Suma Soft Transforms Strategic Portfolio Management for a Global Financial Institution

Client's Background

A major financial institution with a global presence offers a wide range of services, from banking and asset management to insurance. The institution strategically leverages advanced technologies and is committed to delivering superior client experiences and maintaining a competitive advantage. Driven by a commitment to strategic growth and innovation, the financial institution manages a substantial and increasingly complex portfolio of cross-functional projects, reflecting its dynamic and evolving business landscape. The institution's global footprint and diverse service offerings require a robust and scalable platform to manage its strategic initiatives effectively.

Challenges

  • Growing Portfolio Complexity:

    The institution faced the challenge of managing an expanding portfolio of intricate, cross-functional projects.

  • Lack of Strategic Portfolio Management (SPM) Capabilities:

    It was challenging to use advanced SPM functionalities within the existing ServiceNow platform to align projects effectively with strategic objectives.

  • Maintaining Competitive Edge:

    The financial institution aimed to utilize advanced technology to remain competitive in a rapidly changing economic landscape.

Project Requirements

  • Enhanced Visibility:

    The organization required improved financial visibility to improve budget forecasting accuracy by 45%. This enabled timely execution of project performance and resource allocation, which led to sub-optimal decision-making.

  • Centralized Tracking:

    Targeting a 35% improvement in on-time project delivery. An integrated solution that tracks progress and manages risks, resources, underutilized assets, and consistent prioritization.

  • Integrated platform:

    A platform that promotes global teams collaborating and sharing information on critical initiatives, staff capacities, allocations, and availability, aiming for a 25% reduction in resource conflicts for every ServiceNow application.

  • Agile Project Management:

    The organization sought a more dynamic approach to portfolio oversight that aligns with its strategic goals. Its goal was to improve project ROI by 40% and achieve efficient outcomes.

ServiceNow Solution

  • Centralized platform:

    Our ServiceNow SPM Services provide a centralized platform for tracking and managing all projects in real time, improving visibility into project health and resource utilization by 70%.

  • Automated workflows:

    Our team helped streamline approval processes and task assignments, eliminating manual intervention and reducing delays by 55%.

  • Dynamic reporting tools:

    Integrating advanced tools and software allowed decision-makers to analyze portfolio performance and make data-driven decisions.

  • Efficient Resource Allocation:

    By aligning projects with the institution’s strategic objectives, the SPM system ensured that resources were allocated efficiently, leading to faster project delivery and improved outcomes. Resource utilization improved by 60%.

Business Outcome

  • Optimized ServiceNow SPM:

    Suma Soft's expertise optimized the client's ServiceNow SPM capabilities, transforming their project management practices.

  • Improved Strategic Alignment:

    Projects align more with strategic goals, ensuring resources focus on key objectives, and 30% of previously unaligned projects now contributing to strategic goals.

  • Enhanced Global Collaboration:

    Collaboration across global teams has been improved, resulting in better communication and teamwork and a 55% reduction in project delays due to communication issues.

  • Improved Resource Utilization:

    Resource utilization has been improved, maximizing efficiency and minimizing waste with a 25% reduction in underutilized resources.

  • Effective Project Prioritization and Execution:

    The SPM module provides the insights and tools to prioritize and execute projects more effectively, resulting in a 65% improvement in project completion rates within budget.

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