8% potential increase in annual net profit, through realising opportunities identified within client portfolio
The firm were keen to understand the profitability of their clients and eradicate working practices that resulted in low value work.
How did we help?
We analysed the firm’s billing records to segment their clients into meaningful groups based on fees and profitability. By comparing these groups, we quickly identified important clients and targeted actions across groups, helping to recognise opportunities for behavioural improvements and a significant potential for increased profitability.
“The analysis performed by the Ecovis data analytics team delivered some results that were surprising and worrying to us. Along with shining a new light on our most important clients, the client segmentation framework they presented uncovered a significant subset of unprofitable clients, and quantified the striking overall effect of marginal gains to be realised from improved working practices. We were presented with a potential opportunity to improve net profit by up to 8%.
Our management team has been set on a course of enhanced decision-making, supported by the data analysis that Ecovis provide. Data analytics is now an inherent part of our strategy.”
Managing Partner, Stephens Scown