Implementing

eFront for a global asset management business

Author

Jess Shepherd

Director

Linkedin

Optimising processes and enhancing portfolio visibility

We recently concluded a significant eFront implementation project with a leading asset manager, based in Madrid, Spain. Here we look at the challenges, what we did to address these, and the best practice environment we created.

The existing challenges

  • Working largely from Excel, the management of the portfolio was not centralised and risked errors.
  • Collaboration between different business units was time consuming, and lacked cohesion and overall monitoring.
  • Processes and reports were not well defined, often lacking consistency across asset classes and teams.

Why did the client pick it|venture?

We often act as an extension of internal teams. This project required such an approach. Having previous experience of implementing an enterprise level tool to manage their portfolio, the client recognised the difficulties they would face with this project if they tried to implement it using internal resourcing. The key challenges were:

Internal
Bandwidth

A lack of internal bandwidth to dedicate to the project, ensuring all activities are driven forward in line with the project plan

Implementation
Expertise

A lack of general implementation expertise, as well as the ability to manage the change programme and engage the user base.

Platform
Expertise

A shortage of internal expertise in the specific platform, combined with the need for a deep understanding of business requirements and effective alignment with the software vendor, posed a significant challenge.

Team
Onboarding

The additional complexities due to the simultaneous onboarding of two businesses, each with distinct process requirements and data silo needs, onto the platform.
Drawing from past experiences, the business decided to engage with an external partner for the project. We collaborated closely with the client’s internal team, the vendor team, and local data migration resources, to address concerns effectively and ensure a successful project outcome.

The project timeline

01.

Business Understanding

Before the formal project kick-off, we collaborated closely with the user teams to understand their business needs. This approach helped us identify both their commonalities and unique requirements, allowing us to recommend enhanced processes that could be adopted alongside the solution implementation.

02.

Vendor process reviews

A crucial part of any project, serving as the client’s advocate during vendor scoping sessions, we ensured that the established requirements were thoroughly understood and could be seamlessly integrated into the new solution.

03.

Data migration training and support

The client enlisted a local resource to manage the data migration. We collaborated closely with this team, offering training and best practice guidance for loading data into the eFront platform. Our extensive experience in processing data from source Excel files into eFront import templates ensured a smooth and efficient migration process.

04.

General Ledger scoping and deployment

Since the setup of the general ledger chart of accounts was a client-led aspect of the implementation, we collaborated closely with the operations team to understand their current Spanish GAAP COA. We adapted and updated it to align with eFront best practice guidance, ensuring we leveraged all the features natively available in the platform.

05.

Compliance rule design and development

Given past project challenges with creating compliance rules, the client had significant concerns about this aspect of the implementation. We addressed these concerns by working closely with the Risk & Compliance teams to consolidate their required rules. We developed these rules in parallel with the vendor, ensuring the team was empowered to create rules quickly and easily in the future.

06.

Testing plan and use case design

We developed robust use cases to test the delivered configuration, providing real-world examples that would resonate with the users. We executed the testing plan in close collaboration with the client team, ensuring comprehensive validation and user acceptance.

07.

Report design and build

Collaborating closely with the business users to understand their requirements, we designed and built a comprehensive set of output reports that delivered value to all project stakeholders. This included operational monitoring reports for the investment teams, management reports for the partners and directors, and regulatory reports.

08.

Interface design and build

The client had multiple data feeds coming from external sources, including transfer and payment agents, and custodians. It was crucial to integrate these data feeds into the solution and eliminate manual inputs. Our deep knowledge of the eFront data model and expertise in automating data extraction from the system was invaluable in designing and delivering a robust set of complex interfaces.

09.

End user training

We implemented a hands-on training plan with representatives from each user team, offering a late-stage refresher on the system’s native functionality and the additional configuration we implemented. The training included a review of the solution using real-world use cases and examples to ensure comprehensive understanding and practical application.

The project outcome

The challenges

  • Working largely from Excel, the management of the portfolio was not centralised and risked errors.
  • Collaboration between different business units was time consuming, and lacked cohesion and overall monitoring.
  • Processes and reports were not well defined, often lacking consistency across asset classes and teams.

The Solutions

  • A centralised, golden source of portfolio data, ensuring higher data quality and reduced processing risk.
  • Process optimisation across business units, resulting in valuable time savings for operations users.
  • Improved consistency across asset classes and teams, allowing consistent, informative reporting to be produced.

Our final thoughts

This project provided a fantastic opportunity to showcase the value of understanding and interpreting business requirements. Our unique relationship with the eFront team, combined with a collaborative approach with the client’s internal team, ensured the project's success. By aligning our goals and maintaining open communication, we delivered solutions that exceeded expectations and brought significant value to the project. I look forward to the next stage of our partnership.

Jess Shepherd, Director

Contact Us

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  • +44 (0) 20 4551 9191
  • info@itventure.com

Contact

  • +44 (0) 20 4551 9191
  • info@itventure.com
  • 180 Great Portland Street, London, W1W 5QZ

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