EIQ2 is the sole supplier of a toolset which is a stand out cost effective, intuitive data management solution that collates and integrates data from the entire organisational estate, delivering a coherent and accurate foundation for all business and regulatory reporting and insights in a fraction of the time and costs of other solutions.
To deliver dynamic regulation, the NMC “needs to use intelligence drawn from data (whether our own or others’), analysis, research and horizon-scanning. Understanding what our own data tell us, and making good use of what others know, are now core competencies for regulators. Along with other regulators, we are rethinking the significance to our overarching purpose of intelligence. We know that intelligence will help us respond better to risks and we hope that in the future, better intelligence will allow us to understand risk-factors for poor practice and use these to anticipate and ideally avoid its impact on service users.”
To support this core business imperative the NMC decided to transform Data Management within the Organisation so that:
This was combined with other cost reduction tactical issues within the current data landscape that included:
The EIQ2 product appeared to be quite unique in the market due to its transparent approach in that the code it automatically produced was available to onsite developers.
The NMC procurement team was involved in determining the approach to the testing and validation of the EIQ2 toolset in line with its procurement policies. To evaluate the product, a fifty-question evaluation document was produced by the NMC and an independent consultant asked to forecast the manual development of a data store. The timeframe was estimated at 70 days for one person and this was corroborated by another consultant.
“ Can we get a quote form someone to back all the impressive savings?”
If not push some big headlines or a picture of the NMC just to add life a impact.
The Outcome of this evaluation was extremely favourable with;
Major time & costs savings: The most important deliverable was fast production of fact-based information. It took EIQ2 just 15 days to create the data store as opposed to the 70 days or above that would normally be needed with a classic data warehouse development. This provided an estimated 78% man-days saving from using the EIQ2 toolset;
Data integration without major system integration: The overheads and challenges of pulling together data from disparate systems often lead to high costs, delays and unwanted complication. Instead the EIQ2 toolset is a Software and a Service solution an provided an extremely easy means of adding source data to the database with virtually no extra overhead to the client’s IT department.
Automatic creation of a data dictionary: Building an accurate data dictionary is critical to achieving valid facts for regulatory reporting. EIQ2 provided the identification of data quality thresholds and duplicate data;
Improvements in data quality: Deliverables also included identification the identification of data quality thresholds and duplicate data;
Rapid development results in better alignment of result: Normally, elongated data analysis exercises suffer from the risk of miss-alignment as business requirements may well change during a project. Developers then need to re-write code and this is why such projects end up with lengthy delays or are often cancelled. Rapid development of using the EIQ2 toolset meant allowed delivery of all required information fully aligned with the business needs and strategy without risk of changes complicating development;
Reusable code provides basis for long term operational cost and time savings: The code produced was completely transparent and not black box, nor proprietary. This provided code generation that is easily amendable by any future developer;
Savings from sunsetting legacy system: During the evaluation, it was also found that there could be a Technical Debt reduction using EIQ2 in terms of ‘sun setting’ legacy systems.
As a result of the above benefits a decision has since been made to purchase the product.