{"id":407251,"date":"2020-12-01T10:00:45","date_gmt":"2020-12-01T09:00:45","guid":{"rendered":"https:\/\/pulse.microsoft.com\/?p=407251"},"modified":"2020-12-23T16:09:16","modified_gmt":"2020-12-23T15:09:16","slug":"fa2-the-fire-group-how-data-driven-processes-are-reshaping-sustainable-credit-management","status":"publish","type":"post","link":"https:\/\/pulse.microsoft.com\/en\/transform-en\/finance-insurance-en\/fa2-the-fire-group-how-data-driven-processes-are-reshaping-sustainable-credit-management\/","title":{"rendered":"The Fire Group: how data-driven processes are reshaping sustainable credit management"},"content":{"rendered":"

\u201cWe want to change the way credit management is perceived<\/span><\/span>, because we play an important social role<\/span><\/span>\u00a0in this sector<\/span><\/span>.\u00a0<\/span><\/span>D<\/span><\/span>ata and technology\u00a0<\/span><\/span>allow us to<\/span><\/span>\u00a0show<\/span><\/span>\u00a0<\/span><\/span>the critical role that we play\u00a0<\/span><\/span>in a more direct way<\/span><\/span>.\u201d<\/span><\/span><\/p>\n

Sonia Di Nuzzo,\u00a0<\/span><\/span>Corporate\u00a0<\/span><\/span>Communication<\/span><\/span>\u00a0Leader<\/span><\/span>\u00a0at Fire is outlining the ambitious goal\u00a0<\/span><\/span>the\u00a0<\/span><\/span>company\u00a0<\/span><\/span>is setting<\/span><\/span>\u00a0<\/span><\/span>for<\/span><\/span>\u00a0the industry it operates in\u00a0<\/span><\/span>with data.<\/span><\/span>\u00a0As Italy\u2019s largest\u00a0<\/span><\/span>independent\u00a0<\/span><\/span>credit management solutions provider, Fire plays a\u00a0<\/span><\/span>pivotal<\/span><\/span>\u00a0role in helping people\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span><\/span>\u2018<\/span><\/span>lifetime\u00a0<\/span><\/span>management<\/span><\/span>\u2019<\/span><\/span>\u00a0of secure<\/span><\/span>d<\/span><\/span>\u00a0and unsecure<\/span><\/span>d<\/span><\/span>\u00a0credit in the\u00a0<\/span><\/span>retail<\/span><\/span> segment.<\/span><\/span><\/p>\n

\u201c<\/span><\/span>Our processes are\u00a0<\/span><\/span>increasingly data-driven<\/span><\/span>, as\u00a0<\/span><\/span>is\u00a0<\/span><\/span>the<\/span><\/span>\u00a0company\u00a0<\/span><\/span>itself,\u00a0<\/span><\/span>and this is very important,\u201d adds Roberto Ca<\/span><\/span>r<\/span><\/span>rozzo, CIO at Fire. \u201c<\/span><\/span>I<\/span><\/span>n our business it is data that ultimately drives the\u00a0<\/span><\/span>decisions<\/span><\/span>\u00a0we make\u00a0<\/span><\/span>together\u00a0<\/span><\/span>with our customers.\u00a0<\/span><\/span>H<\/span><\/span>aving the most up-to-date information is essential to make the right decision<\/span><\/span>s<\/span><\/span>. And these decisions matter, because they affect people\u2019s lives.\u201d<\/span><\/span><\/p>\n

Working as one team with Microsoft and its partner Cluster Reply, Fire has used Microsoft Azure Synapse Analytics to unify its data, creating a single source <\/span><\/span>of\u00a0<\/span><\/span>information<\/span><\/span>\u00a0<\/span><\/span>at the centre of its operations. It is a solution that stands to benefit both\u00a0<\/span><\/span>its<\/span><\/span>\u00a0internal\u00a0<\/span><\/span>teams and its customers.<\/span><\/span><\/p>\n

