With the rapid expansion of this investment management firm into new lines of business including investment banking and insurance, reporting requirements grew in both size and complexity.  To address its future reporting needs, the current financial system (Great Plains) needed to be replaced.

In addition, due to the complexity of its legal entity structure, including numerous joint ventures and minority-interest entities, along with foreign exchange transactions, an automated reporting tool was needed to consolidate financial results and report on them more efficiently.

As the Business Project Lead, CTS Impact provided a financial services industry-experienced Project Manager with significant capital markets background to assist with documentation of current processes in order to capture current state and to define future business requirements to support the software selection.

Once the new cloud-based software application was selected (Workday Financials and Workday HCM), CTS Impact supported the full life-cycle implementation of this tool, including re-design of the Chart of Accounts and other business processes, documentation of internal controls, user-acceptance (UAT) & systems testing, and end-user training, as well as post go-live support.

Concurrently, the CTS team assisted the management reporting team with its migration to Hyperion Financial Management (HFM) reporting tool and an Essbase business intelligence tool.  Significant data clean-up was performed to facilitate data conversion, along with documentation of standard operating procedures.  The financial system project design to go-live was completed ahead of schedule and under-budget due to the efficiency of experienced CTS Impact team, in collaboration with the internal staff.

In a parallel workstream, CTS Impact also provided hands-on report design expertise to automate short-term reporting processes until the new, long-term solutions were placed into production.

Other CTS Impact Services Provided:

• Asset Management – Investment Operations
  • Back-office optimization
  • Develop and document standard operating procedures
  • Interim staffing
• Internal Controls – Project management
  • SOC-1 readiness and reporting (and SAS 70 previously)
    • Perform risk assessment
    • Documentation of key controls
    • Perform testing
    • Liaison to external auditors

Background: This large multi-national investment management firm’s financial system was no longer being supported by the software vendor, so it was imperative to migrate to a new financial system quickly to mitigate risk. In addition, its financial reporting requirements had evolved significantly, so they needed to improve their accounting processes.
In addition, this client needed to select and replace a disparate group of HR and payroll systems, to gain efficiencies from a standard platform.

CTS Impact Solution:

In order to assist this client, CTS Impact provided a team with deep industry experience to lead the software selection design, analysis and implementation of a new financial system.  To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.

Software Vendor Analysis

As the first step, CTS Impact worked closely with the process owners to identify business requirements for a new financial system.  CTS Impact documented current processes in order to define requirements and to identify future state process improvements and automation opportunities.

Leveraging the CTS Impact toolkit, a targeted RFP was developed to review a cross-section of software vendors including cloud and ERP options (NetSuite, Workday, Dynamics AX and Oracle).

Given the diverse functionality of these systems, CTS Impact helped compress the timeline of the client’s software selection by performing much of the pre-screening and analysis prior to the vendor demos presented to the client.

Pre-Implementation

As soon as the client selected NetSuite, CTS Impact worked with each of the functional areas of accounting and finance to prepare for the implementation, including:

• Chart of accounts re-design
• Data clean-up (vendor master file, historical data)
• Detail process analysis
• Define new delegation of authority and approval levels to support auto-workflow processing of accounts payable and journal entries
• Define system security levels and permissions
• Definition of future state reporting requirements

System Implementation and Process Change Management

As an extension of the client’s staff, CTS assisted throughout the entire implementation with:

• Process design worksessions to define future state processes
• Configuration support as liaison to NetSuite technical team
• Data conversion and validation
• Testing
• Develop user-training documentation with client-specific processes
• Document standard operating procedures (SOPs)

In addition, to gain added efficiency and enhance controls, CTS Impact worked with the client’s Human Resources system, UltiPro, to develop, test and implement a seamless integration between UltiPro Payroll and NetSuite.

Once go-live, CTS Impact provided post go-live support during the initial month-end close process to ensure knowledge system.

Background: With the concurrent upgrade of its human resources, financials and supply chain ERP system (PeopleSoft), CTS Impact provided operational expertise in finance & accounting, supply chain and HR with specific PeopleSoft implementation and user experience throughout the entire life-cycle of the upgrade to perform the following:

CTS Impact Solution: Using PMI-based project management methodologies, CTS performed:

• Business process analysis
• Workflow design and documentation
• Data mapping
• Data conversion and clean-up
• UAT and system testing
• User-training and roll-out support
• Design reporting tools (reports and queries)

Background: To facilitate a transformation of financial processes, this CTS Impact client selected a new ERP system (SAP) and a business intelligence reporting tool (Hyperion HFM) to support its future business requirements.  Due to the complex nature of the project, this CTS client needed an IT Project Manager who had in-depth knowledge of such tools, as well as financial processes.

CTS Impact Solution: Using PMI-based project management methodologies, CTS Impact performed:

• Project management
  • Project plan development and updates (CA Clarity tool)
  • Status reporting to Steering Committee
  • Issue escalation, management and resolution
  • Resource management
  • Liaison to off-shore outsource provider (programming)

• Design and testing
  • System configuration
  • UAT and system test planning & execution
  • Go-Live coordination (phased approach)
  • Deployment readiness and scheduling
  • User support during go-live(programming)

Background: With the recent migration to a new financial planning tool (Hyperion HFM), this prestigious higher education institution was preparing for its first annual budget cycle using the new system. In a highly de-centralized environment, each of its 35 departments and academic units were performing the budget process differently. Given the roll-out of a new planning system, these processes needed to be standardized in order to utilize the system in an efficient manner.

CTS Impact Solution:

To provide one-on-one functional support to users across the entire organization, the CTS Impact team worked as an extension of the Budget Office throughout the entire annual budget process, working closely with the 35 departments and academic units.

