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Reducing Asset Lifecycle Management Risk with ReadyWorks

Customer Overview

Client: Leading Multinational Investment Bank

Revenue: $42B

Industry: Financial Services

Employees: 65,000

Use Case: IT Asset Lifecycle Management

Business Outcomes
  • Corrected process errors that lead to over $60 million in fines.
  • An “organization gripped by fear” returned to confidence via improved compliance and reduced workloads.
  • Comprehensive 360° view of the innovation center estate.
  • Accurate inventory and asset management.
  • Reduction of on-site support.

PROJECT OVERVIEW

One of the top five largest investment banks in the world recently encountered a breakdown of disposition processes, resulting in fines for non-compliance. The core issue was lack of record, visibility, and accountability for assets tied to the system, and difficulty in tracking their disposal as a result. After costing the org over $60 million, they use ReadyWorks to course correct. By leveraging a DPC, they were able to maintain real-time accounting of each asset and endpoint, schedule replacements automatically, and verify proper disposition with 100% accuracy, reducing maintenance overhead and preventing future violations.

CHALLENGE

In the high stakes game of trading and investment banking, technology is often the differentiator between winning and losing. To ensure they remain at the leading edge of technology, this firm maintains 13,000+ sf data center space dedicated solely to evaluating the latest and greatest technology available.

However, the financial services industry is highly regulated, and violations can be very costly. These days, most of those regulations and violations hinge on proper handling of technology, especially when assets that contain personally identifying information (PII) are retired. In such cases, minor errors can be catastrophic.

That’s what this bank experienced. With 70 unique environments, tens of thousands of devices, and an inventory of well over 5,000 parts, there was a lot to manage, and even small process oversights risked resulting in expensive violations. Eventually, risks became reality—twice in three years, disposition efforts failed to account for every drive, with unencrypted PII remaining on them. Fines, lawsuits, and terminations followed, prompting the bank to develop more reliable processes moving forward.

OBJECTIVES

  • Eliminate compliance risk via absolute estate visibility and audit-ready accountability.
  • Achieve compliance goals more easily.
  • Reduce IT workload and overhead costs.
  • Improve accuracy and recency of asset records.

THE SELECTION PROCESS

The firm evaluated a number of asset management and work management solutions but felt none of them were purpose built for an environment as dynamic as their organization. Ultimately, ReadyWorks was chosen because of the platform’s flexibility and its ability to render relationships between assets from the point of view of a part, server, user, or entire environment. Executives also felt it was critical to partner with a firm that could provide agile customization and rapid support so that their organization could achieve the proper balance between “build it” or “buy it” which they felt was essential for success.

SOLUTION

The bank's innovation center now has a full inventory of every rack, server, and part, and can trace the history of a given piece of equipment from the moment it is received until the moment it is destroyed. Manual work involved in fulfilling requests has dropped dramatically, and all stakeholders have full visibility into the progress of any task or project. For example, information requests from the finance team have gone from approximately 40 per month to about 2 per quarter resulting in a time savings of approximately 20—40 hours per month for the Innovation Team.

Looking towards the future, the goal is to leverage ReadyWorks to continue improving processes to minimize risks, and implement these same efficiency boosting tools across department, location, and asset in the system.

CHECK-IN/OUT

The client tracks all hardware from receipt through disposal including critical information such as purchase data, EOL, lease expiration, whether it is data bearing, and destruction certification. No asset changes status or possession without that change being recorded in real time.

PART INSTALLATION/REMOVAL

Automated workflows are used to simplify IT asset lifecycle management. Data discovery and scheduling is handled by the system, so details like EOL events are never missed. Then, critical technician tasks are issued based on automated triggers, and templatized task instructions ensure that compliance-dictated steps are never overlooked.

PURCHASE ORDER SEARCH

Vendors and business partners search data center inventory by purchase order number to determine the status of their equipment. 

API UTILIZATION

Internal teams throughout the bank utilize the ReadyWorks API so that all innovation data is centralized. 

See how ReadyWorks can help you conquer compliance risks and reduce IT overhead.

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