Headquartered in New York City, Silvercrest Asset Management Group LLC currently advises on $18 billion worth of investments for families, endowments, foundations and institutions. Silvercrest had been relying on its accounting system as a one-stop shop for its reporting needs, which was a very manual and time consuming process. The company required a web-based analytics and reporting platform that would allow it to build more professional reports and dashboards, tailored to its clients' needs. The solution also needed to scale as Silvercrest's client list grew, be accessible through Silvercrest's online portal and deliver reports in the clients' preferred output. Most importantly, the new solution would have to seamlessly draw data from its existing systems.
"For me, the first goal was to present something that looks good and is also highly functional and easy to use," says Rohan Kalyanpur, Senior Vice President for Silvercrest Asset Management Group. "We wanted something much more in line with our branding, basically taking our reporting to the 21st century."
Silvercrest considered several reporting solutions, looking for the right platform to fit its needs and meet clients' expectations. The company ultimately chose to implement OpenText™ Information Hub (iHub) and OpenText™ Analytics Designer.
"Having used OpenText iHub at previous companies, I was already familiar with its advanced business intelligence (BI) and reporting capabilities and knew it could keep up with our plans to help clients better engage with their data. And, ultimately, the solution would fill our internal reporting needs as well. OpenText had all of the features that we wanted," said Kalyanpur.
Silvercrest embedded the OpenText solutions into its company-branded web portal where its reports are housed. OpenText iHub and OpenText Analytics Designer allowed Silvercrest to be flexible in both design and output, and is also user-friendly for the internal in-house team.
Kalyanpur continued "It is easy for the portfolio managers to put together a report. They can click a button and a report is generated for them. We can easily deploy to the test environment and then, once we're ready, straight into production."
Using OpenText, Silvercrest has been able to create a more professional BI and reporting environment. The flexibility of the solution allows the company to quickly alter reports based on each client's individual needs, keeping up with client requests and expectations. With in-depth access to data, Silvercrest advisors are now able to drill down to a more complex breakdown than ever before, for more detailed analysis of their client's investments and spending, enhancing overall transparency.
"We're able to give a lot more complexity in terms of how to view the data. In the past, with most reporting done from the accounting system, we lacked details. Now, there is a lot more transparency and complexity in what they do," Kalyanpur noted.
The added functionality has helped nurture client loyalty for Silvercrest and continuously improve the products and services it provides.
"There hasn't yet been a situation where we couldn't do something. We've done everything that we wanted to do. And we've tried some really complicated things," Kalyanpur concluded.
OpenText enables the digital world, creating a better way for organizations to work with information, on premises or in the cloud. For more information about OpenText (NASDAQ: OTEX, TSX: OTC) visit opentext.com.
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