Financial Services

Modern BI

Financial Services Firm Improves Data Governance with Power BI

Accuracy is crucial when it comes to managing money – especially when tackling hundreds of millions of dollars in annual revenues. A U.S.-based financial services powerhouse monitors its money and operations with precision, but the complex process was recently on the verge of becoming a major headache. The company’s services division handles all efforts from the consumer banking department, including checking, loans, and wire transfers. To better understand the function and performance of each department under its umbrella, the services division was tracking over 600 metrics manually every month. As the company grew, so did the data – adding more complexity.

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The services division needed an automated system to easily access report metrics, assist in executive decision-making, establish benchmarks, and to calculate various costs. The company partnered with BlueGranite to design a custom solution to fill those needs.

Employees here were collecting endless files of data from every department, then manually entering it into a homegrown storage system before loading it into another database for further review. This pushed data out in another file format, ultimately creating a confusion of reports that were challenging to understand and offered little insight.

Manually updating and tracking thousands of lines of data was unmanageable and unsustainable. The long, tedious process yielded little insight; some reports were outdated and featured unnecessary metrics.

Working with the services division, we created a standard data collection process that reinforces data governance strategies before building and implementing a modern data management framework based on Microsoft technologies.

The architecture, which incorporates Microsoft Azure and Power BI tools, replaces nearly all of the original infrastructure. A new, semi-automated, cloud-based database quickly feeds company metrics into custom Power BI dashboards. The executive team has easy access to regularly updated reports that include summary pages for high-level planning. An example of the modern environment is shown below:

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Thanks to dashboards that provide daily and monthly metrics, the company can now see trends over past months, drill down into deeper detail, address failures, and get a better idea of how each a department is performing overall. Additionally, since the new reports take so much less effort to produce, some team members can now dedicate more time to continuing improvement, taking on projects the firm didn’t previously have time for.

Want to learn more about how BlueGranite can help with your enterprise BI needs? Contact us today!

How We Did It

  • We designed and implemented a data mart in Azure SQL Database to organize the client’s metric-gathering process in a meaningful way, for effective future analysis.
  • BlueGranite experts defined a series of Power BI reports to consume the client’s metric data to aid and inform executive leadership team decision-making.
  • We illustrated a business process designed to ensure critical services division data is regularly updated.