Name: Stewart Pitt
Position: Co-founder/ Finance Director
Company: Allatus Ltd
Can you give us a little background on your company please?
Allatus was set up in 2011 by the 3 co-founders, using their 80+ years of Financial services experience, to develop a software tool, now known as Allatus Unity®. The tool was developed to support the requirements gathering process and save organisations millions of pounds by reusing data knowledge across projects.
The data large organisations hold is one of their biggest assets yet knowledge about that data and how it is used to produce reports is often held in people’s heads or unmanaged spreadsheets. This results in separate, siloed projects and mulitple reporting solutions with little understanding of the overlap of data needs and processing resulting in high cost and inflexibility when responding to change.
Allatus Unity® is a quicker, more accurate and efficient way to capture and reuse data knowledge. Miillions of pounds can be saved through efficiency savings and reduced regulator penalties.
Tell us about a business challenge you have faced (new product designed/client challenge/etc)?
The main challenge we face is being a small organisation trying to sell into large Financial Institutions. We frequently hit the challenge of “No one has ever been fired for hiring IBM”.
The challenge that organisations face which we tackle is the increasing cost of creating and managing Regulatory and MI reporting and the increasing regulator demand to be able to demonstrate control and understanding of reporting.
What was your solution?
We have undertaken a number of successful pilots and are close to signing our first client.
Tell us about the benefits of your solution to the initial problem?
Regulatory Reporting requirements are rising exponentially. Meanwhile “Big Data” is making an ever increasing amount of data available to organisations. However, this is resulting in Reporting and Data Analysis getting out of control with huge amounts of duplications and reconciliation work. Allatus Unity® acts like a “Recipe Book” storing knowledge about all the reports and their detailed data “ingredients” and the logic to be applied to make each Report. This enables rationalisation of solutions, improved efficiency and control over Reporting.
Why did you join ScotlandIS?
We are looking to join IT related groups to share and benefit from other sharing experiences and contacts/ ideas.
What have you gained from being a ScotlandIS member?
Nothing as yet, new members…any suggestions on what most other members benefit from and how to make the most of membership would be welcome?