By Celia Brown, SAP
Some of the most successful companies in the world today began as startups and no one would be likely to dispute the major role they have played in driving disruptive innovation. And new startups are born every day in dorm rooms and coffee shops- though chances are that only a select few will become household names like Amazon.com or Google. The startup culture, often defined by agility and an entrepreneurial mindset, is one that many corporations would love to replicate in their own company culture.
I recently met with Brian Weakliam, Founder and CEO of Bankhawk Analytics, to learn more about their solutions and how their relationship with a corporation like SAP has impacted their business. Businesses of any size can undoubtedly benefit from the insights and possibilities that successful startups and their leaders like Weakliam can offer.
What does BankHawk Analytics do in a nutshell?
BW: The lack of visibility and the amount of information provided by banks makes it very difficult for companies to properly manage their banking activity and cash. Faster and better information helps companies to streamline their banking activity, speed up cash flow and reduce risk. Bankhawk365 helps CFO’s, Finance Executives and Treasurers by extracting and consolidating this data and presenting it to the user in concise dashboards. Using Bankhawk365 companies can unlock cash that is trapped in the banking system, monitor bank risk and reduce banking costs.
What business outcomes can enterprises expect by leveraging your solution?
BW: Unlocking trapped cash, reducing banking costs and minimising bank risk are big priorities for Finance executives. The difficulty they have however is that much of their data is buried in different systems and good management information cannot be obtained. Bankhawk Analytics provide companies with compelling insights using their banking data which they use to be more competitive and profitable. Bankhawk365 increases banking visibility giving companies greater control over their cash, reducing risk and banking costs. Bankhawk Analytics’ clients are generating savings in excess of €17m per annum and have released over €350m of cash trapped in banking systems. Typically our clients have experienced a 500% return on their investment and they are impressed by the immediate value that is generated.
What is a lesson that enterprises can take from startups? Specifically from Bankhawk Analytics?
BW: Flexibility is a key lesson that enterprises can learn from start-ups. When new opportunities arise start-ups are able to react and adapt extremely rapidly. Executives can make key decisions more quickly as a result of less formalised processes and faster decision cycles. Regular collaboration between executives, management and staff in a start-up encourages creativity, innovation and ownership, all of which improve the business and its products/services.
How has SAP technology served as a competitive advantage for your startup?
BW: The SAP Startup Focus Program has given Bankhawk Analytics a huge boost to its marketing capability. Being associated with a global leading company like SAP gives our brand much more credibility. The people in the Startup Focus Program have provided tremendous marketing support by helping us to find our way around the SAP ecosystem, introducing us to Account Leads and to customers.
CFO’s and Finance executives are very interested in what analytics they can use to enhance their role and make their job much easier. When they hear that our Bankhawk365 product is powered by SAP HANA they know our tool has a very powerful engine that can handle very large data sets.
In your opinion, why is it critical for businesses today and in the future to “Think like a startup?”
BW: Businesses today need to think like a startup to become more competitive. Being more flexible and encouraging collaboration at all levels throughout the organisation means that businesses will be able to react faster and become more creative. They will become innovators when solving problems, as opposed to the “that’s the way we’ve always done it” approach that many established businesses adopt. This in turn will benefit customers as the business will be in a position to react more quickly to their specific needs.
Brian Weakliam is founder and CEO of Bankhawk Analytics. He passionately believes that better and faster information is crucial for success in today’s world. Brian builds relationships with CFO’s Treasurers and Finance Executives and helps them to see how Big Data can be exploited in the Finance function. Bankhawk’s team of data scientists are leading innovation with bank data analytics.
VN:F [1.9.22_1171]Bankhawk Analytics - Taking the message of banking data analytics to SAPPHIRE NOW,