How Raymond James Streamlined Its Business Processes to Meet On-Demand Changes
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This document summarizes a presentation given by Jim Schmitt from Raymond James and Dean Taylor from Perficient on how Raymond James streamlined its business processes using IBM technologies. Raymond James is a financial services firm that wanted to reduce risk, increase automation, improve efficiency and controls for its money movement processes. It implemented a solution using IBM BPM, Message Broker and other technologies that reduced the process cycle time from 24-48 hours to under 1 minute, automated over 12 steps, and reduced reject rates by 71%. The project was a success due to a team with skills in business process improvement, development, architecture and testing.
How Raymond James Streamlined Its Business Processes to Meet On-Demand Changes
- 1. Achieving Improved Client Experience Through Streamlined Process IBM InterConnect 2015 Conference Jim Schmitt – Sr Manager of Business Technology @ Raymond James Dean Taylor – Technical Architect @ Perficient, Inc. Session ID: BTA-5252
- 2. 2 About Raymond James Raymond James is a publicly traded, global company with distinct business units that serve a variety of clients. Headquartered in St. Petersburg, Florida, we have grown into one of the largest independent financial services firms in the United States. And, more than 50 years after our founding, we remain true to our core tenets of conservatism, independence, integrity and putting clients first – laying the groundwork for financial strength and stability.
- 3. 3 * As of 11/28/2014 Founded in 1962 Public, NYSE: RJF > 10,000 associates worldwide > 6,200 financial advisors > 2,500 locations (United States, Canada and abroad) > 2.5 million client accounts Over $475 billion in client assets under Administration
- 4. 4 ABOUT PERFICIENT Perficient is a leading information technology consulting firm serving clients throughout North America. We help clients implement business-driven technology solutions that integrate business processes, improve worker productivity, increase customer loyalty and create a more agile enterprise to better respond to new business opportunities.
- 5. 5 Award-Winning Trusted IBM Consulting & Solutions Firm Founded in 1997 Public, NASDAQ: PRFT 2014 projected revenue ~$454 million Global delivery centers in China and India >2,600 colleagues | Dedicated solution practices ~90% repeat business rate • Local Business Units in over 20 major US Cities • 30+ IBM Awards: • 2015 Beacon Award Winner – Analytics • 2014 IBM Innovation, Pure & Simple Outstanding Collaboration Award • 2014 IBM Collaboration Solutions Best Digital Experien Award • Solution Integration Award 2012 • 3x Lotus Distinguished Partner • Best Portal Solution Award 2010 • Industry Focused & Authorized: • Healthcare, Retail & Financial Services
- 6. 6 GET SOCIAL WITH PERFICIENT & WIN A SELFIE STICK Take a selfie in our Platinum Lounge in the Expo, in one of our sessions, or with any Perficient colleague. Post at #IBMInterConnect and tag @Perficient_IBM You’ll be entered to win one of 30 hot new Selfie Sticks!
- 9. 9 Statistics (Before) 24-48 hrs.*Process Cycle Time 100%% Request Reviewed 0# Automated Steps Up to 12# Systems Accessed 3.5%Reject Rate NoneRisk & Control Document Status OnlyVisibility & Status 0Integrations
- 11. 11 Reduce Risk Reduce Risk Every Request is Reviewed 100% Manual Back-End Risk Mitigations No Front-End Controls
- 12. 12 Increase Automation Automation & Efficiency Improve Efficiency Reduce Human Interaction Streamline User Interface Automate System Integrations
- 13. 13 Improve Controls Improve Controls Exposed Process Values Integration with ODM Error Handling
- 14. 14
- 15. 15 Team Built for Success Success Business Process Improvement Analysts BPM Development Team Enterprise & Data Architecture Project Management Quality Assurance Performance Testing Application Administration & Oracle Teams
- 16. 16 Evolve to Succeed Phase 1 Functionality Phase 2 Features Phase 3 Expansion
- 18. 18 Technology Application Tier • IBM Business Process Management (BPM) - used for UI and orchestration of process • ASP.net used for integrating Active X Controls Integration/Service Tier • IBM Websphere Message Broker (ESB) - enterprise • Operation Decision Manager (ODM) - rules engine • IBM Websphere MQ - used for integration to mainframe Data Tier • Oracle - app specific repository • Microsoft SQL Server - legacy repositories • HP Nonstop (mainframe) - used for official books and records
- 20. 21 GUI Print Corporate Branches Operation Centers BPM SOR Check Director Service (COTS) PCLActiveX PDF Check Printing Service
- 23. 24 Statistics (After) < 1 min*Process Cycle Time < 6%% Request Reviewed 12# Automated Steps 1*# Systems Accessed 1%Reject Rate Separation of DutiesRisk & Control Detailed Process StatusVisibility & Status 18Integrations
- 24. 25 Big Win! Annual Cost Savings ~$500k Process Cycle Time 24-48 hrs. < 1 min WOW! Request Reviewed 100% < 6% 94% Reduction Reject Rate 3.5% < 1% 71% Reduction
- 25. 26 Q & A
- 26. 27 Session ID Title Date Time Location 5215a Blue Shield of California: Improving Service and Competitiveness with IBM PureApplication System Tue, Feb 24 9:30 AM - 10:30 AM Breakers B 6578 Creating a Smarter Shopping Experience with IBM Solutions at Carter's Tue, Feb 24 11:00 AM _ 12:00 PM Reef Ballroom F 6623 Adopting DevOps Concepts with IBM Enterprise Solutions Tue, Feb 24 1:00 PM - 1:20 PM Theatre 5252 How Raymond James Streamlined Its Business Processes to Meet On-Demand Changes Tue, Feb 24 5:30 PM - 6:30 PM Palm B 4996 Learn from IBM UrbanCode customers who're achieving 10x improvements or more in app delivery Wed, Feb 25 9:30 AM - 10:30 AM Islander Ballroom A 5588 Transforming Healthcare One API at a Time at Kaiser Permanente Wed, Feb 25 12:30 PM - 1:30 PM Lagoon L 5215b Blue Shield of California: Improving Service and Competitiveness with IBM PureApplication System Thurs, Feb 26 10:00 AM - 10:50 AM Meet the Experts Forum #1 YOU’RE INVITED! PERFICIENT AND CLIENT SESSIONS
- 27. 28 Visit our Booth in the Expo Hall and enjoy a special treat on us! JOIN US IN OUR PLATINUM LOUNGE