In this Xeppo Case Study, ümlaut uses a holistic IT management approach to consolidate our client’s data and provide tangible, profitable outcomes.
ümlaut was approached by a client who sought to bring together data from many different streams. This particular client approached us needing a more consolidated view of their data. They had their customers’ data spread out across several source systems and were finding it challenging to get a universal perspective.
Besides having their data across multiple sources, the data in each system was different as they had not all been updated when customers changed their address, phone number, email or other details.
This made it very difficult for the client to find business-critical information like who their top customers were by revenue. As a result, the client was missing valuable sales opportunities.
Manual attempts to produce consolidated reports and views took days to put together and were often out of date before the client even had a chance to speak with their customer.
ümlaut followed six steps to introduce a holistic IT management plan:
- Using Xeppo software, the ümlaut team was able to connect each of the clients’ source systems to a central database. Once all the relevant data was integrated into a central system, each customer was matched using specific data such as TFN, ABN, address, etc.
- All fees received from each customer were then consolidated and also split into relevant categories so it was clear to the client where the revenue was coming from.
- The client was able to easily see where their revenue came from and which of their services were not being used.
- The data having been updated each night then had a series of predefined queries run across it to highlight possible opportunities.
- These opportunities were then added to the built-in CRM (which the client didn’t currently have) to be followed up on and progress monitored.
- Using a connector to MailChimp the client was now able to target customers using clean data to get information to them in the form of a newsletter or advice note at short notice.
The client was able to:
- Gain a consolidated view of data from multiple source systems
- Identify and act on valuable sales opportunities
- Identify their most popular and most profitable services
- Identify unpopular services
- Target advertising only to relevant customers
- Provide customers with relevant information at short notice
- Easily find customer details
In this case study, ümlaut uses XPLAN Connector to drastically reduce the amount of manual data entry a financial advisor needs to do to capture, collate and secure data stored in old filing cabinets.
The client, a financial advisor, was taking on huge amounts of manual data entry to ensure all relevant documents and data were entered into XPLAN. The advisor was concerned that over the last seven years, thousands of documents had been filed in dusty old filing cabinets and there was no sure-fire way of knowing whether all of the data was in XPLAN.
There was also a concern about data gaps in XPLAN, for which the missing data might have been in those filing cabinets.
To top it off, the advisor could not guarantee the compliance of all the documents. They might have been handled by many different employees over several years and with no audit trail in place, the advisor simply couldn’t be sure they were compliant. With ASIC getting serious about compliance, all financial and wealth advisors were under the microscope. What this meant for the client was that seemingly small data handling issue could have big legal consequences.
ümlaut was able to implement software solutions to help the advisor’s firm avoid manually inputting large amounts of data.
- ümlaut set up a software connector between the advisor’s scanner and XPLAN. The advisor was then able to scan all relevant documents into the system where they were filed under the correct client’s account.
- The documents were checked during the scanning process to ensure that all relevant fields had been completed and that all required signatures were present. A report was produced daily to show how many forms had been scanned and how many were potentially non-compliant. This report allowed the advisor to recheck any documents that fell into this category.
- The data from the documents was also automatically extracted from the form and inserted in to XPLAN in the correct fields, removing the need to manually type information in. This removed the problem of data gaps.
- Once the data was in XPLAN it automatically kicked off any relevant workflows within the system such as creating and sending out relevant return documents to clients.
The client was able to:
- Fill data gaps in the system
- Ensure all documents were compliant
- Save a huge amount of time on manual data entry
- Remove potential for non-compliant documents
- A more efficient data entry scheme meant the advisor didn’t need to hire extra staff for their growing business
- Current employees were saved mundane data entry jobs and could focus on client relations
In this case study, a financial advisor struggles to collect relevant and verified information from their clients. ümlaut is able to digitise their manual form processing to save the advisor time and ensure data integrity.
A financial advisor was using paper forms to collect client data with a number of problems:
- The forms took a long time to complete and were tedious for both the advisor and their clients.
- As the forms were filled in by hand there was nothing to ensure all questions were completed.
- Parts of the form were frequently left incomplete and therefore important data was not collected and added to the client’s account in XPLAN.
- Many of the forms were not signed by the client, meaning there was no assurance that the data collected was correct.
ümlaut was able to digitise the process to ensure all relevant data was collected in an efficient, timely manner. This is what we did:
- Created an electronic form that mirrored the old paper one
- Ensured all required fields had to be completed before moving on to the next question
- Used electronic signatures to ensure the document was verified before being submitted
- Had the documents attached to the clients’ files in XPLAN
- Automated the extraction of data from the form into relevant fields in XPLAN
- Automated an email to the client with their copy of the form
The client was able to:
- Reduce manual data entry for the firm and the client
- Automate workflow in XPLAN ensuring that the next steps were taken immediately
- Automatically send the client a copy of their form
- Ensure that all relevant data was collected
- Ensure all forms were verified by the client