At Blue Street Data, our mission is to deliver tailored data solutions that directly address the unique challenges our clients face. We’re more than just a service provider; we’re a dedicated partner committed to navigating and resolving complex data issues alongside you. Recently, our team had the opportunity to work closely with a Pittsburgh-based financial institution, which we’ll refer to as “Bank A.” Like many organizations, Bank A encountered a series of data management challenges that limited their ability to optimize data-driven decisions. These issues—from limited vendor options to high costs and inefficiencies—are common pain points for businesses across various sectors.
Each of these challenges significantly impacted Bank A’s operations. With limited vendor options, they were forced to choose the most “convenient” data provider available rather than the best fit for their needs. Lacking data customization, they had to adapt their inquiries to generic datasets instead of tailoring the data to their specific questions. The bank invested over $18,000 in data fees and an additional $17,000 in data cleaning and transformation—placing a heavy burden on their budget and restricting their ability to explore other data opportunities. Without quality assessment checks from their vendor, Bank A had no assurance of data integrity, requiring additional internal resources for validation. An 8-week data search process slowed their response to market changes and new opportunities, while a 6-week vendor assessment timeline hindered their ability to quickly onboard improved data solutions.
After identifying these critical issues, it was clear that Blue Street Data's Proprietary PQC Engine would be the perfect solution. This advanced automated system evaluates data vendors and datasets, generating a comprehensive quality score based on over 27 quality factors. By automating this process, the PQC Engine reduces the vendor assessment period to just one week and enables the simultaneous evaluation of multiple vendors on both price and quality. With the PQC Engine, Bank A could efficiently customize their data requests and receive immediate feedback from each search, ultimately identifying a vendor better aligned with their data needs.
Our PQC Engine was instrumental in delivering this solution, but our team’s hands-on collaboration with Bank A was equally impactful. Throughout the process of enhancing Bank A’s data search, we provided continuous support, acting as a liaison between Bank A and their selected data vendor to negotiate favorable data pricing. Additionally, we partnered closely with Bank A’s data team to interpret insights and findings from the datasets. We worked one-on-one with the team to assess their current procurement process, conduct a financial valuation to determine exactly how much money they were losing and where, create a specifically tailored PQC implementation plan and conduct a financial valuation of the implementation plan to determine net gain. This collaboration allowed us to design subsequent data queries in alignment with Bank A’s evolving needs, resulting in increasingly accurate and actionable outcomes.
To conclude, the benefits Bank A achieved extended far beyond cost savings. By switching to a higher-scoring data vendor through our PQC Engine, they not only saved $16,000 in data costs and achieved an additional $78,200 in annual savings, but also gained access to significantly improved data quality. This upgrade in data usability led to more effective insights and allowed Bank A to reallocate over 30 hours per campaign toward strategic initiatives, enhancing both their operational efficiency and decision-making capabilities. Through this solution, we collaborated with Bank A to transform their data approach, enabling them to achieve cost savings, improved data quality, and greater operational efficiency.
If you see your company facing similar issues, don’t hesitate to utilize our PQC Engine or reach out to our team to improve your data operations!