• Identify opportunities to optimize use of Hyperion HCM
  • Interviewed 75% of the departments
  • Designed efficient way to collect data from departments
  • Utilized Web Forms and SmartView for various reporting needs
• Develop budget process tools
  • Glossary of standard terms
  • Develop FAQ’s – budget process
  • Developed job aids/cheat sheets
  • Tip of the Day feature on intranet
  • Documented standard operating procedures

Background: In tandem with its accounting migration into a shared services center, this CTS Impact client needed to upgrade its JD Edwards Enterprise One software system.

CTS Impact Solution: With significant real estate accounting operations and JD Edwards system implementation and user experience, the CTS Impact staff performed the following:

• Business process analysis
• Workflow design and documentation
• Testing
  • Develop methodology
  • Script development
  • System and user testing
• Develop user-training  program and manual
• Trouble-shooting and support during go-live

Background: This large multi-national investment management firm had numerous disparate Human Recourses software solutions which were not fully integrated, which led to inefficiencies and errors. Moreover, its Payroll system was not tied to the Human Resources system. As a result, the client’s goal was to implement one system to meet all of its payroll and human resources requirements.
Concurrently, this organization’s financial system needed to be replaced, since it was no longer meeting business needs related to financial reporting.

CTS Impact Solution:

In order to assist this multi-national financial services firm to select and implement a new Human Resources, Payroll and Financial System, CTS Impact provided a team with deep industry experience to lead the software selection, analysis and implementation of a new HR, Payroll and Financial system.

To compress the timeline of this complex project, and given the diverse functionality of these systems, the CTS Impact project team had a blend of hands-on experience in HR, payroll and accounting, rather than two independent functional teams.

Leveraging the CTS Impact Toolkit, CTS Impact worked closely with the client to document current processes in order to define requirements and to identify future state process improvements and system automation opportunities in each area:

• Human Resources
  • Benefits administration
  • Performance management
  • Applicant tracking/recruitment
  • Compensation management
• Payroll
• Accounting
  • Accounts payable
  • General ledger
  • Financial reporting

Once requirements were defined, the CTS Impact team developed a targeted RFP and led facilitated system demos to review a cross-section of software vendors including cloud and ERP options (UltiPro, Workday, and Oracle).

As a result of this integrated analysis, the client selected UltiPro.

In anticipation of the implementation of a new HR, Payroll and Financial system, CTS Impact worked with process owners to prepare for the implementation, including:

• Detail process analysis
• Facilitated process design workshops to identify the future state processes and to assist the software vendor with configuration decisions.
• Define new delegation of authority and approval levels to support auto-workflow processing
• Define system security levels and permissions
• Data clean-up (e.g. chart of accounts, vendor master file, job codes, skills & competencies, etc.)
• Definition of future state reporting requirements

Throughout the entire implementation, including design, configuration and testing of each of UltiPro’s modules, CTS Impact worked as an extension of the client’s teams to liaison with UltiPro’s technical configuration support teams.

Prior to go-live, CTS Impact developed tailored user-training documentation and job aids, including the client-specific standard operating procedures for cross-training.

In addition, to gain added efficiency and enhance controls, CTS Impact developed, tested and implemented a seamless integration between UltiPro Payroll and NetSuite.

Once go-live, CTS Impact provided post go-live support to ensure the systems were achieving the client’s business needs and to facilitate knowledge transfer.  Also, CTS Impact developed standard reporting using UltiPro’s business intelligence (BI) tool.

Subsequently, CTS Impact assisted this client with the implementation of additional HR applications including HighGround (performance management) and Avature (applicant-tracking & recruitment).

CTS Impact provided continuity of staff throughout the entire life-cycle to eliminate any unnecessary ramp-up time and to avoid costs to the client.

Background: Given this large university system’s decision to convert to a new Human Resources system (Workday HCM), detail business processes needed to be analyzed as part of the new system configuration. In addition, the Provost’s office needed to validate their specific business requirements related to faculty and other academic appointments were being met in the design of the new system.

CTS Impact Solution:

To assist this client with their analysis of a new HR system, the CTS Impact team provided first-hand Workday HCM experience to document and analyze the Provost’s office critical business requirements.

Once the requirements were identified, the CTS Impact team liaisoned with the Project Management Office (PMO) to confirm these requirements were addressed during configuration.  In addition, CTS Impact assisted with data clean-up related to job codes and department allocations in order to establish standard data governance.

Background: To support its management reporting requirements, this CTS Impact client needed a user-friendly tool that could be implemented on an expedited basis across its worldwide business units.
Key considerations for the evaluation were the need to support standard distribution of reports, expanded drill-down capabilities, and dashboard of key performance metrics.

CTS Impact provided hands-on project management expertise who applied their first-hand knowledge of various business intelligence tools to perform the following:

• Requirements definition and prioritization — business and technical requirements
• Vendor analysis and scoring (Hyperion, SAP BPC, Cognos)
• Perform business case analysis
• System and reporting design (SAP BPC)
  • Report design
  • Business process workflow
  • Data architecture
• Conduct testing and troubleshoot exceptions
• Develop end-user training program and manual
• Provide end-user support during ‘go-live’

Background: As part of its migration to a shared services environment, this CTS Impact client was centralizing its worldwide Commissions function, including a new software tool.   Previously, several different software applications were in use supporting various business units, and with disparate business processes with varying degrees of complexity.

CTS Impact Solution:  As an experienced IT Project Manager with hands-on experience with commissions processes, CTS Impact performed the following:

• Requirements definition
  • Define future state model
  • Identify specific reporting needs
• Data mapping and design
  • Research all data inflows and outflows
  • System mapping of over 50 commission plans
• Design and document
  • Process design
  • Document standard operating procedures
• User-acceptance testing (UAT)
• User-training and roll-out support