41-Deutsche Asset Management.doc

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41-Deutsche Asset Management.doc

  1. 1. Case Study Staffware Improves Performance Measurement Process At Deutsche Asset Management Company Staffware, the market leaders in business process automation, has improved the performance measurement of investment portfolios at Deutsche Asset Management (DeAM). Staffware has been implemented by DeAM to achieve key objectives including improved service levels to internal customers, increased transparency of the Performance Department´s workload, objective analysis of the achievement of service level targets, and prioritization of work to ensure deadlines are met. John O’Connell Chair and CEO of Staffware said: “ We are delighted that Staffware has been selected by DeAM, which is one of the world’s top five asset management companies, to automate core performance measurement processes. The project, which was implemented in only 8 weeks and had to justify itself against the option to develop an internal bespoke system, illustrates the speed and flexibility of Staffware’s design and deployment capabilities. Furthermore as DeAM’s own staff led the project, it means they now have practical experience in Staffware, which bodes well for other uses of Staffware within their organization.” Peter Ellis, Director of Performance and Business Consulting, Deutsche Asset Management, commented: “We chose Staffware because of their reputation with other companies within Deutsche Bank AG, ease of use of the software and the ability of the organization to understand the challenges we faced. Staffware has significantly improved the way we support the investment and client servicing processes to the extent that we are already starting to reap the long-term benefits. Peter continued “Staffware has not only improved the speed and quality of the service we provide to our internal customers, it has also provided us with visibility of our workload to enable our department to run more like a business. This enhanced professional environment will undoubtedly provide our customers with a visibly better level of service.” Investment managers have to measure the performance of investment portfolios against benchmarks so they can establish the value added by individual investment decisions. These decisions are made based on information provided to investment managers by the Performance Department. Client managers visit clients to explain the value added by DeAM’s investment management processes. The Performance Department has the job of providing complex analyses of investment decisions taken on some 1800 investment portfolios. Staffware handles the process of delivering responses to queries from investment managers and client managers relating to the results of these analyses. Page 1 of 5
  2. 2. Future plans are already in place to provide fund managers with an Intranet front-end, providing a fully automated browser-based service to the internal customers of the Performance Department. The key benefits Staffware has brought to the Performance Department include: · Management reporting · Visibility of workload · Improved level of service to internal clients · More control of the entire process · Prioritization of tasks in hand, ensuring deadlines are met · Consistent quality of performance Workflow In The Personal Finance Sector Deutsche Asset Management had been experiencing increased business activity in the personal equity plans and unit trusts it administered on behalf of clients. As a client focussed organisation Deutsche Asset Management became concerned that the high levels of growth it was experiencing would ultimately affect its customer service levels. In particular, the company believed this would be more marked at the end of the 1996 financial year. This was because the business experiences an upturn in funds allocation as clients top up PEP investments prior to the end of the financial year. Deutsche Asset Management’s existing legacy systems were not particularly suited to handle the large volumes of business being managed or projected for the future. Furthermore, due to timing issues, the users had to re-key information into multiple systems resulting in a greater potential for attendant transcription errors. Combined with greater volumes and this inherent system flaw, the company decided it had to act to protect its customer servicing levels. Delivering Customer Service Recognising the limitations of its legacy IT systems, the company decided that any new solution had to support its two main aims: maintaining customer service and improving efficiency. Specifically, Deutsche Asset Management needed an easy-to-use solution that could be rapidly developed and deployed since it had less than 12 month to the end of the financial year. The solution also had to be able to integrate with its legacy systems including applications based Microsoft Excel spreadsheets. This was vital to reducing and eliminating the errors caused by manually rekeying information into other systems while introducing a quality control element. Despite remaining to be convinced of the much vaunted commercial benefits of workflow software - enhanced customer service, efficiency and productivity gains as well as adherence to deadlines - Deutsche Asset Management adopted Staffware. Page 2 of 5
  3. 3. It was decided that the company would use Staffware to front-end its existing systems to reduce keying errors, add an additional quality control step and increase management control. An unforeseen initial benefit of selecting Staffware was that the software’s Graphical Workflow Definer enabled Deutsche Asset Management to easily map its business processes prior to streamlining them and implementing a supporting IT solution. Rapid Application Development In September 1995, Deutsche Asset Management decided that its priority was to enhance its Personal Equity Plan (PEP) administration. With applications expected to reach between 5 and 10 times the rising daily average currently handled, the company opted to process-enable its PEP applications system using Staffware. Deutsche Asset Management opted to base the solution on Staffware’s new Windows NT server system as it thought it could develop a solution much faster that way. Furthermore, the plan was to fully involve users at all stages and develop the Staffware based application in-house. With business still growing rapidly, and user and IT resources being stretched, the company decided to include Staffware consultants on the project