IndusInd Bank Limited is migrating its reporting software from Microsoft Sharepoint to iCreate’s Biz$core Business Intelligence. The new business intelligence (BI) software will help IndusInd merge BI data from a multiplicity of platforms into a central repository. “IndusInd is a relatively young organization. We need a sense of business and metrics. We need analytics and decisions based on perceptive data and not paralyze ourselves with an overabundance of numeric reports,” says Paul Abraham, Chief Operating Officer, IndusInd Bank.
RBI compliance requirements for automated data transfer is the other reason for the BI software migration. The BI software migration is slated for completion by December 2011, and aims at consolidating data across the IndusInd enterprise.
The BI software migration will be preceded by a data cleansing initiative to retain useful data while clearing out redundancies. Besides providing focused analytical reports to internal users, IndusInd also hopes that the BI software migration will help them ‘acquire, engage, and retain’ clients by creating a 360-degree view of the customer through better customer profiling and engagement.
BI analytics will be undertaken in phases and judged by the complexity in profiling customers, evolution of customer relationships, and behavioral and buying patterns. “Migrating to BI software is the need of the hour. We need to predict market scenarios, dissect them if something goes wrong, and learn for the future,” says Abraham. iCreate Biz$core was chosen for its ease of deployment, decreased need for customizations, and cost effectiveness. “We don’t need a mammoth of a BI now, hence, the large players evaluated didn’t fit the bill,” explains Abraham.
The BI team working on the software migration works with a hub and spokes model will also be involved in training users according to their requirements. IndusInd plans to revisit its BI software strategy in the next two or three years.