Business sector: Asset and Equipment Finance
Expertise: Consulting - Financing Solutions
Client: Global Asset & Equipment Finance Company
Countries: UK
Year: 2021-2023
The context & issues
Teamwill in UK assisted the client in a transformative asset finance software project, implementing a globally recognized solution. This strategic move facilitated seamless integration with an innovative payment tool and streamlined crucial operations. The client aimed to enhance their approach to tasks like ad hoc costs, insolvency, litigation, and write-offs by establishing efficient workflows within the system. Notably, the project achieved exceptional results in a partially remote setting, with key stakeholders, including testing and integration teams, operating outside the office for the majority of the duration.
05/02/2024
teamwill
UK’s premier asset finance firm partners with Teamwill for Back-Office transformation
Our client
Our client stands as a prominent player in the banking sector, commanding a leading position within the UK’s financial landscape. With a global footprint spanning across three countries, they are at the forefront of delivering premier financing solutions for a diverse range of sectors, including motor, aviation, marine, and equipment finance.
The new software offers comprehensive support for asset, motor, and equipment financing, as well as a robust suite of services that cover every aspect of contract management. This includes contract activation, efficient business partner management, top-tier customer service management, seamless handling of financial and non-financial modifications, expert collections management, streamlined early termination processes, swift repossession capabilities, and strategic remarketing solutions, among other exceptional features.
The client displayed keen foresight by acknowledging the significant advantages that adopting the modernised software solution would bring. This move promises to revolutionize their contract management and support technology advances, whilst seamlessly centralizing critical functions. This initiative has successfully eliminated redundant manual tasks within customer service operations. By doing so, they have freed up valuable resources to channel their efforts towards enhancing service quality, elevating the overall customer experience, and driving greater levels of customer satisfaction.
Our Engagement
Configuration:
Teamwill took the helm as the driving force behind a dynamic team of configuration analysts entrusted with the complete end-to-end configuration of the cutting-edge system. Our responsibilities encompassed defining a robust configuration strategy, meticulously outlining the scope of work with a precise timeline, overseeing all environments utilized by diverse streams, crafting configuration release plans, and executing configuration releases, among other pivotal tasks.
We leveraged our expertise to conduct a comprehensive process analysis, expertly mapping out the intricate workflow. This in-depth evaluation empowers us to identify and eliminate process bottlenecks, resulting in streamlined operations that accelerate task execution for enhanced user productivity.
We harnessed the experience of our accounting and finance experts to meticulously design the essential general ledger mappings. These mappings serve as a seamless bridge for integrating with the existing downstream accounting systems, guaranteeing the continued adherence to relevant standards and compliance as they transition to the new system version.
Migration:
Teamwill was a key partner entrusted with conducting comprehensive finance and accounting testing as part of the migration, ensuring precision and excellence in financial processes.
We were entrusted with the pivotal responsibility of shaping the migration strategy, a critical aspect of the project. This encompassed strategic planning for migration trials, meticulous data selection, and seamless transition management from low to high volume trials. Our team also took a significant role in formulating the cutover strategy as we approached the go-live milestone and played key roles during the high-stakes weekend launch.
BAU:
Additionally, our role extended to proficiently handling day-to-day BAU (Business as Usual) tickets for the existing software version, seamlessly bridging the gap until the launch of the new solution. This empowered our client to channel their efforts toward the primary objective of successfully launching the project while maintaining their existing service level agreements and upholding compliance standards, ensuring an unswerving commitment to excellence.
Solutions
In this back office transformation project we followed a comprehensive approach, featuring ten strategic steps that drive excellence in a system transformation:
- Infrastructure and process analysis: we began by thoroughly evaluating existing infrastructure and processes to precisely define the scope of configuration enhancements required.
- Configuration strategy and planning: our experts crafted a configuration strategy and plan, ensuring that project timelines were met.
- System mastery and training: we empowered the client’s Subject Matter Experts (SMEs) with in-depth knowledge of the new system version through expert training sessions.
- Streamlined business processes: our in-depth analysis of business processes helped us design efficient workflows within the system, ensuring seamless task execution.
- Multi-environment management: we adeptly managed concurrent environments, ensuring each one is up-to-date and aligned with individual workstream plans.
- Seamless configuration releases: our team orchestrated configuration releases across all environments, addressing issues identified in the existing configuration and integrated finalized configurations from each sprint.
- Financial reconciliation expertise: we excelled in building reconciliation scripts, recalculating complex financial figures between system versions. This included profit calculations, cash flow assessments, general ledger mapping, income projections, and more.
- SQL query mastery: leveraging our expertise, we created SQL queries and reports in both the existing and new software versions for comprehensive analysis, scaled migration testing, and efficiently identifying and addressing defects.
- Defect management excellence: we raised and managed defects discovered during migration testing, offering valuable context-driven solutions, and completing testing for sign-off.
- Strategic recommendations: we provided valuable insights and recommendations for transitioning between low, medium, and high-volume trials within the migration testing phase.
Challenges
This ambitious project demanded the elevation of our client’s origination system and the seamless transition to the new contract management system. All the while, we needed to expertly manage BAU tickets, ensuring uninterrupted operations until the transformation was complete.
Teamwill UK stepped in as the driving force, crafting innovative solutions to reconcile accounting outputs between the established system and the latest version. Furthermore, our mission was to scale up the migration process, pinpointing and addressing any bugs, at the same time working collaboratively with the client’s team, who were on a journey of discovering the capabilities of the new system.
Results
Our client is absolutely thrilled with the level of professionalism demonstrated by Teamwill throughout the upgrade project especially on the vital workstreams of configuration and migration.
Thanks to Teamwill’s meticulous testing processes, we are brimming with confidence that the configuration timelines will be flawlessly executed, paving the way for a seamless transition to the exciting latest version.
The client is poised to usher in a new era of operational excellence with minimal disruption, unlocking the full spectrum of functional benefits and efficiencies offered by this innovative software.
Meet Teamwill – Your digital transformation partner!
Teamwill is the pinnacle of excellence, offering unrivalled knowledge, ground-breaking innovation, and unparalleled expertise in the realms of Asset and Auto Finance. We are your trusted ally in achieving seamless digital transformation.
Boasting a formidable team of over 800 top-tier consultants and experts, we empower leading providers to navigate the digital landscape with finesse. Our mission: to drive the digitalization of both front and back-office operations, seamlessly integrating the most innovative software solutions available.
As a global force, Teamwill spans 10 countries, with our headquarters nestled in the heart of France. With a portfolio of over 100+ esteemed clients, we stand at the forefront of a new era of success in digital transformation.
For further information, please contact:
Eliz Arman
Director of consulting @ Teamwill UK
Email: eliz.arman@teamwillgroup.com
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