A large retail brokerage and bank gained unprecedented visibility into the total cost of IT investment with Upland ComSci
Transparency into the cost of IT brought IT and the business closer together
Greater transparency into IT spend introduced collaboration and a stronger relationship between IT and the Business.
This large retail brokerage and bank has hundreds of branches, more than a thousand financial consultants, billions enrolled in advisory solutions and provided hundreds of thousands of financial plans last year.
The existing allocation methodology for technology costs for this financial services firm was difficult to understand and did not allow for those outside of IT to influence or direct existing IT allocations. Furthermore, the business units that received these IT allocations expressed a desire to be more of a partner and help drive decisions around the technology they used. The firm also experienced increases in regulatory requirements, which resulted in a corresponding increase in technology costs.
The team needed visibility to the total cost of ownership of hundreds of applications that were costing millions of dollars per year. The IT organization experienced several important revelations throughout the process. For example, upon review, they identified two classifications of applications where they had thought they only had one.
Driving Change With A Powerful Tool
The firm’s IT organization wanted to be able to clearly articulate how these new regulatory requirements were driving up infrastructure costs and were then passed down to the business units.
The organization’s CIO not only wanted better transparency between IT and the business units but also to open the door to more active dialogues about what they were getting, how much it was costing and what services were provided to them.
“With help from ComSci, we were able to see a holistic data view. When the technology team saw all of the data come together in one report, the light bulb finally went off. This revelation point gave the team an understanding of not only what the data looks like but also how powerful it can be. We are in a better place now to think strategically about both our costs and organizational processes and move forward in our journey towards complete IT transparency across all of the business units” ~ Senior Finance Manager of Business Systems
Upland’s ComSci was selected for its dedicated implementation team and commitment to customer success. Unlike other vendors, the ComSci implementation team happily agreed to work closely with the customer to fully understand its goals and objectives and to ensure the tool was leveraged most effectively to meet or exceed every identified goal and objective.
“Before ComSci, we did not have the ability to put all of our siloed application views into one all-encompassing view. One process may have used three applications, but behind those three applications were another ten supporting applications. We were finally able to group our applications in a way that supports a key business function. Before it was all piecemeal – not a holistic view,” noted the Senior Finance Manager of Business Systems.
Supporting Customers With Implementation And Every Step After
The ComSci team’s knowledge and professionalism put the IT organization at ease, and the team spoke in a language understood and appreciated by the customer. On top of that, the ComSci team’s continuous support never waned throughout several rounds of reviewing and changing the data in order to make it more accurate, fill in the gaps, and/or fix any incorrect associations.
Initially, the customer’s internal team members had a difficult time grasping what ComSci would provide. ComSci eventually became a powerful tool for the technology team by providing IT cost insight it had not yet experienced and by simplifying multiple reports from various sources and groups. “What used to take six months and five different groups to prepare now takes one day with ComSci,” confirmed the Senior Finance Manager of Business Systems.
The ComSci team understands the intricacies of IT Financial Management and continues to work with the customer to review the data files and develop new business rules, resulting in more accurate reporting. “The ComSci team was, and is still, willing to consume whatever we send their way,” expressed the Senior Finance Manager of Business Systems. They remain a true partner, taking the extra steps needed to move the customer further along in its technology transformation.
If you’re interested to learn more about how to Modernize your TBM Systems, join our webinar to hear us walk you through the 3 key strategies and 2 pitfalls to avoid to help you through your journey. When you’re ready to see how to turn around your IT cost management strategy, click here to request a free demo of Upland ComSci.