development team. The combined team deployed the new Staffware application on 28 February 1996 - a development, build and roll out period of only five months - despite the fact that Windows NT was a relatively new operating system to the team. Automating the Business Process Users input information that arrives from clients by post including application forms and cheque payments. Staffware manages an error checking procedure at this stage to ensure accuracy and integrity of data such as bank sort code, sex and title. It also integrates with a third party PC application that verifies address post codes & bank sort codes. This ensures that customer service levels are maintained as information is now only input to the system once. Data is automatically validated and Staffware initiates a quality control process which also enables supervisors to check work being input. The Staffware application then automatically updates the legacy PEP and unit trust systems which hold all client records including account numbers, addresses and funds allocated. By automating these business processes, the company has eliminated the duplication of data entry and automated the production of timely management reporting. Customer service is maintained through the reduction of errors as information is now keyed in once, whereas previously the same details could be input up three different times. With the Staffware based system, Deutsche Asset Management has achieved its central aim of improving customer service. Staffware workflow has also enabled it to streamline the capture of information and increase work throughput which has enhanced employee productivity. Page 3 of 5
  4. 4. Furthermore, Staffware has provided the company with greater management control over its processes including a more efficient allocation of work to be done and audit trails to monitor its procedures. Increasing Productivity The success of the Staffware based system was proven when Deutsche Asset Management processed six times more PEP applications on a single day in March 1996 than it had ever done before. Steve Ferguson, Deutsche Deutsche Asset Management, retail IT manager, takes up the story: “Staffware’s Workflow enabled us to survived the incredible volumes of PEP business we received during March 1996. The largest daily volume was nearly six times more than our previous best day at year end “Furthermore, the easy to use nature of the new PEP administration solution proved to be a blessing. To enable us to process all the applications we received during March extra computers had to be hooked up to the system As Staffware is forms based we were able to train new operators in about an hour,” added Ferguson. Reducing the Paper Mountain With client servicing of utmost importance to Deutsche Asset Management, the company embarked on a second PEP and unit trust related IT project in April 1997. The project was designed to streamline its client enquiry process and overcome the delays that would occur while Deutsche Asset Management’s Client Services staff would search for files, or have to call its customers back once a file had been located. To manage its large client base Deutsche Asset Management began to develop a Staffware based document image processing system to enhance customer service. Using the advanced integration capabilities of Staffware 97 - the latest version - the company was able to add imaging and document management from FileNet. To give system users rapid access to all information on its clients, Deutsche Asset Management undertook a backfile conversion scanning some 850,000 sides of A4 paper relating to PEPs in seven months. At the same time it converted around 300,000 pages relating to its unit trust business. Although the unit trust paper volume was relatively smaller it was of high value since the accounts are for nominee and corporate clients. Enhanced security As cheques often accompany incoming correspondence the system would enhance security. This is because documentation was scanned in at the post room stage of the process with images rather than cheques routed to users to process. Staffware 97 also provided an enhanced level of information security including encryption, forced password change as well as password sign off for documents. Developed in conjunction with a number of major financial institutions, the software also matches the security of the server operating system as set up by the system administrator. Page 4 of 5
  5. 5. Steve Ferguson explains: “We took Staffware 97 for the new client servicing application as we knew and trusted both Staffware and its robust, scalable software. The software also offered far greater security for information managed and held in the system. “In addition, the new Staffware software version offered excellent integration capabilities with FileNet imaging and document management applications. Also, Staffware 97 incorporates Microsoft Visual Basic forms which we decided to standardise on as it is a more flexible option.” The DIP system went live in March 1998 - less than twelve months after the project began. The Future - Workflow Enabling the Enterprise With the initial introduction of Staffware workflow, Deutsche Asset Management was able to deliver one of its key business goals - improved customer service. This critical aim was further enhanced by the introduction of the Staffware based document imaging system. By automating a number of its key business procedures, the company was also able to increase employee productivity, streamline its operations and improve management effectiveness by gaining greater control over its business processes. Following the success of the PEP application and document imaging systems, Deutsche Asset Management is looking to use workflow more widely across the organisations to streamline other business processes. In this way the company hopes to provide users with easy and fast access to all client information enabling it to further improve customer serving levels. Deutsche Asset Management has plans to use Staffware to enhance the flow of information in its call centres and is looking at how it will exploit the internet to its commercial advantage. “Our next goal is to develop a call centre environment, allowing our 50 users to access a complete record of all customers transactions. The document management solution will give full visibility of all the customer files and link seamlessly with our PEP and unit trust systems,” stated Ferguson Page 5 of 5

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