Business Intelligence Raises Performance at Connecticut Mutual Holding Company
By Carol Gaylord, Chief Information Officer, Connecticut Mutual Holding Company
Information access is the lifeblood of any bank, but for Connecticut Mutual Holding Company, business intelligence has given us fresh opportunities to increase efficiency, instill best practices and improve overall performance.
Our goal in implementing a business intelligence system was to centralize and standardize information access across our holding company. We knew this would increase our efficiency because staff would spend less time obtaining critical business information.
Today’s business intelligence systems are ideal for streamlining information flows. The TotalVision system from our technology provider, COCC, has given us the functionality to accomplish our goal. The system can display information in charts, graphs, and even dashboards to focus management on areas that need attention. More importantly, we can produce these graphic displays automatically, on the schedule we select.
Our automatic scheduling feature is textbook best practice. The report specifications are agreed upon prior to production and then locked into place. At the scheduled time, our staff receives fully formatted information via email, which is immediately useful without further manipulation.
Auditors appreciate the reduction in post-processing information after it’s delivered, and we know we have improved our control over the information used to make business decisions. We can also see a complete audit trail to trace every statistic back to its origin.
This level of control and automation has enabled us to limit the number of staff people who develop their own information. This too, has increased our efficiency across the board.
Prior to our implementation of business intelligence, each department would write its own reports – many of which were virtually identical to reports written in other departments. With business intelligence, we have identified information that can accommodate multiple departments simultaneously. We produce it, send exactly what people need and save time for everyone.
This approach has also helped our holding company. We are able to apply our business intelligence specifications to any subsidiary, so we can examine the same statistics in each and compare apples to apples. When we add another bank to our holding company, we will apply our current specifications to their information as well.
All of these features have improved our ability to manage our holding company and its subsidiaries. We have truly centralized information access, provided better information to our staff and used fewer resources to do it. At the same time, we have expanded overall business intelligence and implemented best practices across the holding company – a true home run for everyone involved.