Succession Wealth
Transforming Reporting Capabilities to Support Rapid Growth at Succession Wealth
the challenge
As Succession Wealth entered its second decade, rapid growth exposed limitations in its manual data reporting processes.
All data being surfaced through front end reporting was manually inputted and processed, a situation which was becoming increasingly unsustainable owing to growing workloads and demands. The team at times felt frustrated and demotivated. Processes were inefficient, created sizable time constraints, and were prone to manual errors which percolated through when providing data to stakeholders.
The data processing architecture needed reshaping to accommodate automated processes and free the data handling team from menial, repetitive processes which were consuming much of their time. This would also allow Succession Wealth to adopt a self-service style approach whereby reports could be sliced and diced as needed.
The opportunity to surface new insights, reshape, automate processes, increase efficiency and create real time reporting motivated the team to seek out data expertise that would complement their team.
data services
Data Services – Data Warehousing & Regulatory Reporting
the solution
An Azure Data Lake and Warehouse lay at the heart of the proposed solution, these platforms being suggested in part due to Succession Wealth’s familiarity with other Microsoft programs such as 365 and Power BI.
Implementing this was no small task. To overcome some initial anxiety about the scale and potential costs, Dufrain shared a number of similar scoped projects that gave Willis and his team the peace of mind they needed to concentrate on the benefits that would be realised at the end of the implementation.
The project itself was executed in manageable stages, with specific reporting sets being prioritised and data being integrated based on report KPIs. Some challenges were encountered in relation to correcting some prior reporting inaccuracies, but these were overcome by close collaboration between Dufrain and a range of stakeholders from across Succession Wealth.
the outcome
Once implemented, the company soon realised significant improvements in data processing and surfacing, these enhanced capabilities allowing more efficient, effective reporting that is supporting key business decisions and activities.
Automating numerous manual data tasks has also enabled faster processing and improved the quality of data being fed into reports.
Perhaps most important, however, is the impact the implementation has had on Succession Wealth employees. The working lives of the direct data team have improved significantly in light of the new solution, with their time being freed up to work on other specific, value add projects.
- Enhanced data processing and surfacing
- Efficient, reliable reporting that supports critical business decisions
- Automation of manual processes improved accuracy and freed capacity
- New data quality practices enabled £80m FUM to be surfaced and reported in detail to the board
- Direct data team more motivated and focused on value-add initiatives
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Victoria Whittaker
Head of Business Development