In my last blog post, I talked about the seven most common pain points for asset managers who dive head-first into back-office transformation. This time, we’re taking a closer look at what steps organizations could take to avoid these pitfalls and ensure success.

“Every battle is won before it is fought”[1]

Sun Tzu was referring to war, but the same holds true for back-office transformation—whether you’re tightening operational governance, strengthening vendor oversight or initiating a change in service providers. Before beginning, you should consider the potential impacts from all angles, align stakeholders so that everyone is working toward the same objective, prepare detailed plans (and contingency plans) and clearly define what success looks like.

Over the years, Accenture has developed methodologies to help capture business requirements, proven accelerators to support project planning, governance frameworks to establish accountability and the data management expertise required to see these types of transformations through to completion. Now, we’ve gathered these insights into a comprehensive resource for asset managers.

Accenture’s Back-Office Conversion Toolkit for Asset Managers

This toolkit is made up of four short papers that explain, in clear and practical terms, how asset managers could:

Manage a vendor conversion efficiently. Find out why it’s important to make sure your organization is ready for what lies ahead, provide effective direction to internal and external stakeholders, assemble an effective program management office (PMO) and define your future-state technology architecture.

Introduce a centralized PMO. Explore the pros and cons of project managers versus PMOs, and discover how a centralized PMO could help you improve resource allocation, streamline project administration and ensure coordination across the organization.

Transition to a risk-based oversight model. Discover how a risk-based oversight model could help you avoid costly rework by focusing attention on high-risk processes and outputs. We’ll walk you through the process step by step, from current state assessment through to implementation and evaluation, with special emphasis on how to change operations staff from “doers” to “reviewers.”

Establish effective service-level agreements (SLAs). Learn how SLAs can be used to define the overall scope of work, establish the specific responsibilities of each party and set the service standards that apply—both between and within organizations—and find out why measurability and enforceability are paramount.

As cost, speed to market, control and complexity challenges mount, asset managers’ ability to plan and execute back-office transformations is becoming increasingly critical. This new toolkit could be a first step in that journey.

To set up a meeting to talk about your transformation or to download the papers, visit the site: Back-Office Conversion Toolkit for Asset Managers. Or you can contact me directly at mike.kerrigan@accenture.com.

[1] https://www.fastcompany.com/3021122/leadershipnow/fighting-your-business-battles-6-lasting-lessons-fromsun-tzus-art-of-war

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