New Market Development
Product Expansion Strategy
Market Expansion Strategy
Revamping Product Strategy using Technology
Outsourcing, Partnership and Alliance Strategies
Executive Outsourcing Solution
Acquisition Strategy and Implementation
Investor Acquisition/ Exit Assessment
Private Equity Financing
Roll-up Acquisition

Revamping Product Strategy using Technology

Scenario: A well established, mid-size firm that provides analytical information, photo images and detailed locational information for the insurance industry needed a better way to collect, store and distribute this information to its clients. This information had been handled manually in paper files for over 100 years and was becoming increasingly difficult to manage in a cost effective manner. Its clients needed information returned more quickly to address turn-around time requirements in an automated environment. Additionally, there were times when the firm could not find an exact location match due to errors inherent in the U.S. Postal Service address system. Finally, it was difficult to collect and store all relevant information and images on a given subject in one place, thereby creating issues of completeness.

The client wanted a centralized data & image management system that would increase the reliability and quality of service, improve turn-around time and reduce costs for all constituents. They needed to offer a more efficient process while lowering collection and storage costs. They knew they needed to automate, but were not sure how.

Engagement: An HBA Advisor developed a strategy and implementation plan to develop a central repository to house all data, images, analyses and information related to given topics for fast and accurate retrieval anywhere in the U.S. This was an automated system that delivered on all project requirements. Our advisor then led the implementation team in building the solution including development of the technological solution, central database architecture and processes to manage the system.

In addition, the project included the use of GIS positioning technology to offer pinpoint accuracy in the location finder element of the solution. Accordingly, the project included the formation of a strategic alliance with a Geographic Information Systems (GIS) provider. The project also included beta testing new laptop computer capabilities for field applications and integrating new digital image capturing technology.

Results: The delivery of the centralized data & image management system met all project objectives including improved report accuracy, greatly reduced turn-around times, and significant cost reductions for the client’s customers. Because of the cost savings, the firm was able to realize savings in internal field operations, and parley this new platform into more profitable product lines by combining existing information with value-added information from other suppliers. What started out as a new product platform became the basis for a new line of products based on GIS technology.