Outsourcing Reporting Function - Smart Decision

Large organizations with huge reporting requirements have been traditionally outsourcing the report production services. Report production is considered non value added. The basic analysis of the reports are also outsourced, so that the organizations don't waste their valuable resources into these routine mundane activities. To illustrate, Nielsen does reporting function to large corporates in US through their ACNielsen Retail Measurement Services

If reporting function can be outsourced, why do some large corporates still do these functions manually, internally deploying their knowledgeable resources? Is it not beneficial to have these reports done by companies such as Nielsen while the corporates focus on analyzing reports and making meaningful decisions.

GE used to enforce six sigma rigor on their IT suppliers, forcing them to reach above 4.5 sigma still maintaining costs. Similarly, corporates could force the outsourced vendor to automate reports over time and then in-source them or have it outsourced for a fraction of the original cost when they used to be manual task.

Analytics Initiatives in Financial Services

Large financial services companies have similar analytics efforts being carried out by various departments for achieving their own objectives. However, the teams have to work together and sync up periodically to learn best practices from each other. It must also present a view of how these efforts are complementary yet unique and how they all collaborate to meet the overall corporate objectives. One of the ways to present these initiatives to the senior management could be as follows:

Initiative A: Who to target?: This model may define the audience to target based on their perceived potential

Initiative B: How to target?: This model may define the best possible ways to reach to the target audience, like the most effective channel

Initiative C: When to target?: This model may define when is the right time to target; e.g. targetting when someone has a baby with a life insurance policy

Initiative 4: What to target: This initiative may define the best product to target with

Initiative 5: Where to target: This initiative may define the best possible location to target them; is it their home computer or a branch near their home or on their mobile phone.

What is your Brand?

I recently heard the following conversation in CNN after the US presidential poll results.

Reporter: When I ask my 4 year old son and 9 year old son on what Obama stand for, both mentioned "Change". When i asked them what McCain Stood for, they didn't have any answer. They did not know. Even i do not know"

This struck a chord in me... Obama was repeatedly conveying a message in simple term, that people could relate to. That word meant Miracle in Work.

What can banks and insurance companies learn from this episode? Its Brand message in simple words. If i ask your customer, what your bank stands for, do they have a simple word to explain, instead of blinking or telling a long story. Can they say "My friend in need" or 'Advisor" or "My Pal". If they can't say something, you say it repeatedly in your messages and then they will repeat it. That's what Obama did. He kept saying Change. Now people say he stands for Change. We will wait and see what Change he brings in. Are they real changes or just minor aberrations that will be dissolved over time.

Segmentation in Financial Services

I will be thrilled to read the case studies of segmentation strategies effectively deployed by Banking, insurance and investment banking firms.

What can i do with so much data?

In large organizations, various departments buy data for various reasons. The people who buy the data potentially don't understand how those data can be used across the enterprise. In such scenarios, either some of the data is potentially not put to use or the other department buy the same data from elsewhere. How can you solve this problem?

You need to have some specialists within organization, who act as data specialist and analyze all the data that is being bought and see how the data can be used by other departments. Also, they need to hold meetings and communicate within the enterprise and provide sample data.

In this world, data is power.