\u201cWe are working towards a model of sustainable credit management,\u201d says Di Nuzzo. \u201cAnd if data can help us do that, then that is something that adds real value to our customers, both banks and end<\/span><\/span>-of-cycle<\/span><\/span>\u00a0<\/span><\/span>customers<\/span><\/span>,\u00a0<\/span><\/span>or \u2018<\/span><\/span>debtors<\/span><\/span>\u2019<\/span><\/span>\u00a0as they are usually referred to<\/span><\/span>. W<\/span><\/span>e consider their needs equally important as\u00a0<\/span><\/span>those<\/span><\/span>\u00a0of our upstream customers<\/span><\/span>.<\/span><\/span>\u201d<\/span><\/span><\/p>\n

A company where tradition meets innovation<\/span><\/span><\/h2>\n

Fire\u00a0<\/span><\/span>staffs\u00a0<\/span><\/span>more than\u00a0<\/span><\/span>2<\/span><\/span>,<\/span><\/span>0<\/span><\/span>00\u00a0<\/span><\/span>people\u00a0<\/span><\/span>working across all regions of Italy and also\u00a0<\/span><\/span>Romania,\u00a0<\/span><\/span>and<\/span><\/span>\u00a0has a reach far beyond its southern Italian roots.<\/span><\/span><\/p>\n

\u201c<\/span><\/span>Sergio\u00a0<\/span><\/span>Bo<\/span><\/span>m<\/span><\/span>marito<\/span><\/span>\u00a0started the company in 1992<\/span><\/span>\u00a0by winning a bet with his first customer<\/span><\/span>,\u201d<\/span><\/span>\u00a0<\/span><\/span>says Di Nuzzo.\u00a0<\/span><\/span>\u201cHe\u00a0<\/span><\/span>bet he could\u00a0<\/span><\/span>reduce the number of credit collection cases that ended in litigation by 50%<\/span><\/span>,<\/span><\/span>\u00a0<\/span><\/span>provided\u00a0<\/span><\/span>he could apply his own ideas about credit management<\/span><\/span>.<\/span><\/span><\/p>\n

\u201cThere were just two ways of managing\u00a0<\/span>debt\u00a0<\/span>in those days,\u201d she continues. \u201c<\/span>Y<\/span>ou<\/span>\u00a0either<\/span>\u00a0refer<\/span>r<\/span>ed the case to a lawyer or to a field agent, who would knock\u00a0<\/span>at\u00a0<\/span>the\u00a0<\/span>door<\/span>\u00a0of the\u00a0<\/span>debtor.\u00a0<\/span>But\u00a0<\/span>Mr.<\/span>\u00a0<\/span>Bommarito\u00a0<\/span>understood that there was a need for a more articulated, more organized approach to credit management.\u201d<\/span><\/p>\n

The approach\u00a0<\/span><\/span>has led Fire grow\u00a0<\/span><\/span>rapidly<\/span><\/span>\u00a0since it was started.\u00a0<\/span><\/span>\u201c<\/span><\/span>W<\/span><\/span>e are\u00a0<\/span><\/span>now\u00a0<\/span><\/span>the biggest<\/span><\/span>\u00a0independent credit management company in Italy<\/span><\/span>,\u201d says Di Nuzzo.<\/span><\/span><\/p>\n

Reaching that standing has required the<\/span><\/span>\u00a0company to\u00a0<\/span><\/span>anticipate market trends\u00a0<\/span><\/span>to stay ahead of the competition<\/span><\/span>, particularly regarding\u00a0<\/span><\/span>its<\/span><\/span>\u00a0customers\u2019<\/span><\/span>\u00a0<\/span><\/span>res<\/span><\/span>p<\/span><\/span>on<\/span><\/span>se<\/span><\/span>\u00a0to\u00a0<\/span><\/span>recent\u00a0<\/span><\/span>ECB regulations on credit management,\u00a0<\/span><\/span>which have introduced<\/span><\/span>\u00a0specific thresholds, timelines,\u00a0<\/span><\/span>and<\/span><\/span>\u00a0rules for banks<\/span><\/span>.<\/span><\/span><\/p>\n

