Client
The client is one of the oldest private investment and asset management firms in the United States.
Challenge
The client’s operations teams in the back office had been relying on end-user computing (EUC) spreadsheets, which posed significant security and compliance risks due to their fragmented and outdated nature.
- Highly fragmented processes: An overwhelming number of low-effort EUC spreadsheet tasks were scattered across their operations.
- Buried knowledge: Critical process knowledge and business rules were embedded within complex VBA (Visual Basic for Applications) code, making them difficult to access and manage.
- Multiple macros: Various macros were used for similar tasks across different input formats, leading to inefficiencies and inconsistencies.
What the Client Needed:
The client needed a comprehensive solution for EUC remediation for asset management operations to streamline these processes, ensure compliance, and capture critical business rules embedded in the VBA code.
Solution
Hexaware leveraged its EUC remediation framework to address the client’s challenges with a structured approach:
- Step 1: Mined over 450 back and middle office spreadsheet applications, identifying 20% as reconciliation and 35% as reporting EUCs.
- Step 2: Utilized Xceptor as the low-code/no-code platform for remediation, migrating 80 high to medium-risk macros as Proof of Process.
- Step 3: Employed Alteryx for rapid remediation and incorporated analytics for analysts to quickly view key statistics on credit limit breaches.
- Step 4: Delivered the project outcomes through phased releases for sustainable gains.
Benefits
- 100 EUCs remediated in 6 months through phased releases.
- 25% improvement in response timelines through automation.
- Recaptured lost knowledge and created new business requirements documents for the client.
Summary
The client, a long-established private investment management firm, faced significant challenges with their fragmented EUC processes, including hidden business rules within the Visual Basic for Applications code and inefficient macro usage. Hexaware provided a comprehensive solution for EUC remediation for asset management to streamline and modernize their operations. The successful remediation of 100 EUCs, the recovery of lost knowledge, and improved automation resulted in significantly enhanced efficiency and 25% faster response times. Thus, Hexaware could transform legacy systems into agile, compliant solutions, delivering long-term operational improvements for the client.
