White_Paper_Beyond_Visualisation copy

Going beyond visualisation to
build a competitive advantage
OVERCOMING THE
HIDDEN COSTS
OF INFORMATION
MANAGEMENT
W H I T E P A P E R
Copyright © 2013 Encompass Corporation. All Rights Reserved

In this fast paced world, information is
being generated at an exponential pace and
businesses are faced with significant costs
and risks in the acquisition, interpretation
and management of data. Visualisation
provides the key to reducing root cause costs
of human error and process inefficiencies
between operational silos, making it easy to
discover, map, cluster and filter information.
It is also core to building a lean data
management strategy and a sustainable
competitive advantage.
While lean data management strategies are
touted as critical in achieving operational
efficiencies, cutting costs and improving
productivity, most organisations are focused
only on identifying and controlling the
visible costs of data management. Data
visualisation forms an integral part of a
lean data management approach, however,
an effective and comprehensive data
management strategy needs to go beyond
visualisation.
This white paper outlines the hidden
costs of the acquisition, interpretation and
management of commercial information
relating to critical business decisions such
as company restructuring, M&A deals,
insolvency, litigation and business lending.
It also offers solutions that help mitigate
the risks associated with human error and
misinterpretation of data, while saving
valuable time, resources and re-work.
1
SYNOPSIS

OVERVIEW 3
THE AGE OF INFORMATION OVERLOAD 4
THE POWER OF PICTURES 5
DATA VISUALISATION – AN OLD SCIENCE FOR TODAY’S SOLUTIONS 6
THE CHALLENGES OF MANAGEMENT AND ANALYSIS OF COMMERCIAL DATA 7
THE HIDDEN COSTS 8
GOING “LEAN” FOR A SUSTAINED COMPETITIVE ADVANTAGE 9
BEYOND DATA VISUALISATION FOR A COMPLETE LEAN SOLUTION 11
THE ENCOMPASS ADVANTAGE 12
EASY INTEGRATION 13
ACHIEVING A LEAN APPROACH WITH ENCOMPASS 14
UNLOCKING THE POTENTIAL WITH ENCOMPASS 15
ABOUT ENCOMPASS 16
Contents
2

OVERVIEW
Many organisations in the financial services, accounting and legal industries rely on
commercial information in order to make business critical decisions on a daily basis.
Although commercial information is readily available from various sources, the real
costs are often hidden. These can include the cost of time and resources required to
efficiently use, share and manage data, not to mention the cost of human error in its
interpretation.
A data visualisation and management platform can offer real value to these
organisations by facilitating the search, review, interpretation and management of
relevant commercial information, fast. Visualisation of information presents a new
approach to effectively interpreting and managing commercial data that helps increase
operational efficiencies and reduce risks.
This white paper outlines some of the current issues faced by financial services,
accounting and legal sector professionals in the space of commercial data management
and how Encompass software can help provide pertinent solutions.
3

The velocity, magnitude and variety of information generated around us these days can be
daunting. However, the problem is not always the magnitude and velocity of the available
information, but the ability of the human mind to absorb, understand, extract, manage and
identify relevant information. Research ﬁrm IDC predicts that between 2005 and 2020, the
digital information around us is estimated to grow by a factor of 300, from 130 exabytes to
40,000 exabytes, or 40 trillion gigabytes (more than 5,200 gigabytes for every man, woman,
and child in 2020); that is equivalent to 57 times the amount of all the grains of sand on all the
beaches on earth1
. With the world’s data expected to double every two years, organisations
need to understand and harness the power of information more than ever before.
THE AGE OF
INFORMATION
OVERLOAD
1
Computerworld, December 2012
Research firm IDC predicts that between 2005 and 2020, the
digital information around us is estimated to grow by a factor
of 300, from 130 exabytes to 40,000 exabytes, or 40 trillion
gigabytes
4

