Flexible Integrations Accelerate Financial Reporting for Global Media Tech Company
Technology Category
- Analytics & Modeling - Big Data Analytics
- Analytics & Modeling - Data-as-a-Service
Applicable Industries
- Equipment & Machinery
- Finance & Insurance
Applicable Functions
- Product Research & Development
Use Cases
- Leasing Finance Automation
- Time Sensitive Networking
Services
- Data Science Services
About The Customer
The customer is a leading global media and technology company, listed among the Fortune 50. The company has a large workforce, with over 10,001 employees. The department that was primarily involved in this case study was the Finance department. The company was facing challenges with its legacy financial data analytics environment, which was nearing its end-of-life. The company's main goals were to reduce the time it takes to run financial reports, increase data availability and refresh rates, speed up development time, and make the data analytics experience more user-friendly.
The Challenge
In 2018, a Fortune 50 media and technology company was grappling with an outdated financial data analytics environment that was nearing its end-of-life. The company's key objectives were to reduce the time taken to run financial reports, increase data availability and refresh rates, speed up development time, and enhance the user-friendliness of the data analytics experience. Upgrading the existing systems would necessitate the addition of 29 new servers, a solution that was not only costly but also insufficient to truly advance the company. The legacy BI tool, primarily used as an extract and pivot tool, was not providing enough value and was even referred to as “the million dollar download tool” among employees, indicating the urgent need for a more effective change.
The Solution
The company adopted Incorta, a unified data analytics platform that is fast, user-friendly, and easily integrates with cloud-friendly tools and platforms. This provided the company with analytics-ready financial data, enabling the team to run existing reports faster, create new reports with ease, and combine similar reports from its legacy reporting systems with new and different nuances and aggregations. Prior to Incorta, the finance team was generating 500 reports regularly. With Incorta, they now have 200 live dashboards refreshing in near real time and were able to retire 80 reports that were no longer necessary. Incorta also facilitated the unification of the company's data, making it faster and easier for users to create their own reports without relying on IT, fostering a stronger community and more collaboration around data analytics within the company.
Operational Impact
Quantitative Benefit
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