Case Study NASDAQ BWISE
Improving and sharing knowledge, digitally
Acquired by Nasdaq two years ago, BWise now forms the keystone for its GRC technology portfolio, offering leading software solutions for Risk Management, Internal Audit and Compliance.
Knowledge is a key driver for BWise and training is an integral part of how the business works. BWise has to ensure that its own consultants, partners and through them clients, are always fully up-to-date with their knowledge of the products and that they are all sufficiently trained in using, configuring and maintaining the BWise system. Complex software implementation means that clients, in particular, require a lot of training.
With products offered in a range of languages and 10 international offices; employees, partners and customers are also multi-lingual and dispersed worldwide. Previously, training and learning was not centralised, resulting in BWise being unable to properly share crucial knowledge. Clients would often only have access to outdated information, resulting in them using the system incorrectly.
In order to offer centralised knowledge and learning to its employees, partners and clients, BWise recognised the need for a LMS. Beyond formal learning, BWise also needed a system which could facilitate further, continuous training through a more interactive platform, where users and experts could exchange queries and information, creating a virtual knowledge community.
The Academy manager had previously worked with many other providers but was won over by Cornerstone; demanding for BWise to use it when he was onboarded onto the team. Unlike some other providers, every aspect that BWise needed was integrated into one, simple solution, whilst also offering full functional flexibility.
Initial implementation took less than six weeks, with BWise first implementing Learning, supplemented by practical training and learning on the job and then Connect. This enabled BWise to create their collaborative virtual knowledge centre with different communities for users to ask questions and discuss topics.
After all aspects of implementation were completed, Cornerstone has continued to listen to BWise’s suggestions and still does, maintaining a long-term relationship of support.
Centralised knowledge and training. All knowledge and training is now available on one single platform. BWise can provide consistent, relevant knowledge to the right person at the right time, where learning is driven by the user and their specific needs. As a result of this, BWise has noticed a significant increase in the knowledge level of users, proven by assessment results. BWise has also witnessed an improvement in reporting along with better information management.
Creation of a virtual knowledge centre. Despite users being dispersed worldwide, they now have full access to all training and learning materials through a virtual knowledge centre. Thanks to Connect, users also have direct contact with internal and external experts for the first time. Internal and external experts have a set number of hours per week dedicated to answering questions and posting documents, ensuring their quality and that they are always fully up-to-date.
Improved client satisfaction. Cornerstone has enabled BWise to offer a fully comprehensive knowledge and training service for its clients that it previously was unable to provide. This was at the forefront of the demands from BWise’s partners and clients and has resolved previous issues of clients incorrectly using BWise products. Clients have been particularly satisfied with the look and ease of use of the platform.
Facilitated a Certification Programme. Cornerstone has enabled over 100 of BWise’s partners to become formally certified in BWise software and to easily re-certify.
Ability to identify industry trends. Based on what is being most discussed on Connect, BWise is now able to identify industry trends and requirements, as well as recognise what training and which products need changing and developing.
Increased sales. The project never had any financial objectives but, through offering this service, BWise is now also expected to sell more licenses, greatly contributing to company revenue as a result.