Enhance Asset Tracking Capabilities with Process Automation


Client

Fortune 500 US Bank

Project Overview

The Client sought confirmation that current processes and controls accounted for the capitalization of internally developed software (IDS), strategic recommendations to enhance asset tracking capabilities, and process enhancements and automation. Reference Point performed a strategic assessment of the firm’s end-to-end IDS capitalization spanning across the Technology, FP&A and Accounting organizations.

Challenge

  • The Client recently implemented a large-scale software development lifecycle (SDLC) switch from waterfall to Agile development, and a new time tracking system to capture technology time as a basis for software capitalization. 
  • Firm-wide, there was inconsistent understanding and education of the end-to-end IDS capitalization process, including appropriate roles and responsibilities and the implication of decisions in key roles. 
  • A new technology and emerging capability in asset tracking was not fully reconciled with the application assets included in the fixed asset register. 

Solution

  • Reference Point deployed a team of experienced consultants and industry experts, including the former CIO at Credit Suisse and the former Technology CFO at Citi, to advise the Client on industry best practices, perform a detailed current state assessment, and develop a target IDS capitalization process for the end-to-end application delivery and management process.
  • The team leveraged Reference Point’s Strategic Capability Assessment to guide the engagement, while building upon the firm’s existing IDS capitalization process.
  • Key tasks included performing stakeholder interviews to better understand existing processes, controls, systems and applications; benchmarking the firm’s software capitalization policy against industry best practices; identifying key areas for improvement; and developing a detailed roadmap and project plan to guide the implementation of the proposed recommendations. 

Impact

  • Reference Point’s assessment produced 10 detailed work packages supported by 46 recommendations to address a detailed listing of 95 findings, helping the Client prioritize long-term investments.
  • The team also provided a list of “quick wins” and actionable changes to immediately implement into existing processes/controls and fix critical bugs identified in the time tracking system. 
  • The work packages were compiled into a detailed implementation roadmap, including resource estimates, providing decision makers the necessary information to remediate issues in processes/controls, integrate asset tracking into the IDS capitalization process, automate highly manual processes, and work towards the future state IDS process flow. 

End-to-End Services, Working Together.

Strategy. Risk. Data. Technology. Reference Point evaluates critical elements all together to build cohesive, lasting value for financial services clients.

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