Our Client
A privately held financial, software, data, and media organization headquartered in New York. It is renowned for its proprietary computer software system that provides financial data, analytics, and trading platforms to financial professionals. Additionally, the company offers news, data, and analytics across various industries, including finance, media, and technology. It also operates a global news organization and a 24-hour global business and financial news network.
Ambition
Our client, a global leader in delivering business and markets news, data, analysis, and video to the world, set out to maintain a competitive edge and drive rapid expansion in an ever-evolving market. Their vision was fueled by the recognition that with big organizations come significant data management responsibilities, and the mismanagement of data can pose substantial challenges for companies dealing with them on a daily basis. In response to the increasing demand for investments to yield genuine positive impact alongside financial returns, financial institutions have turned to ESG (Environmental, Social, and Governance) considerations as a crucial solution, actively working to define their strategies in this area.
Recognizing the market need, our client, a leading data provider, launched an ESG product to address these evolving demands. They entrusted Wipro with the task of providing efficient data processing and support for ESG data operations, seeking continuous innovation and transformation solutions. This data plays a critical role in guiding investors to make informed investment decisions and serves as a benchmarking tool for companies aiming to measure their performance against industry peers.
Action
In response to our client's ambitious goals, we embarked on a journey of collaboration and innovation, aiming to address their challenges with proactive and effective solutions. We set up a team of experienced data professionals to support the client in their data processing and publishing operations on a 24*7 basis from India and China. This involved ramping up the team from 17 FTEs to 1300+ FTEs and providing coverage for data operations supporting 40+ countries, 40+ sectors, and 17+ languages. Additionally, we helped the client by processing financial and alternate data, expanding the SME base via knowledge management frameworks, and performing manual and automated quality checks with improved scalability via capacity models.
Furthermore, we established a team of ESG analysts, cross-skilled across all the E, S, and G parameters, and ramped up the team from 10 FTEs to 600+ FTEs. This initiative resulted in coverage of 800+ data points per company, with an overall coverage of 15000+ companies. We also conducted manual and automated quality checks and implemented robust BCP planning, supporting the client's operations from dual locations in India and China.
Moreover, instead of new product recommendations, we focused on product enhancements over the years of our partnership. These enhancements have enabled the client to maintain their competitive edge in the industry. For instance, in one of the products, we supported the client through research, and the finalized data was published into the excel files. We built macros that increased overall efficiencies, leading to a reduction in headcount from 45 to 30. Additionally, in the ESG product, we recommended the adoption of a comprehensive SASB framework, enabling the capture of vital parameters for a comprehensive picture of the companies. For another product, we also identified missing data points regarding schools in municipalities and advised the client to incorporate these data points for comprehensive coverage.
Our proactive approach and forward-thinking strategies were aimed at empowering our client to overcome their obstacles and realize their ambitious vision, ultimately contributing to their sustained growth and success in the dynamic and evolving market.
Ambition Realized
Our collaborative efforts and innovative solutions have been nothing short of transformative for our client. The product enhancements, such as the implementation of automation in a research product, resulted in a remarkable reduction in headcount, leading to substantial operational efficiencies. This reduction in headcount from 45 to 30 directly translated to a 33% increase in productivity and cost savings, contributing to our client's bottom line and operational agility.
Furthermore, our guidance on capturing comprehensive ESG information and municipal data coverage has enabled our client to gain a holistic view of companies' ESG performance and make informed decisions. As a result, our client experienced a 20% improvement in ESG reporting accuracy, leading to enhanced stakeholder trust and confidence. Additionally, the inclusion of vital municipal data points led to a 15% increase in the client's ability to identify lucrative opportunities and mitigate risks within the transportation industry.
Key Achievements
- Achieved more than 99.5% accuracy in operations against the benchmark of 95%
- Wipro set up an offshore team of 600+ ESG professionals supporting the client’s operations on a 24*7 basis
- Random and targeted quality checks for ensuring data accuracy
- More than 99.5% accuracy in business operations
- Improved time to market by 50% in data operations
- 100% SLA adherence during Covid-19
- 100% customer satisfaction
- Delivered 10 Mn+ USD business value to the client
The cumulative impact of these enhancements and strategic guidance has been profound, with our client experiencing a 25% increase in market share and a 30% improvement in customer satisfaction ratings. These metrics directly reflect our client's ability to not only maintain their competitive edge but also to thrive and expand within the industry, thereby realizing their ambitious goals and establishing themselves as a leader in the market. We are proud to have played a key role in their journey and look forward to continuing to support their future endeavors.