\u201cWe\u00a0<\/span><\/span>have<\/span><\/span>\u00a0enter<\/span><\/span>ed<\/span><\/span>\u00a0a new world,\u201d\u00a0<\/span><\/span>says<\/span><\/span>\u00a0Di Nuzzo<\/span><\/span>. \u201cOur\u00a0<\/span><\/span>industry<\/span><\/span>\u00a0<\/span><\/span>is\u00a0<\/span><\/span>no longer<\/span><\/span>\u00a0made up of<\/span><\/span>\u00a0small, family-owned companies, but\u00a0<\/span><\/span>major\u00a0<\/span><\/span>banking groups that have their own credit management units<\/span><\/span>.<\/span><\/span>\u00a0Some of these banks have become our competitors, and some our customers.<\/span><\/span>\u201d<\/span><\/span><\/p>\n

It is a world<\/span><\/span>\u00a0in which data and technology rule.<\/span><\/span>\u00a0The more accurate and\u00a0<\/span><\/span>up-to-date<\/span><\/span> the data Fire Group has on debtors, the more successful the company can be in offering credit management solutions.<\/span><\/span><\/p>\n

\u201cData drives our processes,\u201d says Di Nuzzo. And that is why Fire Group has chosen to unify its data with Azure Synapse Analytics.<\/span><\/span>\u00a0<\/span><\/p>\n

A unified team driving a<\/span><\/span>\u00a0culture of innovation<\/span><\/span><\/h2>\n

\u201cWhen I joined Fire Group in early 2020, there was already a\u00a0<\/span><\/span>strong\u00a0<\/span><\/span>company mentality and culture for innovation,\u201d says Carrozzo. \u201cI came to boost that mentality\u00a0<\/span><\/span>and to boost the number and\u00a0<\/span><\/span>quality<\/span><\/span>\u00a0of the innovations we were\u00a0<\/span><\/span>undertaking<\/span><\/span>\u00a0currently and wanted to\u00a0<\/span><\/span>undertake<\/span><\/span>\u00a0in the future.\u00a0<\/span><\/span>Because we want to provid<\/span><\/span>e<\/span><\/span>\u00a0something d<\/span><\/span>ifferent<\/span><\/span>\u00a0than our competitors<\/span><\/span>, something that can differentiate our value proposition.<\/span><\/span><\/p>\n

\u201c<\/span><\/span>W<\/span><\/span>hen I joined Fire,\u00a0<\/span><\/span>data management was mainly\u00a0<\/span><\/span>facilitated<\/span><\/span>\u00a0<\/span><\/span>using<\/span><\/span>\u00a0<\/span><\/span>a traditional data warehouse<\/span><\/span>,<\/span><\/span>\u00a0allowing once-a<\/span><\/span>–<\/span><\/span>day static reports with relatively limited possibility for real-time analysis of certain angles of credit management processes. The need to implement a more agile decision-making support tool was vital to the competitiveness of the business.\u201d<\/span><\/span><\/p>\n

Seeing Fire<\/span><\/span>\u2019s<\/span><\/span>\u00a0<\/span><\/span>need for a new data management solution that would allow them to be more innovative going forward, long-time strategic partner Microsoft put the credit management company in touch with another of its partners, Italian technology solutions provider Cluster Reply.<\/span><\/span><\/p>\n

\u201cInnovation is in the\u00a0<\/span><\/span>DNA\u00a0<\/span><\/span>of Cluster Reply,\u201d says Fabio Solazzo, Data, AI and IoT Manager at Cluster Reply. \u201c<\/span><\/span>We\u00a0<\/span><\/span>have worked with Fire on the<\/span><\/span>\u00a0implementation\u00a0<\/span><\/span>of\u00a0<\/span><\/span>the new data warehouse, redesign<\/span><\/span>ing<\/span><\/span>\u00a0<\/span><\/span>the<\/span><\/span>\u00a0data model, and improving the data quality process<\/span><\/span>.\u201d<\/span><\/span><\/p>\n

