Enhancing Financial Management
A Case Study on Ontario Teacher Pension Plan's Digital Transformation
Introduction
This case study showcases the successful digital transformation executed by Product Evolve for the Ontario Teacher Pension Plan (OTPP) in Toronto, ON. Focusing on the implementation of various digital products and responsibilities undertaken, we highlight the significant achievements and outcomes, including cost savings, improved efficiency, and successful vendor management.
Client: Ontario Teacher Pension Plan, Toronto, ON
Digital Products
Product Evolve worked closely with OTPP to implement and optimise the following digital products:
Lawson to FSM Upgrade (General Ledger Upgrade)
Product Evolve successfully led the upgrade of the General Ledger system, migrating from Lawson to FSM (Finance and Supply Management) platform. This upgrade enhanced financial management processes and streamlined operations.
ECM Implementation by StateStreet
Product Evolve played a crucial role in the implementation of an Enterprise Content Management (ECM) solution by StateStreet. This implementation resulted in significant cost savings of $200,000 per month for OTPP, improving document management and workflow processes.
Integration with Colmore for Private Investments
Product Evolve successfully integrated OTPP’s systems with Colmore, a portfolio monitoring and data management platform for private investments. This integration unlocked 1100 additional hours by improving data accessibility and streamlining investment management processes.
Responsibilities
Product Evolve assumed various responsibilities to ensure the successful execution of OTPP’s digital transformation
Implementation of FSM by Infor
Product Evolve led the successful implementation of the Finance and Supply Management (FSM) solution by Infor. This involved managing the project, coordinating with stakeholders, and ensuring a seamless transition to the new system.
Cost Savings through ECM Solution
By leading the launch of the ECM solution by StateStreet, Product Evolve achieved significant cost savings of $200,000 per month for OTPP. This involved managing the implementation, optimising workflows, and ensuring successful adoption by users.
Integration with Colmore for Private Investments
Product Evolve managed the integration of OTPP’s systems with Colmore, working closely with both internal teams and external vendors. This included conducting Joint Application Development (JAD) sessions, defining requirements, and overseeing the successful integration process.
Roadmap Creation and Maintenance
Product Evolve created and maintained a quarterly roadmap for OTPP’s digital initiatives. This involved aligning with business objectives, prioritising tasks, and ensuring the timely delivery of key milestones.
Team Leadership
Product Evolve led a team of 12 developers and quality analysts, ensuring effective collaboration, resource allocation, and efficient project execution. This leadership played a vital role in delivering successful outcomes for OTPP’s digital transformation.
Results
The digital transformation initiatives executed by Product Evolve for OTPP yielded remarkable results:
Improved Efficiency and Cost Savings
The upgrade to FSM, implementation of ECM, and integration with Colmore improved operational efficiency, streamlined processes, and resulted in cost savings of $200,000 per month for OTPP.
Time Savings and Data Accessibility
The successful integration with Colmore unlocked 1100 additional hours by improving data accessibility and streamlining investment management processes. This resulted in improved productivity and decision-making capabilities.
Successful Vendor Management
Product Evolve effectively managed external vendors throughout the implementation process, ensuring successful collaborations and delivering the desired outcomes within the specified timelines.
Conclusion
Through their strategic expertise and diligent execution, Product Evolve successfully facilitated the digital transformation of the Ontario Teacher Pension Plan. The implementation of FSM, ECM, and integration with Colmore resulted in improved efficiency, significant cost savings, and enhanced data accessibility. The collaboration between Product Evolve and OTPP exemplifies the value of digital innovation and effective project management in driving positive business outcomes in the financial sector.