Finance transformation Integrated platforms
Overall, several projects are underway to replace on-premise IT infrastructure with cloud-based solutions. Among other things, the FOS’s enterprise data warehouse and document management system will be removed from physical servers. At the same time, Wadham has overseen the implementation of Workday’s cloud-based HR, finance and payroll solutions, which perform the functions once entrusted to 14 different legacy systems.
“Our main applications are SaaS services – Microsoft Dynamics 365 and Workday – and we have adopted cloud-based solutions where possible,” Wadham explains. “We are in the process of migrating several services to cloud solutions and, where these are not available, we will use an IaaS platform to host those services in the cloud.”
“The benefits of adopting SaaS solutions come from the continual investment from vendors, which keep applications up-to-date,” she adds. “It is also helpful that the infrastructure they run on is maintained and scalable. It allows us to shift our focus from building and operating technology to adopting and using technologies.”
“We are in the process of migrating several services to cloud solutions and, where these are not available, we will use an IaaS platform to host those services in the cloud.”
454,259
The number of new enquiries the Financial Ombudsman service dealt with for the financial year 2020/21.
FOS 24
The goal is to bed down a single, integrated platform with many facets that can exploit the latest technological advances to improve not only case management, but also many other internal processes. For example, the platform is already leveraging artificial intelligence (AI) to spot patterns in the customer complaints sent to the FOS. These patterns would otherwise be too difficult to find if the organisation were forced to rely on lengthy manual processes. AI, for its part, can help the FOS to catch potential problems early and resolve them more swiftly. Currently, the FOS is on the second generation of casework and document management systems, which is based on the cloud-hosted Microsoft Dynamics 365 solution. This was implemented in 2019, and the organisation is now engaging with Tata Consultancy Services (TCS) to build more key systems for its digital transformation journey.
Among other things, TCS will design and implement a new digital customer portal, as well as a complaint management and reporting system to leverage its PACE innovation ecosystem – leveraging work from the company’s innovation hubs around the world to deliver creative solutions to accelerate digital transformation.
“The most important outcome that we are looking to achieve is to improve the service for our customers, both for regulated businesses and consumers equally,” Wadham stresses. “This means easier access and communication with customers, more shareable insights with businesses and shorter average time for complaints to be resolved.” Behind the customer-facing solutions, meanwhile, internal processes are also being revamped, not least the finance function. As part of its deal with Workday, the FOS is implementing a finance solution, which can intelligently automate key functions, from record to report, procure to pay, and contract to cash. The solution is designed to not only introduce more control over financial processes, but also to provide more flexibility in how financial data is stored and used. The solution will enable the FOS to continuously plan, forecast, and analyse financial data, enabling more standardisation of processes, which in turn will support more accurate forecasting and risk management. Even better, these shifts will offer Wadham and her colleagues better visibility across different aspects of the organisation. Part of this solution involves using machine learning (ML) to reduce friction in the finance function by continuously detecting anomalies and making recommendations, which leads to quicker and better analysis of financial data.
The next mile on the digital highway The FOS has already made significant progress, but many more steps remain in its digital journey. “The next major milestone in the journey to the cloud is our planned exit from our data centres this financial year,” says Wadham. “As with all plans, we aim to complete this safely and will judge our timing with that in mind. With respect to our digitalisation, we have just signed a partnership with TCS to support our delivery of the portals. We will implement our portals over the next 12 months, iteratively and with security and a positive customer experience as our focus.” All of this is part of Wadham’s efforts to deliver on a much broader brief as CIO, which will no doubt continue to leverage the latest technological advances. “My goal remains the same, to provide a resilient, secure, and flexible service to the Financial Ombudsman Service and to use technology to improve our customers’ experience, our employees’ experience, and our operational effectiveness,” she says.
In delivering that goal, Wadham’s team will continue to work with the finance function, while also streamlining and improving it. Finance is both the enabler and the beneficiary of digital transformation across businesses, and – as at the FOS – will reap the rewards only as part of an IT refresh programme that encompasses every aspect of the organisation. ●
Finance Director Europe /
www.ns-businesshub.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77
