Anyone who has been involved with a RMIS implementation knows how important the consultative part of the process is. You and your RMIS partner need to fully understand, at a granular level, your workflows, interfaces, and reporting requirements. At Marsh ClearSight, we take our role as partner/consultant very seriously. I have been able to work with many of our clients as they prepared to implement Marsh ClearSight, taking a deep dive into the current state of their risk management operations and what they want to achieve, in both the short and the long term. The process can prove to be enlightening for clients in that they can begin to identify areas where doing business as usual may not get them the results and insights they want from their RMIS.
For example, many clients realize that their collection of reports has grown over time, often without consideration for whether the proper performance metrics and KPIs are being collected in an organized way. Some clients have thousands of reports, including obsolete ones that haven’t been run in years. People figure that, since certain reports have been there for so long, they must be important. Other reports are very similar or identical to each other but with different names. When we work through all the reports and compare them to current business needs, we often find a paradox: lots of reports that clients no longer require and too few reports that will help guide important decisions.
As an example, we recently helped a client to reduce their library of 2,000+ reports once we determined that a majority of them had not been run in 18 months or more. Based on our consulting best practices, the client determined that several hundred other reports were no longer relevant. Ultimately, using a more focused approach to their organizational reporting needs, they identified a critical subset of reports that they really needed. What began as a report migration exercise became an opportunity to align reporting with current business processes and provide greater value for our client. From what we’ve observed, report optimization is best achieved when key stakeholders such as risk and claims managers are actively involved in determining requirements across the organization.
It’s true that reporting is not one size fits all and Marsh ClearSight has several reporting options available to help meet your organization’s needs. One of these is our Marsh ClearSight Business Intelligence report tool. This powerful tool was designed to give our clients more flexibility to create and manipulate virtually any report on the fly. Marsh ClearSight BI gives risk managers unprecedented visibility into their data and insight into their overall risk portfolio, empowering them to make actionable decisions to control risks across their organizations. I’ll be talking more about BI and its capabilities in future blogs.