Most companies today appreciate the impact of advanced technologies, and recognize the importance of digital transformation to compete and succeed. For most organizations, business strategy and digital strategy are becoming one and the same.
Independent Trustee Company (ITC), Ireland’s leading providers of self-administered pensions, realized that its existing legacy system was incompatible with new business needs and that a new platform was needed to make business processes more efficient and effective, without increasing headcount.
ITC, after thorough analysis and mapping of business processes, assessed that ithad more than 40 manual processes, ranging from complex scenarios, such as adding new customers which required digital signatures, and anti-money laundering compliance through to simpler processes such as ‘transfer of funds’ for customers who wish to make investments, which required digital transformation.
“We wanted to better serve our customers and the brokers who support us. This was our aim from the outset. The time had come to radically rethink our overall business processes in a manner that would be the basis for innovation and growth. We wanted a technology platform to deliver on our vision for the business ……”Eamonn King, Head of IT at ITC
Following a detailed tendering process, TEKenable was selected as the preferred solution provider because of the company’s experience and expertise in the marketplace. As a Microsoft Gold Partner, TEKenable could deliver the complex project and develop software to extend the functionality of the solution.
Microsoft Dynamics – The Winning Platform
ITC & TEKenable opted for Microsoft Dynamics because it’s cloud-based, flexible and highly configurable.
TEKenable recognised that leveraging advances in technology was key to addressing both ITC’s challenges and opportunities in the industry. It implemented Microsoft Dynamics, a cloud-based, low-code software frame- work containing a full suite of Microsoft features, which replaced several existing legacy systems, including a risk and compliance logging system and the Sugar CRM application. The solution integrates with iTrust, ITC’s bespoke administration system and the existing Office 365 environment.
The solution also includes a digital reporting element. manual processes, ranging from complex scenarios, such as adding new customers which required digital signatures, and anti-money laundering compliance through to simpler processes such as ‘transfer of funds’ for customers who wish to make investments. ITC reduced its manual processes significantly with the digital transformation solution.
ITC said the move to the cloud has not only benefited customer service but boosted productivity and eased compliance management.
ITC acknowledged that the move to the cloud has not only benefited customer service but boosted productivity and eased compliance management.
The solution eliminated a wide range of manual processes and enable ITC to use one centralized system for clientele management. It also enabled ITC to save human capital costs, enhanced their business activity and lowered the cost of maintaining exhausted and weary old systems in place.
The above contains excerpts from the article by Paul Sharp originally published Sunday Business Post, 7th July 2019.