Knowledge may be power, however too
much information can become a barrier
to the productivity and decision making
capabilities of an organisation. The
cacophony of data can hide many secrets.
When too much information is available,
it can be cumbersome and confusing to
identify pertinent information, along with the
patterns and relationships that we need to
visualise and understand.
Pictures make it easy for us to decipher
complex information because our mind
makes better sense of aesthetically rich
data. We are also trained from a young age
to understand stories supported by colourful
pictures that communicate a beginning and
an end. Tools that convert numerical data
into pictures, such as bar graphs and pie
charts, have become the new ‘must have’ in
projects. These pictorial depictions have the
ability to simplify the relationships between
complex sets of data by communicating
meanings in more intuitive ways.
However, while they are useful for explaining
numerical data, the difﬁculty arises when the
data in question is mainly made up of words
and cannot be easily explained using these
visual cues. When data is made up of words,
it needs to only do one thing in order for the
human brain to understand it, and that is, tell
a story.
THE POWER
OF PICTURES
These pictorial depictions
have the ability to simplify
the relationships between
complex sets of data
5

The explosion of information around us has
also given rise to a new term called ‘data
visualisation’. Whilst steadily increasing in
popularity over the years, the concept dates
back centuries. The history of geometry,
a discipline that was used to depict
mathematical lines of reasoning in the form
of pictures, goes as far back as 300 BC. The
use of instruments such as the barometers, to
show a visual depiction of changes in weather
were all forms of data visualisation that laid
the foundation for today’s sophisticated
digital visualisation solutions.
These days data visualisation, as a means of
effectivedataanalysis,hasevolvedintoamore
refined process with the ability of software to
discover, map, cluster and filter information
almost instantly. Effective data visualisation
techniques are a delicate balance between
aesthetic form and functionality. We hear
terms like infographics, mapping, link charts,
analytics, algorithms, scatterplots, predictive
modelling or some variant of these terms
infiltrating our everyday terminology and
there are a myriad programs on the market
that have been used to create bespoke
visualisation solutions. No matter how we
look at it, visualisation seems to be the way
forward when it comes to making sense of
information in a meaningful way.
Sifting through mountains of linear data
and turning that information into a means
of delivering customer value is quite a time
consuming and labour intensive task. While
data management may be a challenge for
organisations, ensuring all the relevant
sources of information have been included in
the picture, is also critical.
Professionals in the financial services,
accounting and legal sectors come across
these challenges on a daily basis due to
the very nature of business decisions and
the advice they are responsible for. These
range from company restructuring to M&A
deals, through to insolvency, litigation and
business lending. Modern businesses need
to understand company structures, asset
ownership, directorships, security interests
and more. The review and interpretation
of data informs decisions with significant
repercussions for the organisation as a whole
if errors are made.
DATA
VISUALISATION
An Old Science For Today’s Solutions
No matter how we look
at it, visualisation seems
to be the way forward
when it comes to making
sense of information in a
meaningful way.
6

Organisations are feeling the need to obtain, own and control more and more information
due to the globalisation of workforce, higher risk due to market volatility, intensifying
competition and more stringent regulations. Data acquisition is the easy part when it comes
to gathering information. There are bigger issues surrounding commercial data acquisition
and management that can impact an organisation such as:
» Complex data acquired via multi-disciplinary mediums requires management
and interpretation by a wide range of people with diverse skill sets;
» It is not always clear which sources of data are both available and relevant to the
business;
» When information is sourced from a diverse range of channels, it often exists in
silos and fails to show the full picture;
» Finding the relevant ‘information needle’ in the proverbial ‘data haystack’ is a
challenge;
» The real cost of managing commercial data is far greater than the tangible cost
when factoring in time and human resources;
» While data can be used to build a significant competitive advantage for an
organisation, human errors caused in interpretation of large amounts of data can
expose an organisation to significant risk and damage its brand value;
» The integration of new solutions into current business systems is not always
smooth, low cost and easy;
» Data storage requirements and security protocols also need to be
taken into account.
THE CHALLENGES OF MANAGEMENT
AND ANALYSIS OF COMMERCIAL DATA
7

Most C-suite executives and business owners are concerned with ensuring efficiency and
increasing productivity.
Management and interpretation of commercial data comes at a cost. Normally organisations
are only focused on identifying the hard costs such as the cost of buying the data, be it credit
reports or property information. The cost of labour involved in the review and management of
information is often not taken into account. The real costs of data analysis and management
go beyond these visible costs and include:
» Cost of human error and misinterpretation of data,
» Loss of productivity,
» Inefficient work practices,
» Duplication and rework,
» Loss of business opportunities,
» Reduced revenues,
» Increased risk, and
» Lack of competitive advantage.
In a fiercely competitive business environment, it is critical to take into account the total costs
associated with information management.
A recent report by Deloitte on effective data management practices suggests that a lean
approach to data management can not only help improve efficiency and productivity of an
organisation, but also result in creating a lasting impression on its brand value2
.
THE
HIDDEN
COSTS
2
Deloitte (2012), Big Data - time for a lean approach in financial services
Management and interpretation of commercial data comes at a cost.
it is critical to take into account the total costs associated with
information management.
8

