Formulate a Data & Analytics Roadmap for Acquisition Growth Strategy
A medical professional liability insurance company with clients and services spanning the U.S. that specializes in underwriting policies for physicians, dentists, advanced practices, clinics, and hospitals.
The firm looked to strategic acquisitions to bolster growth. However, acquisitions presented challenges such as consolidating the customer base, cumbersome data integration, conflicting master and reference data, and impaired data accessibility. To solve these issues—and create and extract unrealized value from old and new business operations—the firm needed a partner.
Ironside’s Advisory team was called in to partner on a Data & Analytics Roadmap to chart the firm’s growth, establish enterprise-wide data governance, and create an improved data integration framework that allows new acquisitions to continue independent operations. The partnership consisted of four parts:
Develop a portfolio of use cases with business stakeholders to get a comprehensive view of how data is used to support processes, analytics and reporting
Assess current data & analytics maturity, understand the firm’s ideal state, and focus on questions of who, what, why and when in regard to firm’s use of data & analytics
Identify Focus Areas
I.D. data integration and data modeling as pain points based on use cases, and delineate well-defined data governance and master data management (MDM) as solutions
Use data governance and MDM to define standards for data quality, data integration and data modeling to optimize information for party, policy, claims, and billing
Formulate a roadmap that cross-references use cases and pain points to lay out a step-by-step plan to enhance flexibility and continuity of data infrastructure and create new analytics capabilities
Establish data governance to mold relationships between people, processes, and technology
Revolutionize M&A Data Capabilities
Engineer framework for focused data governance and MDM to unlock a wealth of synergy for the client and their acquisition growth strategy
Create foundation for long-term, scalable data integration and standardization of all operations
Enable enterprise-wide analytics, streamlined processes, and decision automation
KEYS TO SUCCESS
By leveraging data governance and MDM, the firm established a repeatable methodology to integrate and standardize data across multiple business lines. They were able to:
Introduce new data entities and stewardship into the data governance model
Focus on the delivery of high-quality data
Promote a single version of the truth through Master Data Management (MDM)
Leverage a centralized MDM data model with scalable analytics and reporting
Ironside helps companies translate business goals and challenges into technology solutions that enable insightful analysis, data-driven decision making and continued success. We help you structure, integrate and augment your data, while transforming your analytic environment and improving governance.