\u201cI have especially appreciated the support of the Microsoft Fast Track team in recent weeks,\u201d<\/span><\/span>\u00a0<\/span><\/span>he\u00a0<\/span><\/span>\u00a0adds<\/span><\/span>. \u201cBecause we are dealing with technology that is new for us here at Fire Group, so we sometimes need support in how to best use it, because we want to exploit all the functionality that any new tools can give us.<\/span><\/span><\/p>\n

\u201cThe teams at Microsoft and Cluster Reply help us to do that.\u201d<\/span><\/span><\/p>\n

Reaping the benefits of Azure Synapse Analytics<\/span><\/span><\/h2>\n

\u201cWe want to achieve many things with this new technology<\/span><\/span>,<\/span><\/span>\u201d says Ca<\/span><\/span>r<\/span><\/span>rozzo. \u201cFirstly, enhanced query flexibility.<\/span><\/span><\/p>\n

\u201cW<\/span><\/span>e don’t want to do analysis only in the data warehouse,\u00a0<\/span><\/span>we want<\/span><\/span>\u00a0to have<\/span><\/span>\u00a0the<\/span><\/span>\u00a0flexibility to do analysis in different system<\/span><\/span>s too<\/span><\/span>.<\/span><\/span>\u00a0<\/span><\/span>So<\/span><\/span>\u00a0we can either<\/span><\/span>\u00a0put the raw data in<\/span><\/span>to<\/span><\/span>\u00a0Azure<\/span><\/span>, or<\/span><\/span>\u00a0<\/span><\/span>we can use it<\/span><\/span>\u00a0in our on-premises\u00a0<\/span><\/span>database<\/span><\/span>. It\u00a0<\/span><\/span>can also\u00a0<\/span><\/span>be combined<\/span><\/span>, so we can find compromises\u00a0<\/span><\/span>between different solutions<\/span><\/span>\u00a0<\/span><\/span>with this technology.\u00a0<\/span><\/span>T<\/span><\/span>hat<\/span><\/span>\u00a0is\u00a0<\/span><\/span>one potential\u00a0<\/span><\/span>of using Azure Synapse Analytics<\/span><\/span>.<\/span><\/span><\/p>\n

\u201cAnother benefit is system maintenance,\u201d he continues. \u201cBecause Azure Synapse Analytics is a Platform-as-a-Service, that means we can rely on the support of Microsoft for management of the whole system.\u201d<\/span><\/span><\/p>\n

But the benefits of the new platform aren\u2019t just\u00a0<\/span><\/span>related to back-end functionality; crucially, they also enhance the user experience. And that is exactly what Car<\/span><\/span>r<\/span><\/span>ozzo and his team are now working towards.<\/span><\/span><\/p>\n

\u201cAs I mentioned before, we used to be able to report in a very traditional, once-a-day way,\u201d says Carrozzo. \u201cNow we are working on a much more interactive, sophisticated way of reporting using Azure Synapse Analytics and Power BI dashboards. This will allow\u00a0<\/span><\/span>user<\/span><\/span>s<\/span><\/span>\u00a0<\/span><\/span>to<\/span><\/span>\u00a0navigate data in a self-service manner<\/span><\/span>, which<\/span><\/span>\u00a0we want to use both<\/span><\/span>\u00a0for employees<\/span><\/span>\u00a0internal<\/span><\/span>ly<\/span><\/span>,\u00a0<\/span><\/span>and exte<\/span><\/span>rn<\/span><\/span>ally with<\/span><\/span> our clients.<\/span><\/span><\/p>\n

\u201cThis will take our reporting service to clients to a totally new level of sophistication.\u201d<\/span><\/p>\n

