The digital revolution has fundamentally changed how businesses operate and make decisions. In the highly regulated financial sector, effective data utilization is key to staying competitive. Credendo, a leading European credit insurer, is a prime example of this. Collaborating with StatSoft and by implementing TIBCO Statistica™, Credendo has elevated its data analysis and reporting capabilities to a new level.
Challenges in a Data-Driven Industry
The financial sector is known for its complexity and stringent regulatory requirements. For Credendo, the challenge was to unify a fragmented data science landscape, which consisted of various commercial programs and open-source solutions. This fragmentation made collaboration difficult and limited the company’s ability to quickly respond to market changes.
The Transformation: A Unified Platform for Advanced Data Analysis
The choice of TIBCO Statistica™, supported by StatSoft’s expertise, was decisive. StatSoft provided not only technical support but also training and consultations to ensure a smooth transition to the new platform. Through this close partnership, Credendo was able to streamline its processes and create a centralized platform for its analytical needs.
Implementation and Initial Successes
The successful deployment of TIBCO Statistica™ at Credendo marked the beginning of a new era in data analysis and reporting for the company. The implementation of this ambitious project was carried out step by step with great care to meet the specific needs of a leading credit insurer.
Introduction and Training
The process began with the introduction of the first licenses for TIBCO Statistica™ at the end of 2018. A critical factor for success was knowledge transfer: StatSoft conducted comprehensive training in spring 2019 to familiarize Credendo’s staff with the platform’s diverse features. These initial steps allowed the team to quickly gain confidence in the new tool and laid the groundwork for its effective use.
Prototype Development
A crucial milestone was the development and implementation of two prototypes by StatSoft, tailored to Credendo’s specific needs: risk prediction with varying data availability and automated mining of PDF documents. These prototypes showcased the capabilities of TIBCO Statistica™ and its ability to tackle complex analytical challenges, proving the platform’s potential to create real value for the company.
Automation and Efficiency Improvement
The introduction of TIBCO Statistica™ enabled Credendo’s data science experts to make various analysis projects more efficient. Notably, the automation of previously time-consuming reporting processes significantly increased efficiency. This automation included data import and processing workflows, including verification and authorization paths, leading to automated report generation. This not only reduced the likelihood of errors but also significantly accelerated the entire analysis process.
Initial Successes and Positive Feedback
The platform’s initial successes were clearly felt. Credendo’s staff developed quicker and more efficient analyses, leading to improved decision-making. The new automation and visualization capabilities made statistical processes more accessible and allowed for a better analysis and understanding of current topics, such as the impact of global events on the business.
The implementation of TIBCO Statistica™ at Credendo and the initial successes are a compelling example of how the right data science platform, supported by a close partnership with StatSoft, can help companies revolutionize their data analysis capabilities and take them to the next level.
Long-Term Perspectives
The successful launch of TIBCO Statistica™ is just the beginning. Credendo plans to further expand the use of the platform, thereby democratizing analytical capabilities within the company. The successes achieved so far provide a solid foundation for future innovations, showing that the right technology, coupled with the right partner, can help companies advance their digital transformation.
Conclusion
Credendo impressively demonstrates how crucial the right strategy and partnership are for digital transformation. The implementation of TIBCO Statistica™, supported by StatSoft’s expertise, has not only increased efficiency but also laid the groundwork for a data-driven future.
Are you ready to explore the possibilities of data analysis for your company? Contact us at StatSoft, and let’s shape the future together.
