Advanced data gathering system for crypto exchange operations team

In the dynamic and fast-paced world of cryptocurrency exchanges, staying ahead of the game is crucial. Exchange operations teams are faced with the challenge of making informed decisions in real-time. The key to success often lies in access to comprehensive and up-to-the-minute data.

The issue

A crypto exchange company had recognized the potential for one of its operational teams to emerge as a distinct product in the external market. To effectively craft a compelling marketing proposal and establish robust Service Level Agreements (SLAs) for prospective clients, a critical prerequisite was the determination of key performance indicators (KPIs). Unfortunately, the absence of a foundational dataset presented a significant roadblock. This dearth of essential data stood as a formidable challenge, hindering the company's aspirations for market entry and product differentiation.

Initial findings

During the initial phase of our analysis, we examined the data collection practices within the team. It became evident that the data collected internally served as the basic prerequisite for the company's internal needs. However, it was insufficient to meet the demands of the external market.

Furthermore, the evaluation revealed issues of data fragmentation, as data was dispersed across various platforms and systems. Manual data entry processes were identified, leading to prolonged and error-prone procedures. Additionally, data accuracy concerns emerged, with an initial estimate suggesting that nearly 20% of the data contained inaccuracies.

These initial findings illuminate the complex landscape of data management and serve as a foundational understanding of the challenges that must be addressed in our subsequent efforts.

Solution

It became evident that a system for capturing all essential data, enabling the determination of current metrics and future compliance monitoring, was necessary.

As part of our preparatory phase, we conducted an analysis to identify crucial metrics in need of definition, the associated processes, and the relevant tools. This was essential to ensure a seamless integration of innovations within the teams without disrupting existing workflows. Additionally, with the collaborative support of the team, we conducted an extensive examination of the current data gathering systems. The goal was to utilise them as a foundation, consolidate their capabilities, and enrich the data collection process.

Ultimately, we introduced a centralised data platform that seamlessly integrated data from diverse sources, establishing a singular source of truth for the operations team. The automation of data entry significantly reduced the need for manual input. Furthermore, we meticulously designed robust data validation and quality control procedures to uphold data accuracy and reliability.

Results

As a consequence, the team has proficiently assembled the necessary data for defining key indicators and has prepared all requisite information for forthcoming interactions with external clients.

Furthermore, the system has played a pivotal role in the registration of data, which, in turn, has proven invaluable for statistical analysis and process optimization. This facilitated the identification of bottlenecks and a substantial improvement in key performance indicators. Notably, data accuracy enhancements have reduced errors to less than 1%.

At present, the team is actively engaged in the process of establishing legal particulars and crafting a strategic marketing campaign.