Software overhaul supports QIC growth
When QIC, one of Australia's largest wholesale fund managers, was looking to sharpen its focus on profitability, it realised it needed new technology that could evolve with the company to help it stay ahead of a rapidly changing financial services industry.
In 2007 TechnologyOne (ASX: TNE) was chosen following a tender process to implement its Financials suite and help QIC become more efficient and strategic in an increasingly crowded and cut-throat marketplace.
QIC achieved its objective by integrating all of its corporate financial information into one ‘single source of truth', and by streamlining and automating financial processes, giving QIC a clear picture of profitability and opportunities to improve its bottom line.
The fund manager's Finance team operates as a shared service to the boutiques and has since been able to adapt the flexible software to meet changing needs as they arise without requiring costly reprogramming or external consultants.
This flexibility was invaluable when the house of boutiques model was formalised in 2009 and continues to gives QIC a competitive advantage.
QIC ‘s Chief Financial Officer Claire Blake said the implementation of the Financials suite had played an important role in positioning the Finance team to support the company's increased focus on profitability and expansion into new asset classes and geographies.
"Responsibility for profit has been formalised across QIC and we now report fully absorbed profit by boutique which includes pricing our internal services, allocating revenue and setting key performance indicators on profit," Ms Blake said.
"This has helped QIC sharpen its focus on operating commercially and profitably."
Ms Blake said since implementation, the TechnologyOne software had been adapted to help QIC cope with industry changes, regulatory reform and offshore expansion.
The software has also assisted with generating significant efficiencies in the finance area.
"We used to have a number of complicated, time lagging and paper intensive finance systems.
"Since implementing TechnologyOne Financials, we have seen a huge amount of efficiency gains in the Finance area - the month end close has been reduced from eight days to three and the virtually paperless approach we have adopted saves office space and time required to retrieve records.
"By getting the overhaul of our systems right early on, technology is helping QIC to achieve its profitability objectives.
"We are confident the TechnologyOne solutions will continue to evolve with us."