Client
The client was a brokerage firm with a strong presence in the capital markets.
Goal
Improve risk reporting and calculations.
Tools and technologies
Dot Net, C#, Greenplum, JUX Proprietary Framework and HTML5.
BUSINESS CHALLENGE
The client's market risk reporting and limit monitoring platform was based on products that were reaching the end of their service lines in the foreseeable future — Microsoft's Silverlight for viewing rich content and IBM's Netezza for data warehousing. They wanted to move to a new-technology platform. Among the big challenges was a lack of user-friendliness, a high cost of ownership because of the maintenance needed, and a lack of scalability because the data could not be clustered. The existing systems did not enable efficient audit trails and tracking of users. Iris had to identify alternatives that would sit well with 55 other applications in the system.
SOLUTION
We considered building a visualization platform using the latest JavaScript frameworks such as Angular or React but settled on making a fresh user interface and UI framework on HTML5. We developed new UI widgets to provide better user experience, making it possible for users to customize their workspace. We integrated the module to manage a user’s role and access level. In all, we provided a modern, flexible interface for application deployment that was developed in-house.
OUTCOMES
We successfully moved all the 55 applications to the new platform.
As a result, the total cost of ownership was expected to be 15% lower after the migration.
It was also built for the future — a distributed, scalable, mobile-ready platform.
It had an integrated module for managing user roles and access levels and could be customized with various themes to provide better user experience. User tracking and audit trails were enabled.
15%
Lower total cost of ownership
55
Apps moved to new platform
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Get in touchA legacy portfolio gets a makeover
Iris developed a multi-device mobile ticketing and permitting application that seamlessly integrated with local government systems using cloud technology for more efficient law enforcement.
Conquering the cloud
Iris developed a multi-device mobile ticketing and permitting application that seamlessly integrated with local government systems using cloud technology for more efficient law enforcement.
Conquering the cloud
Iris developed a multi-device mobile ticketing and permitting application that seamlessly integrated with local government systems using cloud technology for more efficient law enforcement.
Conquering the cloud
Iris developed a multi-device mobile ticketing and permitting application that seamlessly integrated with local government systems using cloud technology for more efficient law enforcement.Title
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Client
The client is one of the Big Four advisory firms.
Goal
Modernize the legacy application to meet growing business needs.
Tools and technologies
MS SharePoint, MS .Net and MS SQL Server.
BUSINESS CHALLENGE
The client had multiple legacy applications, deployed over the years. Its business needs had grown with time and the applications were falling short of required service levels. The client faced the following challenges:
- Lack of integration: Most of the integration with upstream and downstream systems was manual, resulting in common data getting obsolete quickly.
- The client was finding it difficult and expensive to hire and retain resources to maintain the legacy apps.
- The legacy system was prone to security breaches and couldn’t be deployed on the enterprise-level stack.
- The existing system supported only single-user applications, and it wasn’t possible to roll them out to multiple users.
SOLUTION
After a comprehensive analysis, we rationalized, classified and distributed the client’s applications portfolio in four areas:
1) upgrade and continue to maintain;
2) rewrite to modernize;
3) consolidate overlapping applications using a framework approach; and,
4) retire.
The idea was to deliver maximum value at the lowest cost possible and ensure the system complied with security standards.
Here’s what we did for the client:
- Upgraded the technology stack for the application(s) to lower maintenance costs, improve efficiency and meet growing business needs.
- Used an in-house technology modernization framework to reduce development and maintenance costs.
- Consolidated applications that were doing similar tasks and had similar features and modernized them.
- Retired applications, whose features were available through other applications.
OUTCOMES
- With the legacy modernization and application consolidation process, we reduced the client’s application portfolio from 45 applications to less than 10.
- Reduced the resources required for maintenance from six to two.
- The framework-based approach accelerated time-to-market, a critical differentiator for the client.
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Get in touchAn agile sprint for financial data
Client
Among the world’s largest manufacturers of sportswear, the client sells its products in more than 120 countries and employs more than 13,000 people.
Goal
To significantly reduce turnaround time and ease associated with report creation.
Tools and technologies
Microsoft SQL Server’s Analysis Services (SSAS), Microsoft SQL Server Integration Services (SSIS), Microsoft SQL Server Reporting Services (SSRS), Boomi AtomSphere, and Power BI.
BUSINESS CHALLENGE
The client’s finance department was using standard SAP reports which limited the flexibility to slice and dice data or add fields to reports. Modifying or creating new reports was either difficult or expensive. Top management, including the CFO and financial controllers, were finding it difficult to create a high-level, integrated view of the company’s finances.
The existing process required data transposition between various systems, including the SAP and Oracle systems. Much of this data was extracted and consolidated manually, which was time-consuming, and took around a week.
SOLUTION
Iris executed a distributed Agile framework for the client’s global delivery model. Our solution pulled data out of the client’s SAP ERP system using Dell Boomi adapters, and leveraged SSIS (SQL server integration services) to transform it into enriched data. This data was mapped and made actionable through interactive PowerBI Tableau dashboards. With the help of a custom-made finance data model, a data warehouse was created. The easily shareable data cubes not only replaced all legacy reports, but also reduced the number of SAP user licenses.
