WHITE PAPER Key considerations for financial services institutions when selecting a BI solution Copyright Information All Contents Copyright © 2014 MicroStrategy Incorporated. All Rights Reserved. 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One or more of the following patents may apply to the product sold herein: U.S. Patent Nos. 6,154,766, 6,173,310, 6,260,050, 6,263,051, 6,269,393, 6,279,033, 6,567,796, 6,587,547, 6,606,596, 6,658,093, 6,658,432, 6,662,195, 6,671,715, 6,691,100, 6,694,316, 6,697,808, 6,704,723, 6,741,980, 6,765,997, 6,768,788, 6,772,137, 6,788,768, 6,798,867, 6,801,910, 6,820,073, 6,829,334, 6,836,537, 6,850,603, 6,859,798, 6,873,693, 6,885,734, 6,940,953, 6,964,012, 6,977,992, 6,996,568, 6,996,569, 7,003,512, 7,010,518, 7,016,480, 7,020,251, 7,039,165, 7,082,422, 7,113,993, 7,127,403, 7,174,349, 7,181,417, 7,194,457, 7,197,461, 7,228,303, 7,260,577, 7,266,181, 7,272,212, 7,302,639, 7,324,942, 7,330,847, 7,340,040, 7,356,758, 7,356,840, 7,415,438, 7,428,302, 7,430,562, 7,440,898, 7,486,780, 7,509,671, 7,516,181, 7,559,048, 7,574,376, 7,617,201, 7,725,811, 7,801,967, 7,836,178, 7,861,161, 7,861,253, 7,881,443, 7,925,616, 7,945,584, 7,970,782, 8,005,870, 8,051,168, 8,051,369, 8,094,788, 8,130,918 and 8,296,287. Other patent applications are pending. WHITE PAPER Key considerations for financial services institutions when selecting a BI solution As a result of the global financial crisis, financial services institutions There are four major factors to consider that impact the TCO of a have come under greater scrutiny, and the environment in which BI platform: they operate is increasingly characterized by unprecedented 1.E fficient Product Architecture economic, regulatory, and technological change. Now, more than ever, decision makers need to be sure that their technology investments will pay off—choosing the right business intelligence 2.Flexible Reporting Structure 3.S elf-Service Capabilities (BI) solution is no exception. 4.Administrative Efficiency Like most things, the total cost of BI is not limited to what you pay Efficient Product Architecture upfront. In fact, leading analysts have concluded that as much as 75% of the total cost of ownership (TCO) associated with BI consists of the costs of paying IT personnel to develop, deploy, and administer the software. It’s clear that selecting a BI platform that reduces administrative costs and the labor burden on the IT organization will have a significant impact on the TCO and ROI of the solution over the life of the investment. The efficiency, utility, and lifespan of a BI platform are heavily dependent on the strength of the technology’s underlying architecture. However, many products sacrifice long-term efficiency for quicker short-term report development—an immediate-term win that causes nothing but headaches and rework for IT down the road. An efficient product architecture allows IT to do the groundwork development once, and build from there. There are two important Figure 1: Three year total cost of ownership distribution. Three year total cost of ownership distribution 1.4% 3.5% 1.9% 45.1% • A single, centralized, and shared metadata for all reporting, 48.0% 5.8% 7.4% things to look for when reviewing a product’s architecture: analysis, and monitoring needs 8.0% • A high degree of object reusability to limit the number of one87.7% Business User + IT Admin 42.6% 84.3% Business User + IT Admin 36.3% 1-99 Users 100-249 Users 2.6% 5.4% off requests of IT 4.4% 3.1% 43.4% 48.3% 14.8% 10.3% Business User Admin IT Admin 77.7% 81.7% Business User + IT Admin 33.4% Business User + IT Admin 34.3% The tool needed to be as flexible as possible, we Software needed a solution that allowed us to grow and Implementation Hardware 250- 999 Users Business User Admin >1000 Users evolve together with our business. We saw different projects implemented in companies similar to ours, IT Admin we analyzed different industry publications, and we Software finally selected MicroStrategy.” Implementation Hardware José Luis Neve Business Planning & Management Control Manager Banco Patagonia microstrategy.com 3 WHITE PAPER Flexible Reporting Structure Administrative Efficiency A good BI tool is able to provide answers to a large number of As the scope of BI expands at your organization—with more data, business questions with a relatively small number of reports more users, and more applications—administrative efficiency and dashboards. Having fewer reports significantly reduces becomes a key driver in lowering TCO. Yet, in the software development time and the amount of IT effort (and cost) evaluation process administrative and automation tools are often associated with building and maintaining the BI system. A high undervalued. Choosing a platform with a comprehensive suite degree of report flexibility means that different business users of administrative tools can drastically reduce the time and effort can answer different business questions using the same report. necessary for IT to develop, deploy, and monitor a BI environment. The key capabilities of a truly flexible reporting environment are: By automating time-consuming, but largely repeatable tasks, the • Administrators can personalize reports for specific users right BI platform can drastically cut the number of man-hours • Developers can add prompts to reports and dashboards • Business users can conduct ad-hoc drilling and analysis required by IT to keep the environment up and running—allowing them to get back to focusing on the projects and initiatives that deliver the most value to your organization. Self-Service Capabilities Trying to limit the load on IT is all well and good, but the realities of finance are that business users and analysts will always have specific, spur of the moment requests that need attention. For many traditional enterprise solutions this means countless business requests to IT, long resolution times for those requests, unhappy business users, and a tired, overworked IT staff. However, it does not need to be like this. Modern BI solutions provide self-service capabilities in addition to the standard enterprise reporting and dashboard functionality they have The MicroStrategy platform has allowed us to rapidly show top management the potential of business long offered. Self-service analytics empowers business people to intelligence. In just a few weeks we have been able take analytics into their own hands, giving them the agility and to create the first four dashboards that immediately flexibility to visually explore their data and build out their own convinced business people both from an efficiency custom reports and dashboards. Many BI vendors offer some form of self-service analytics as part of their solution, but there is a dark side to this type of business-user driven analytics—data governance, an especially big concern for and cost point of view.“ Enrica Daolio Special Project Manager Global Transaction Banking of UniCredit (BL TS&TS) financial institutions. When choosing a BI platform, make sure that it tightly integrates self-service capabilities with the rest of the platform; this will significantly reduce both overhead costs and the regulatory risks associated with bad data. This app paid itself off on the first day” Artur de Oliveira Guterres Head of Information Management Banco Espirito Santo microstrategy.com 4 WHITE PAPER Conclusion How does this impact you and your buying decision? MicroStrategy Other BI vendors The MicroStrategy Analytics platform offers a unified architecture business requirements while minimizing the amount of time Build reusable components for long-term Minimize infrastructural rigor for efficency and enterprise-wide that seamlessly integrates all ofconsistency its BI capabilities into a single short-term spent efficiency by IT maintaining and administering the deployment. ecosystem. This means fewer moving parts, tighter product By reducing the burden on IT and improving business user integration, and a more efficient overall system. MicroStrategy’s productivity, MicroStrategy is able to deliver both the industry’s Developer Effort architecture is able to meet a broad range of superior product lowest TCO and a significant return on investment. Reusable metadata Components MicroStrategy Build reusable components for long-term efficency and enterprise-wide consistency Effort to develop Effort to develop Figure 2: BI capabilities integration. Developer Effort Other BI vendors Coordination with previous developments Minimize infrastructural rigor for short-term efficiency Report design Report components Developer Effort Reusable metadata Components Additional BI applications Business abstraction Data abstraction Developer Effort Effort to develop Effort to develop Additional BI applications Reusable metadata Components Coordination with previous developments Report design Report components Reusable metadata Components Additional BI applications microstrategy.com Business abstraction Data abstraction Additional BI applications 1850 Towers Crescent Plaza | Tysons Corner, VA | 22182 | Copyright ©2014. All Rights Reserved. COLL-1301 1014
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