Modernizing Data Analytics
Future-Proofing Critical Analytics During a Major System Migration
Learn how a financial services leader future-proofed its core analytics capabilities, increased user adoption, and advanced its capabilities.
Data Analytics Modernization Success Story
Learn how a Financial Services leader successfully transitioned, modernized, and advanced their analytics capabilities during a time of significant change.
When migrating from a particular servicing system to another — such as ERP, billing and payment systems, and CRM — organizations must often rebuild their critical analytics and reporting, while struggling to integrate content from the current and former applications.
Utilizing Lightwell’s data integration methodology and business intelligence expertise, Lightwell’s client—a leader in Commercial Auto Lending—established an integrated data environment to ensure core analytics would not be impacted by system changes or migrations, increased user adoption, and advanced its overall analytics capabilities.
Typically, organizations employ a variety of systems to operate their business and service customers (e.g. billing, payment processing, loan collection, etc.). These systems are often purchased from technology vendors, who, to improve performance and keep pace with new business practices, introduce significant changes to content. Similarly, organizations may, over time, replace their legacy servicing systems with newer, more flexible applications from other vendors.
In either case, the resulting change in content and data structures may break existing analyses and reports. How could the Commercial Auto Lending leader ensure its operational analytics would not be handicapped by significant changes to its operational systems?
By implementing standardized, master data structures to support analytics, the company’s IT team insulated business users from content volatility and ensured ongoing, integrated analysis of current and legacy system content.
685 Master Elements
offering an integrated, standardized perspective of dealers, credit facilities, and vehicles
98+ Million Records
reflecting historical retail and commercial credit performance across the entire repayment lifecycle
to support self-service, interactive analysis of credit and borrower KPIs
Business Challenge: Changes Are Coming... Ready?
The Commercial Auto Lender utilized a third-party system to service its dealer floor plan portfolio, which was experiencing explosive growth. To minimize credit losses and ensure continued expansion, the company was becoming increasingly reliant upon a growing number of analyses.
However, their vendor had forewarned the company:
A significant, compulsory change in the servicing application would be introduced within the next 12 months. The company recognized that the analyses on which it was becoming reliant would likely need to be rebuilt once the new system was introduced.
The emerging analyses were being designed to consume data directly from the servicing system. Therefore, any changes in the system’s data elements, structure names, and/or structure compositions would render their existing analytics inoperable.
Further, the company knew that once the new system was introduced, there would be no elegant method of co-analyzing historical and forthcoming content.
Analysts would need to stitch together from results multiple analyses.
As the company’s inventory of analytics increased, so too did the amount remediation that would be required. The company sought Lightwell’s assistance to preserve their analytics, mitigate rework, and improve their resilience to ongoing system changes.
Transformation: A Fortified Data Environment
The company sought an efficient, durable method of insulating its analysts from potential instability within its source system environment. They chose the Lightwell Data Analytics Team to implement the solution because of their deep experience with credit data, their automated generation of critical data architecture, and their ability to quickly propose a proven data model to support best-practice credit analytics.
Utilizing a team of multi-dimensional experts in technology and finance:
Lightwell promptly proposed the master data structures that would properly support broad portfolio analysis. Lightwell then designed and deployed the architecture to collect, document, transform, and model data from the two instances of the servicing system.
To accelerate adoption of the new, master data environment:
Lightwell remediated the company’s initial analytics, converting them to a suite of modern, interactive dashboards. Lightwell supported the development of follow-on analyses with a variety of online, interactive metadata resources, training curricula, and hands-on development.
Results: Future-Proof Analytics
Improved IT and Business Collaboration
The data analysis undertaken by Lightwell to integrate the system instances into the master data structure significantly improved the IT’s understanding of the system’s operation and content.
Improved adoption and usability
The rich collection of metadata, user-friendly data models, and modernized business intelligence dashboards increased user adoption and self-service analysis.
Nimble Accommodation of System Changes
Though the company’s vendor continues to introduce quarterly system updates, the impact to analytics has been mitigated. Further, the company is now positioned to accommodate data from future portfolio acquisitions.
Advanced Business Intelligence capabilities
To properly leverage this rich collection of data, Lightwell assisted the company with the selection and configuration of its Business Intelligence toolset and developed hundreds of dashboards and reports.
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