Blog

1 December 2020

Insight on demand: iTrent Managed Data Service

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What if there was an easier way to deliver precisely the reports, insights and visualisations your business needs? Better still, what if this could be achieved without hiring a raft of data experts, and without a huge capital spend? 

To solve the data challenges facing businesses, we realised that a new type of on demand reporting and analytics service was needed. So we set about creating it. 

Nick Felton, Senior Vice President of MHR Analytics introduces our new iTrent Managed Data Service offering, explaining how it eliminates the skills and tech deficits commonly faced by organisations - and how it can finally turn your data strategy into a reality. 

How it works? 

The subscription model typically removes the need for an initial capital outlay. You can be up and running quickly, and when your needs change, you can flex to a different package that responds to those changing requirements.

So what about your data? How could things be done better? 

74% of organisations acknowledge that data is a critical business priority. They want to leverage it. They need ways to pull together data from across the business, to collate it, to streamline day-to-day reporting requirements, as well as to uncover fresh insights. 

This isn’t a subscription service for a particular application. Rather, it’s a new way to deliver precisely the insights, reports and visualisations you need, on time - every time, regardless of technology. All of this is tailored specifically to your organisation’s requirements and delivered via an easily manageable subscription model that locks down costs into equally split quarterly fees. A subscription model that makes forecasting easier and takes the risks out of your data investments.

Bridging the execution gap 

Most businesses have a good idea of what might be achieved through their data initiatives. Common objectives include improved management of regulatory compliance, up-to-date and on-demand reporting, faster decision making and an enhanced ability to predict problems and spot opportunities. 

But when it comes to executing an actual strategy, internal capabilities can often be found wanting. In one report, 27% of firms said that the scale and complexity of datasets was tripping them up, suggesting a serious know-how deficit. That same survey suggested that 73% of UK firms lack the talent to complete their desired big data and AI-based projects. It seems the bigger your goals, the bigger the skills barrier to success. 

In many cases, this absence of skills means the strategy stays on paper and never gets put into practice. In others, strategies get abandoned when they don’t result in the desired outcomes.

iTrent Managed Data Service closes this gap. Quite simply, we have the expertise to lift your strategy off the page and into practice. From data architecture through to generating bespoke reports, we let you pick and choose precisely the support you need to make it happen. 

Staying up to speed: technology and best practice 

We’ve all experienced recently just how quickly market conditions, expectations and priorities can shift. The rules surrounding reporting can change, too: something you’ll be all too aware of if your organisation has had to adapt to the new standards on lease accounting (IFRS 16), RevRec (IFRS 15), or insurance contracts (IFRS 17) - to name just a few. 

All of this can rapidly expose weaknesses in your existing processes and technologies. For instance, you now find that your staffing needs are changing on an almost daily basis, but it takes weeks to get hold of a workforce planning report. Or the period-end reporting project that ties up your finance team, in part because contract and leasehold data is scattered across multiple spreadsheets. 

You may find that the technology you have already is ideal for some reporting categories; less so for others. Or it may be that the rules engine under the bonnet of your existing reports needs to be reconfigured in line with best practice. 

It can sometimes feel like you are constantly looking over your shoulder; wondering what capabilities you are missing out on, and what risks you are inadvertently being exposed to. 

It’s our job to keep up with best practice and with best-of-breed technologies. With our Managed Data Service, we make sure you are equipped with the reports and insights your teams require. And if there is a better way of doing things, from your current data architecture or choices of visualisation, right through to new technologies, we can make sure you always have access to it.  

So what do you get? 

With iTrent Managed Data Service, there’s no ‘one-size-fits-all’ bundle. It starts with a thorough appraisal, where our analytics experts take a deep-dive into your strategy. Together with our team, we help you work out where you want to go - and what’s the best way of getting you there, removing any barriers along the way. 

Next, we can help you put together a range of reports, visualisations and other tools to meet your operational, regulatory and strategic requirements. It’s about ensuring you have the insights and reports you need on time, every time. We can help you evolve your reporting package so it’s always in line with best practice, with the best technology out there - and with your changing needs. 

What's next?

If you want to know more you can watch our iTrent Managed Data Service Summit session, where Senior Vice President of MHR Analytics, Nick Felton discusses the new service. Or head over to the iTrent Managed Data Service page to read more.

Access precisely the know-how, technology and support you need to bridge the gap between data strategy and execution. Achieve all this through an on-demand, easy-to-manage subscription model. 

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Laura Timms MHR

Laura Timms

Laura is the Product Strategy Manager at MHR, and an expert in data analytics. 

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