GOING “LEAN”
FOR A SUSTAINED
COMPETITIVE
ADVANTAGE
9

Optimising the usage of available commercial
information can be the key to survival and
success of a business. One of the ways to
achieve this is through implementation of
an effective data management strategy
that delivers tangible benefits across the
organisation.
Lean methodologies can form part of
an effective data management strategy
aiming to reduce waste, both in terms of
time and deployment of resources, with
visualisation at the core. For example, in a
mature and competitive automotive industry,
implementation of Kaizen has helped
Toyota achieve an unparalleled competitive
advantage by reducing the waste of valuable
resources and speeding up processes. One
of the critical areas of Kaizen strategy for
reducing waste is mieruka.
Mieruka makes it easy to understand a set of
information at a glance through visualisation.
It is based on the principle that visual controls
enable easy interpretation, understanding
and communication of large amounts of data
in a short space of time. This facilitates better
teamwork, efficient operational practices
and reduces confusion and re-work.
For professionals in the financial services,
accounting and legal industries, the principle
ofmierukacanhelpbuildasimilarcompetitive
advantage not only by reducing costs
associated with waste of limited resources
in interpretation of commercial information,
duplication of tasks or unnecessary
repurchase of multiple reports, but also
through service differentiation. Since a
visual is processed 60,000 times faster by the
brain than a text format3
, pictorial depictions
can help clients gain a better understanding
of information provided.
Such service differentiation techniques can
have a lasting impact on a client’s perception
of an organisation’s offerings.
The principle of mieruka delivers further
benefits by helping businesses mitigate
risks and use data more effectively through
knowledge sharing, particularly where
operationalsilosexist. Thebenefitsofmieruka
translate into tangible benefits across the
operational silos by improving decision times
and visibility across departments, along
with reducing the duplication of efforts.
Given that most Australian organisations,
according to Ernest & Young, are focused on
reducing costs and improving efficiencies in
2013, the adoption of lean data management
practices such as mieruka can help deliver
these desired outcomes for a sustainable
competitive advantage.
3
See more at: http://ernestoolivares.com/the-power-of-information-visualization-an-infographics-is-
shared-30-times-more-than-an-article/#sthash.MSTEvUBh.dpuf
a visual is processed 60,000
times faster by the brain than a
text format
Mieruka makes it easy
to understand a set of
information at a glance
through visualisation.
10

While visualisation is the key to understanding complex and unstructured commercial
information, the challenges of a comprehensive lean data management vision go well beyond
visualisation. Effective information management solutions need to provide the horizontal
real time view of complex information obtained from various data captures and paint a picture
that tells a story, fast. In addition to visualisation, lean data management solutions also need
to address information management and sharing issues. This helps in facilitation of critical
decision making processes and reduction in the root cause human errors to maximise the
potential productivity beneﬁts.
BEYOND DATA VISUALISATION FOR A
COMPLETE LEAN SOLUTION
11

THE
ENCOMPASS
ADVANTAGE
Encompass is a unique and innovative visual information management solution that is
revolutionising the way ﬁnancial services, accounting and legal professionals consolidate,
review and manage their commercial data. By providing a full and accurate picture of any
company’s or person’s commercial circumstances, it enables users to make faster,
more informed decisions resulting in an organisation reducing its costs and risks as well as
increasing compliance.
As a web-based application, Encompass powerfully and securely combines corporate,
personal, property and other data from a growing list of regulatory, information provider
and credit bureau sources. In Australia, these include ASIC, PPSR, ITSA, Land Title, GDC
personal veriﬁcation, RP Data property and Experian credit reports.
Encompass is a unique and innovative visual information
management solution that is revolutionising the way financial
services, accounting and legal professionals consolidate, review
and manage their commercial data.
12