Real-time insights and the future of credit management<\/span><\/span><\/h2>\n

When it comes to providing people with financial management services, having real-time data is the only way to ensure that accurate and relevant advice is given. That is the\u00a0<\/span><\/span>ultimate goal<\/span><\/span> of the new technology Fire has put in place.<\/span><\/span><\/p>\n

\u201cW<\/span><\/span>e want to\u00a0<\/span><\/span>achieve real-time insights<\/span><\/span>,\u00a0<\/span><\/span>so we can\u00a0<\/span><\/span>query the data we have in our transaction\u00a0<\/span><\/span>database directly<\/span><\/span>,<\/span><\/span>\u00a0to see how that data<\/span><\/span>\u00a0chang<\/span><\/span>es<\/span><\/span>\u00a0during the<\/span><\/span>\u00a0course of a<\/span><\/span>\u00a0day<\/span><\/span>, for example,\u201d says Carrozzo.<\/span><\/span><\/p>\n

\u201cThis is perhaps the most important<\/span><\/span>\u00a0objective we\u00a0<\/span><\/span>want<\/span><\/span>\u00a0to achieve.<\/span><\/span>\u201d<\/span><\/span><\/p>\n

It is something that the teams at Fire, Cluster Reply and Microsoft continue to work towards to provide better, faster, more accurate services to its customers<\/span><\/span>, as they continue to disrupt an established and traditional industry.<\/span><\/span><\/p>\n

\u201cThe law regulating credit collection in Italy dates back to 1931,\u201d says Di Nuzzo in closing. \u201c<\/span><\/span>So<\/span><\/span>\u00a0it doesn\u2019t encompass technology. That\u2019s why<\/span><\/span>,\u00a0<\/span><\/span>while\u00a0<\/span><\/span>always keeping compliant with data protection laws,<\/span><\/span>\u00a0we see the opportunity to redefine the industry by introducing new technologies and new ways of managing financial data<\/span><\/span>\u00a0to offer a more sustainable way to manage debt\u00a0<\/span><\/span>for<\/span><\/span>\u00a0<\/span><\/span>all parties involved in the process<\/span><\/span>.\u201d<\/span><\/span><\/p>\n

For more information about Fire\u2019s work<\/span><\/span>,\u00a0<\/span><\/span>visit\u00a0<\/span><\/span>www.fire.eu<\/span><\/span><\/a>\u00a0<\/span><\/span>or founder\u00a0<\/span><\/span>Mr. Sergio\u00a0<\/span><\/span>Bommarito\u2019s<\/span><\/span> personal blog<\/a>.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cWe want to change the way credit management is perceived, because we play an important social role\u00a0in this sector.\u00a0Data and technology\u00a0allow us to\u00a0show\u00a0the critical role that we play\u00a0in a more direct way.\u201d Sonia Di Nuzzo,\u00a0Corporate\u00a0Communication\u00a0Leader\u00a0at Fire is outlining the ambitious goal\u00a0the\u00a0company\u00a0is setting\u00a0for\u00a0the industry it operates in\u00a0with data.\u00a0As Italy\u2019s largest\u00a0independent\u00a0credit management solutions provider, Fire plays a\u00a0pivotal\u00a0role […]<\/p>\n","protected":false},"author":665,"featured_media":409387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1911],"class_list":["post-407251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-transformation-en","specials-transform-en","verticalIndustries-finance-insurance-en","stories-data-insights-intelligence","stories-how-can-i-get-insights-from-my-data","businessPriorities-digital-transformation"],"_links":{"self":[{"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/posts\/407251"}],"collection":[{"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/users\/665"}],"replies":[{"embeddable":true,"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/comments?post=407251"}],"version-history":[{"count":5,"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/posts\/407251\/revisions"}],"predecessor-version":[{"id":411425,"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/posts\/407251\/revisions\/411425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/media\/409387"}],"wp:attachment":[{"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/media?parent=407251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pulse.microsoft.com\/en\/wp-json\/wp\/v2\/categories?post=407251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}