Managing products is a task to be tackled by every firm having a lot of clients. It is also proper relationship management that contributes to market success. What counts most for the clients, is the offering that should be as comprehensive as possible and it should precisely match their needs. The bank or the firm needs to be able to flexibly define their new products and modify new ones. How do you go about it to make it quick?

Is Preparing an Attractive Offering an Easy Task?

Preparing competitive offerings for a wide range of clients is a very time-consuming and labour intensive task. The maintenance and modification of the existing offerings is equally demanding. The task gets complicated when it comes to version management and the need to file while ensuring access to earlier offering versions (e.g. “by the client”).

The determinants of a success on the market of financial services include effectively reaching a client with a personalised offering. It must be based on the information stored in the institution’s resources and systems. Key to the process is comprehensive management of products and services, starting from the process of preparation, through modification, to reaching the recipients via the right communication channel. It is virtually impossible to act effectively in this area, with a big base of clients with no support of a dedicated IT solution.

Easy Handling of Offerings

Implementation of a dedicated software for handling offerings is the way to go. One of the possible options is a system based on a modern BPM class platform. Thanks to the solution, tasks and processes running at the organisation can be automated. It is possible to adapt processes to the changing business needs without having to involve the software provider. It gives the enterprise more flexibility. An exemplary solution is the Ferryt platform of DomData.

An important element of the offering management system is the decision engine. It facilitates building and modifying a product offering based on the most recent internal data and data feed from other institutions. It enables searching clients according to predefined rules which are collected and profiled (also the non-typical ones). Dedicated mechanisms calculate value of the offerings, manage fees and bonuses, calculate the profitability of offering implementation. They make the offering-related actions profitable. In this way the bank has an option to build a broad portfolio of diversified offerings which is easy to maintain in the central system.

Personalised actions

The offerings take account of the clients’ needs and the clients’ degree of attractiveness from the institution’s perspective. Such a personalisation enables servicing clients not only with due care, but also with attention to their needs and requirements. Thus, the client is truly convinced that the service is tailor-made indeed. It is a way to increase the effectiveness of the institution’s sales activities.

Effective Service of Offerings

While managing a catalogue of product offerings, it is vital to plan the distribution of offerings. In preparing the offerings, the system should take into account the methods of delivering them to the clients. Communication channels agreed with the client and selected in the configurator as respective for a given offering are taken into account. In this way, the offering is sent to the client via channels identified by the client, including the channels assigned to a given offering.

It is worth noting that the modern BPM solutions may be easily integrated with other systems. Thus, offerings for the clients may be embedded in another system. An offering may be made accessible by, for instance, sending data to an external system via user’s interface in the form of a one-step screen for approval.

Why is it Worth Dealing With Offering Management in a Comprehensive Manner?

In all the processes described above, it is the Ferryt Offering system of DomData that provides support. The system aims to approach the management of product offering catalogue holistically. It supports comprehensively the management of product and service offerings along with their distribution.

This solution stores data structures containing all the data regarding the attributes and parameters of products and offerings. It features processes enabling creation, edition and deactivation of the templates of products and offerings. At its disposal, the institution has interfaces for collecting data from external systems, dictionaries and a reporting module.

The system is based on the BPM class Ferryt Platform. Processes in the system are supported by a decision engine. Numerous base modules and technical platforms facilitate embedding, integration and the management of a system in the organisation’s environment. Ferryt Platform’s users include the most modern banks in Poland and abroad. The system implemented in the leading banks services millions of clients and tens of millions of operations monthly.

Implementation of Ferryt Offering in an institution enables automating the management of products and services. It significantly reduces operating costs. The sales processes and those related to offering management become faster and more effective. And so can improve the effectiveness of the organisation’s operations.