A New Lease on DataBy Samuel Greengard | Posted 2009-08-04 Email Print
In today’s data-centric world, organizations are striving to do a better job of recognizing and containing risks.
A New Lease on Data
Leasing office equipment to hundreds of different companies can create a governance nightmare, and ensuring consistency in the credit review process can tax even the most tech-savvy organization. At Nolè, a Rome-based company that processes approximately 5,000 contracts a year, effective governance is the difference between succeeding or drowning in a sea of red ink.
Two years ago, the company turned to SPSS predictive analytics software to manage its credit approval process and ensure that it follows government regulations. Piero Biagi, general manager of Nolè, says a statistical scoring system and a set of business rules have created a more consistent and refined model.
“We have eliminated bad decisions and sped up the entire credit review process,” he says. In fact, data and text extraction capabilities help the company find the exact data needed when it needs it.
The initiative has helped the company develop better and more stringent business rules, nail down internal auditing and external compliance issues, and improve bottom-line results, Biagi says. Nolè is now able to make better decisions—and to make them faster, with credit approvals taking place 160 percent
faster than before. Says Biagi, “Ours is a highly competitive environment, and efficiency is critical.”