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Unlocking Agility in Data-Driven Business Processes for a Leading Asset Management Firm

Unlocking Agility in Data-Driven Business Processes for a Leading Asset Management Firm

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Unlocking Agility in Data-Driven Business Processes for a Leading Asset Management Firm

Synopsis

When data is lifeblood for an organization, agility in business processes can create a competitive edge. To gain this agility, a leading asset management firm turned to NIIT Technologies. We delivered with our innovative solutions – ProcessGymTM and BPM3, which reduced processing time by 60% and cycle time by 28%. Today, our global Operational Excellence Center (OEC) continues to add more value to the client's data-driven business processes with speed, accuracy, and quality at the heart of every transaction

About the Client

A leading asset management firm headquartered in Greenwich, Connecticut, the client manages assets across fixed income,currencies, equities, and commodities asset classes as well as related derivative and other instruments in global markets.

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Business Challenge

The client’s critical processes used data required by traders and strategists for decision-making. The existing processes could not support an operating window covering various geographies. Process inefficiencies, manual effort in managing data, and the lack of a measurement framework increased cost of ownership and data duplication. The client’s operations lacked centralized operations framework, and redundant applications and tools added to the complexity. To overcome these challenges, the client required maintenance of securities data on legacy applications and streamlined data operations

Our Solution

We adopted a three-phased solution approach:

Proprietary Process GymTM Methodology, a Consulting Framework for Process Re-engineering

We set up a team of professionals with expertise in operations, technology, asset management processes, Six Sigma, and lean techniques. The team analyzed processes across geographies in the data management group to study how existing IT infrastructure was being used to support operations. The recommendations from the study resulted in cycle time reduction by 28%, establishment of a data measurement system, and a seamless workflow automation to reduce risk of missing tasks/activities and defects. Another outcome was optimum utilization of resources to handle 20 processes closer to data delivery.

Knowledge Transition, Backed by Proprietary BPM3 Methodology for Seamless Operations

After a comprehensive knowledge management exercise, we recommended the implementation of a new governance structure for knowledge transition (KT). A detailed migration plan was created to deploy our proprietary BPM3 methodology while recommending the seeding of experienced resources with domain training. The structure helped the client reduce the KT timeline by 6 weeks by implementing parallel offshore KT and onshore processing. Robust project management, efficiency, and standardization were assured by continuous monitoring of planned vs. actual timelines with a realignment plan, regular tollgates, reviews, sign-offs, and interventions to monitor progress.

Operational Excellence Center (OEC)

To ensure streamlined operations across geographies, we provided a 24x5 operational window where reports were generated as soon as input data was available. Ongoing weekly and monthly dashboards and reviews enabled standardization across the teams. Our process reengineering and automation initiatives delivered 99.5% quality and facilitated timely information updates

Delivering More Value

  • More Savings: The client realized 28% cost savings from consolidation and standardization of work, 15% savings through productivity benefits through automation in 20 months, and 11% savings through implementation of workflow and task scheduler
  • More Efficiency: We improved productivity by leveraging proprietary tools, achieving the automation of 14 completed reports and reduced processing time by 60%
  • More Quality: The NIIT Technologies team operated with 6 Sigma+ accuracy and delivered consistent quality throughout the engagement.

The NIIT Technologies Advantage

NIIT Technologies brings extensive experience in overcoming challenges in maintaining securities data on legacy applications. It was able to deliver centralized operations, data standardization, and operational efficiencies basis proprietary ProcessGymTM methodology, Knowledge Management framework, and Operational Excellence Center approach.