OUTCOMES
With the availability of Power BI dashboards and the capability to slice-and-dice financial data, client managers now have a better view of operations and accounting flows. The data consolidation allows users to create need-based reports without additional licenses.
The automation of the entire process from data extraction and transformation to publishing of analytical cubes has enabled the client teams to significantly reduce time required to produce reports – from days to a few minutes. They have been able to achieve a 95% reduction in time and effort.
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Get in touchA playbook for banks on managing M&A integration
Client
Banks that have merged or acquired new businesses.
Goal
Manage migration and integration complexity post M&A.
Tools and technologies
The Iris business acquisition playbook for banks.
BUSINESS CHALLENGE
In a low-interest rate regime, achieving scale is the only way for banks to stay profitable. The top 25 banks are growing at a rate faster than rest of the pack. The search for profitability from scale is predicated upon their ability to ensure that operational costs do not grow linearly with business.
A significant part of this growth will come inorganically. Apart from M&As, brownfield expansion comes with banks selling off their books of business for reasons ranging from realigned strategic priorities to the more mundane need of raising cash. Any IT costs in absorbing the new book of work will negate the advantages of size.
Solution
Iris has been working with banking clients to create a business acquisition playbook outlining steps to insource with a migration and integration strategy. We have enabled clients to deal with post-merger integrations and create a single source of truth for transactional data and positions. The Iris team delivered solutions specifically tailored for applications in the loan origination and servicing space.
We have helped our banking clients:
- Consolidate multiple acquisition playbooks to create a single standardized framework for their lending business
- Define insourcing steps for business and technology teams and create a migration strategy with quantifiable recommendations and a reusable checklist for insourcing activities.
- Assess capability and readiness and help them choose from insourcing options:
- Achieve full migration of data and systems
- Achieve partial migration of systems and data migration and integration
- Manage data integration and connectivity for lending business.
Outcomes
We have helped clients achieve 50% savings in cycle time and cost for post-merger integration of business processes, application and data.
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Get in touchDeliver personalization via report automation
Client
A leading asset management firm based in the U.S.
Goal
Help asset managers deliver personalized solutions to establish differentiation.
Tools and technologies
AquaData Studio, Java, Perl, Python, Spring, Hibernate, VRS, PostgreSQL, Composite and MS SQL.
BUSINESS CHALLENGE
Asset management firms face challenges such as a generational shift in the demographic and new patterns of investment behavior. They also face changing regulations, and aggregators with low-cost products who are thinning the pool of investible funds.
Our client wanted to differentiate itself by offering customer-centric solutions that are flexible and adaptable. But its existing systems presented several challenges:
- Its front, mid and back office functions needed a lot of manual effort
- Business rules were inconsistent and data duplication was rampant
- User experience on the platform needed significant improvement
- Clients were unable to get a holistic view of their accounts
- Data validation was consuming a lot of manhours
SOLUTION
We partnered with the asset manager to deliver better digital experiences to all its stakeholders. We created a robust data ecosystem and used advanced technologies such as artificial intelligence/machine learning or AI/ML, intelligent automation, cloud computing and test automation.
- Our team streamlined and integrated the client’s front, middle and back office functions. We helped the client integrate their back-office solutions with their custodians, reducing complexity in information exchange, eliminating reconciliation and increasing operational efficiency by more than 75%.
- We automated the creation of more than 7,000 reports.
- Improved experience for retail and institutional clients by automating the generation of complex compliance and strategic reports.
- Developed a strategic reporting module that gave customers a holistic view of their accounts and holdings.
- Set up a business data validation team offshore.
- Enabled self-service option for bespoke reports.
OUTCOMES
Our solution helped the client significantly improve front-end experience for customers; reduce manual effort and costs in the back office; and improve overall operations efficiency. Highlights of the outcomes:
- Automated the exhibits process with 75% increase in throughput
- Our report automation solution reduced manual effort by 70% and improved monthly artefact generation throughput by 40%
- Reduced manual effort for customization in client profile management by 60%
- Achieved $50,000 savings monthly in data validation for client profile management
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Get in touchAn API ecosystem expedites customer onboarding
Client
The client is a leading logistics and transportation services provider, ranked among the top 10 in the world.
Goal
Rapid onboarding of partners and customers; improve customer experience.
Tools and technologies
Azure, Dell Boomi APIM and oAuth 2.
BUSINESS CHALLENGE
The growing volume of business required the client to respond faster to market demands. On their current systems, it was a challenge for the support staff to onboard new clients and service their requests.
The client needed a solution that would help it respond quickly to diverse business needs, including:
- Last mile shipment tracking and alerts across carrier networks
- Quotes for multiple shipment options
- Special fulfilment orders
- Order personalization for seasonal surges
SOLUTION
We proposed and developed a comprehensive API layer that allowed customers and partners to access client systems using APIs.
Customers and partners could easily track shipments and get quotes on their own. This reduced the need for support personnel to service routine requests. The team configured these APIs on Boomi’s API Management to enable seamless real-time integration.
OUTCOMES
- Improved onboarding speed: 20+ partners per month
- Enabled client to handle large volumes of requests, with a service capacity of 35,000 API requests a day
- Improved customer experience through real-time rates and quotes
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