 5% Revenue Increase with Teleran Data & Analytics Optimization
Company Increases Brokerage Commissions by 5% by Identifying Analytics Best Practices – Case Study
Data and the analytics have become a critical part of every successful business. But most will agree that they are just scratching the surface of the value they could generate if those systems were used more effectively by the business. Understanding and improving the use and effectiveness of data and analytics remains a big challenge for most organizations. It’s about more than just understanding the underlying data, how it gets accessed or how the system is performing.
Teleran’s data and analytics optimization solution tracks, analyzes, and makes visible how business users interact with their analytics and data on premise and in the cloud. The objective is to identify how the business users can improve and extend the impact of their analysis to meet business objectives. What follows is a great example of how we have worked with our clients to build more measurable benefits to the business including getting more revenue, better customer service, lower costs or improved margins.
How a Brokerage Firm Increased Money Under Management
One of our clients, a US-based brokerage firm with 15,000 brokers and 2 million retail accounts, had invested heavily in an enterprise data warehouse. They leveraged leading analytical and visualization tools such as Tableau and Oracle Analytics to enable their brokers to better analyze their customer data to increase sales. The problem was they were not getting the business improvements they expected.
They called on Teleran to help them understand how their analytics and data were being used. Teleran worked with the analytics staff to correlate their business KPIs with analytics and data usage metrics that the Teleran software collected and analyzed. They decided to look at the top 10% of their brokers and how they leveraged their data and analytical applications to drive more money under management (MUM), a primary business KPI.
Identifying Analytics and Data Usage Best Practices to Drive More Business
We evaluated the usage patterns of all the brokers. With the statistics gathered, we identified the analytical behaviors top brokers used to drive more business. From that process, the client identified best practices analytics and data usage and developed a broker training program and ongoing measurement process using the Teleran solution. The training program was rolled out over several months across their broker community.
Comparative Broker Performance
More Effective Data/Analytics Usage Correlated to An Increase in Money Under Management
Quantifiable Business Results
The results were truly gratifying for our client. Within 12 months, the bank increased MUM by 5%. For a company of this size that is a huge amount to have moved the needle. It was a very material improvement that shows the power of data and analytics, when optimized, can deliver quantifiable business results. This was a very instructive process for our company as well. We have worked hard to expand the practice of optimizing data and analytics to drive measurable business results for a wide range of companies including pharmaceuticals, insurance companies, consumer packaged goods firms.
Nathan Roseman is CEO and a co-founder of Teleran Technologies, Inc. Prior to Teleran, Nathan was a founder of Mosaic Investments, Inc., an investment management company that consulted to leading investment firms and technology companies. Nathan was also President of NMI Networking Services, a network software and services firm and the founder and CEO of LAN Services, a nationally recognized leader in network systems and vertical market applications. Nathan can be reached at firstname.lastname@example.org