This unique Software-as-a-Service (SaaS) visualisation solution is easy to use, easy to
understand and easy to integrate within current business practices. It allows organisations
the option to parse unstructured text data and display it in a networked diagram, showing
people, property and assets as symbols on an interactive visual chart in a web browser. This
helps uncover clear links between shareholders, directors and their past activities with just
a point and click functionality. The resulting intelligence can be saved, refreshed and shared
between teams.
Encompass software is designed to be embedded into current information management
practices, to provide a visualisation capability that builds on data search functions and
reporting processes and provides an enhanced review and management experience offering
a complete information management solution.
While visualisation brings a new and powerful paradigm to the consolidation and review
of commercial information, Encompass adds additional beneﬁts that extend the data
management continuum. These include:
» Management and integration to external workﬂow
» Document collaboration
» Information refresh over the customer lifecycle
» Case management
» Rich reporting
EASY
INTEGRATION
visualisation brings a new and powerful paradigm to the
consolidation and review of commercial information
13

With visualisation at its core, Encompass
assistsdownstreamorganisationalprocesses
such as sharing, managing and optimising
the usage of data across departments over
time. The ongoing monitoring and refresh
functionality significantly enhances an
organisation’s ability to proactively assess
and manage risk, and quickly identify
changes in a client’s status.
Encompass can become an integral part
of a lean data management methodology
by shaping the commercial information
into a structured format. It puts data into
perspective by extracting, consolidating and
displaying links instantly and allowing users
to effectively review information at hand to
make informed decisions and minimise risk.
Operational efficiencies can be significantly
enhancedwiththisagileandscalablesolution
that can be rolled out across the organisation
with secure transaction storage, secure data
submission and central access to documents
preventing accidental data corruption and
duplication.
ACHIEVING A LEAN
APPROACH WITH
ENCOMPASS
Encompass can become an
integral part of a lean data
management methodology
by shaping the commercial
information into a structured
format.
With visualisation at its core, Encompass assists downstream
organisational processes such as sharing, managing and optimising
the usage of data across departments over time.
14

In the world of information overload, Encompass can provide the means to consolidate,
manage and review commercial data effectively and help improve operational efﬁciencies.
Adoption of smarter and lean data management practices is essential for building a sustained
competitive advantage for organisations. The pictures and link charts produced by Encompass
not only allow organisations to eliminate unnecessary re-work and use of scarce resources,
but the extensive visual cues also help identify new business opportunities and enhance
responsiveness to the customers.
In addition to the internal organisational value that Encompass can deliver, it also delivers
a host of external beneﬁts for businesses such as the ability to create service differentiation
by improving customer perception, build strong customer relationships, build positive brand
value and enhance customer experience.
UNLOCKING THE
POTENTIAL WITH
ENCOMPASS
With greater collaboration, the commercial opportunities can
be realised across business units and help create consistent
workflows that are paramount to business continuity.
15

Encompass Corporation is the developer
of Encompass software based in Sydney
with over 40 employees and growing fast.
Encompass is a web-based application
that powerfully and securely consolidates
corporate, personal, property, asset and
other disparate data sets from a growing
list of regulatory, information provider and
credit bureau sources. In Australia, these
include the company’s regulator - ASIC,
Bankruptcy and Secured Interests Registers,
Land Title information and other Government
Regulatory data, GDC personal verification
data, RP Data/ Core Logic property AVMs
and reports and Experian commercial and
consumer credit reports.
Encompass displays people, property and
assets as symbols on an interactive visual
chart in your web browser. This visualisation
can then be used to uncover relationships,
access legal documents and find out more
about different entities in the picture. The
resulting intelligence can be saved, refreshed
and shared to reduce costs and increase
productivity.
Encompass Corporation has recently
established offices in the UK, Asia and
Europe and has its sights firmly set on North
America and other international markets.
For more information visit
www.encompasscorporation.com
ABOUT
ENCOMPASS
16
@ @ @
Encompass Corporation Pty Ltd
Level 4, 65 York Street
Sydney NSW, Australia 2000
+61 2 8215 1532
info@encompasscorporation.com
Encompass Corporation
Level 18 Republic Plaza II
9 Raffles Place, Singapore, 048619
+65 6823 6853
Encompass Corporation Pty Ltd
10th Floor, 3 Hardman Street,
Spinningfields, Manchester. M3 3HF
+44 7885675083

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