In the latest instalment of our Payments IQ series, our Head of Business Intelligence Charlot Agius explains how data is baked into our products and culture, and how his team advocates for data-driven decision making.
Our virtual card platform converts payment costs into earnings, maximises working capital, enables automation and helps companies cut overheads and fraud. And at the heart of it all? Data.
Making relevant data available to our customers in near real-time is key to helping them realise the benefits of smarter payments. Ixaris currently provides over 400 customers (including some of the world’s largest travel brands) with daily and monthly static data reports, which contain a mix of aggregated and granular information on their Ixaris Payments activities. That’s thousands of reports a day, and tens of thousands of reports a month!
At the heart of our standard report offering is a monthly “funds flow” report, which provides clients with a summary of fund movements within the Ixaris Payments system. Not only does this report give our clients valuable information for data-driven decision making, but it also helps them cut overheads. Our clients use this report to essentially automate the reconciliation process, saving considerable reconciliation time and resources. We use data to calculate and report on the cashback rewards we offer to our customers and provide our customers with a nearly real-time view of their transactions in the Ixaris Payments web app.
At Ixaris, our Business Intelligence team constantly advocates for a data-driven culture — not just internally at Ixaris, but even for our customers and partners. This means, besides enabling rich reporting, our Business Intelligence team must also provide the tools and environments that enable data-driven decision making across all levels of an organisation. One of these tools is a data mart.
We create data marts for a specific subject area (for example, the revenue data mart, the performance data mart or the customer data mart). As an example, a revenue data mart might be specifically built to calculate Ixaris’ transaction-based revenue, including all the necessary components that make up this important financial measure. Often, the end result of a data mart is a multi-dimensional data cube, with each structure containing a few different data measures and dimensions that can be sliced and diced. By making such data cubes available to both our teams and customers, we can encourage the kind of consistent self-service data analysis that is at the heart of every data-driven organisation. As it should be.