mining your data to manage business...darren’s primary focus is in automating business processes...
TRANSCRIPT
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Mining Your Data to Manage Business
Darren Conner, CTO, PensionPro Software
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Darren Conner, CTO, PensionPro Software
Always keeping the end-user squarely in his design sights,
Darren’s primary focus is in automating business processes and
creating software that enhances profitability. No stranger to the
TPA industry, Darren spent 10 years designing, developing, and
supporting custom software applications with The Pension
Alliance. He handled the full software life cycle for the firm’s
custom practice management applications and understands
what PensionPro Workflow™ clients need for seamless office
technologies and greater profitability. At PensionPro, Darren
leads the development team with front-line insight on how to
ensure PPS maintains its enterprise efficiency edge.
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Are you interested in this?
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Or this?
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Or this?
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The importance of quality data
• Good data is reliable
• Think more upfront, scramble less later
• It is malleable
• Bend, adjust, and query it easily
• It is accessible
• The most important stuff should be the easiest to access
• Look for API access (if you are buying it)
• It is useful
• Automate processes
• Find missed opportunities (like a missed billing)
• Make communication more effective
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Where do I store it?
• Lose the spreadsheet
• Only works for short term
• Doesn't scale (users)
• Harder to work with as they grow
• Vulnerable to loss and error
• It should be in a database
• Build or buy one?
• Are you big enough to support it?
• Do you have the time to accomplish it?
• Do you have the expertise required?
• Is it cheaper to rent it?
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If you choose to buy…
• Choose a system that fits
• Is there something in your domain or that you can buy?
• Is there a general tool you can alter to fit your domain?
• Make sure it is open
• Reporting
• Exports
• APIs (Zapier, third party developers, you)
• Make sure it's backed up
• Not typically an issue for hosted solutions (SaaS)
• Not a given with on premise solutions
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Understand your subjects
• Who are they?
• Plan sponsors (customer service)
• Plans (efficiency, quality)
• Contacts (very valuable, not just a rolodex)
• Are we tracking the things that are important to us?
• What fields are missing? (if you build it)
• Are there fields you are not using that have value? (if you buy it)
• Example: onboarding
• Documentation (filings, notices, plan document, contacts)
• Context (referrer, referral date, assets for prior years)
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The power of data normalization
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The power of data normalization
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Have goals
• It’s a quantity game as well
• Sample size matters so be a pack rat
• Don’t destroy good information (inactive contacts, terminating
plans)
• Why are we tracking this?
• What outputs do we hope to achieve?
• Metrics, insights
• What efficiencies do we hope to gain?
• Effective and consistent processes, integration
• What is the overall value this provides to the business?
• Lack of information equals risk, makes you reactive
• More saleable, stable, higher revenues, consistent work days
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Define your business rules
• Where do you stand now?
• What are you tracking now?
• What's missing?
• What do you want to know that you can’t determine?
• Educate the guesses
• Who is responsible for the data?
• Define expectations at each level of work
• Regular oversight and usage
• Share the goals with everyone, share the responsibility
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WIP (consistent days)
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New Comparability (be proactive)
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Influencers (manage risk)
