As savvy financial services professionals know, many industry players have multiple product and business lines that are constantly changing due to shifting customer and market demands.
One TIBCO Spotfire client, CFS Consulting Group, is well aware of these challenges. CFS Consulting is predominantly focused on providing its clients with custom software development and business intelligence (BI) solutions.
And, as a consultancy firm, CFS Consulting assists financial services companies as well as organizations in other industries with technology decisions and implementations.
CFS Consulting’s offerings are aimed at providing small and midsize businesses the tools they need to improve operational efficiencies, identify new business opportunities, and get out in front of potential threats.
However, as CFS Consulting’s financial services clients wanted to learn more about their companies and the key trends shaping the business landscape, the consulting firm discovered that traditional BI tools weren’t getting the job done.
Its clients needed robust predictive analytics that could be used by both its management teams and its direct reports to identify, analyze, and act on critical customer and market trends.
“We needed a solution that could really engage those business people and give them the information they needed to make strategic decisions,” says Jason Bedsworth, Vice President, CFS Consulting.
To help address those needs, CFS Consulting turned to TIBCO Spotfire’s predictive analytics tools. The software has provided the consulting firm with deep functionality while making it easy for its customers to use the software without requiring them to be experts in analytics.
“TIBCO is entrepreneurial in its attitude towards making analytics accessible to more and more people and improving their lives,” says Bedsworth.
With Spotfire, CFS Consulting is able to give its customers a more effective way of examining their respective businesses and doing things that simply weren’t previously possible. The use of TIBCO Spotfire software has provided CFS Consulting and its customers multiple benefits.
For instance, one of its retail clients is better able to monitor inventory levels in its stores. This has enabled the retailer to more quickly identify when stock is low and order more products immediately, which has boosted revenue.
The use of predictive analytics has also helped the retailer better determine when it is overstocked with other products and hold off on replenishment, which has helped to reduce costs.
Meanwhile, through its ability to offer existing customers and prospects deeper insights into their businesses, CFS Consulting has been able to create new relationships and expand revenues through additional services.
Looking ahead, CFS Consulting is planning to develop industry-specific templates that allow it to meet the needs of companies in particular industries.
For instance, future applications will enable the consulting firm to help credit union/banking clients determine if and when it makes sense to open new branches and to guide other strategic decisions.
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