Supernova Award Category

Data to Decisions

The Problem

As a transaction-based business, an algorithm typically decides the authenticity of each check that Ingo Money processes, but if it’s not able to do that, human intervention is required. Employees at Ingo Money must then make decisions on the authenticity of checks to determine if they’re real or not. The company’s business model is dependent on maximizing AI and the productivity of its employees.

Data is key to making better decisions, which will impact how the workforce is managed, how the best people are promoted and how the system identifies high-risk checks. The team at Ingo Money wanted to create an employee scorecard that measured accuracy and time to make a decision, improved the AI around automated check depositing and collected and shared data with executive managers and supervisors. To accomplish this project, Ingo Money turned to Domo, a cloud-based business optimization platform, to find “the truth.”

The Solution

Ingo Money implemented a company-wide rollout of Domo, with the goal of improving the knowledge base so that the company could make better decisions faster and with more accurate information.

Once Domo was implemented, Ingo Money turned its focus towards launching employee scorecards to give the company custom visuals and a real-time view of performance metrics. With the scorecards, Ingo Money can track individuals across the company, identify strengths and weaknesses, surface the company’s top performers and improve overall performance. The scorecard also has the ability to measure average handle time (which is how long employees touch the check before making a decision), approval percentage and quality score in terms of decisioning and returns.

The results

Since its implementation, the employee scorecard has helped supervisors see every employee’s score against each element and use the aggregate for bonuses and promotions. Employees are now able to track themselves every day to see how they’re doing, and everyone now knows where to go to get “the truth” about performance. Domo has created a single source of information that everyone trusts and is used in meetings across the company, which in turn has made the overall ability to react and innovate significantly better.

Metrics

Since rolling out the Domo platform, Ingo Money has seen huge benefits across the company – some in ways Ingo Money did not originally intend. Before the project, average handle time was over six minutes when not handled by the automated system. Now, the average time to decision at the risk center has dropped 15 to 20 percent.

One of the largest costs to the company is the cost of a bad decision: a returned check. After investing in Domo in 2015, the measure of net returns as a percentage of fee decreased 10 percent from 2015 to 2016. Spending on sales, marketing and operations decreased 8 percent even though revenue increased by 36 percent. Domo has played a big role in the company’s transformation.

The Technology

Domo

Disruptive Factor

Initially, Ingo Money turned to Domo to optimize its employee performance, but quickly saw other unexpected benefits to revenue generation and its bottom line. They also didn’t understand Domo’s power link to other databases, and soon they were able to understand where their customers were coming from based upon links to ads and websites that were joined to internal customer performance records. This allowed Ingo Money to track long-term value for customers and optimize marketing spend around it.

Shining Moment

In addition to the above results, Domo has also eliminated the need for Ingo Money to generate client reports in Excel. In turn, they have seen enormous business growth without needing to increase client management staffing.