Consolidated from 3 separate systems to 1 single system
Greater control over finance processes
1 Accurate budgeting process
QSuper Case Study
QSuper now has greater control over finance processes and a more accurate budgeting process
After taking full ownership of financial planning arm, QInvest, QSuper needed to invest in a solution that would consolidate its numerous operational systems, databases and processes.
"The software we were using really just wasn't working for us. It didn't have any workflow and there was no reporting," said QSuper Head of Finance Michael Ryan. "It had become obvious to us that it wasn't doing what we needed - and what we really needed was that one integrated solution."
QSuper chose to implement TechnologyOne's Financials, Supply Chain, Business Intelligence (BI), Enterprise Budgeting (EB) and ETL (Extract, Transform and Load) products. These integrated products have allowed the super fund to streamline and automate its various financial processes.
"We've definitely got all the cost benefits we were expecting, and more."
Michael Ryan, Head of Finance
"By having one integrated solution, we've restructured our finance team around the functionality of the TechnologyOne software and that has some significant cost savings. We've definitely got all the cost benefits we were expecting, and more."
Mr Ryan said the TechnologyOne Workflows are now making life easier for QSuper's procure to pay process. The generation and management of purchase orders has shifted from a manual to an automated process, providing QSuper with real cost benefits.
The Enterprise Budgeting product has also enabled QSuper to develop a more accurate budgeting process and provide more insight into the business, by moving from an annual to a quarterly budgeting cycle.
"After two years we are still realising benefits of the system," Mr Ryan said.
"After two years we are still realising the benefits of the new system."
Michael Ryan, Head of Finance
QSuper is one of the largest and oldest super funds in Queensland, managing $50 billion in assets for current and former Queensland Government employees and their spouses.
When QSuper took full ownership of its financial planning arm, QInvest, it decided to invest in a single, integrated enterprise solution in order to successfully integrate the businesses.
Using the QInvest acquisition as a driver for change, QSuper put together a successful business case for the implementation of TechnologyOne Financials, Supply Chain, Business Intelligence (BI), Enterprise Budgeting (EB) and ETL(Extract, Transform and Load) products.
By implementing the TechnologyOne suite, QSuper has realised a number of cost benefits for the business, as well as time savings for its employees. QSuper now has a greater level of control over its financial processes, ensuring they are consistently applied across the business.
With automated reporting capabilities, QSuper is now able to generate financial reports much more frequently. This has allowed employees to spend less time "crunching the numbers" and more time providing analysis and insight for the business.
"We scanned the market, and we had the view that TechnologyOne was the right provider for us. Given the reduced cost of owning just one enterprise solution and the savings from integration of the various systems, it was an easy decision," said QSuper Head of Finance Michael Ryan.
"Getting all our systems together on one platform has been challenging, but the outcome has been really valuable."
Spotlight on implementation
QSuper had a strict deadline of just four months to implement the software. The success of this implementation was due to a strong collaborative relationship between TechnologyOne and QSuper, as well as QSuper's dedication to the project.
Given the tight deadline and importance to QSuper to implement on time, the super fund appointed an external project manager, to work alongside TechnologyOne.
"I like that TechnologyOne owns its software by implementing with you, and appointing a project manager to partner in the implementation - this was a big sell for us. But I think it was important for us to have our own project manager who would capture our side of the business and know exactly what we were trying to do, " Mr Ryan said.
"The partnering model worked really well by ensuring everyone was responsible and had access to the resources they needed, and I think having a project manager on both sides was a big reason for the success of the implementation on time."
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