Financial Management Firm Prepares for Growth with a New IT Strategy
This leading private equity firm has been investing in software and technology-enabled business for over 20 years. With 700 employees across the United States and a portfolio of over 100 companies ranging in services, the firm has no intention of slowing down any time soon. In fact, the organization is expected to grow to over 1,500 employees over the next two years, prompting urgent calls to act proactively to soothe oncoming growing pains.
With just 30 IT employees responsible for enabling the entire business, leadership knew they needed to expand IT support for their company which boasted over $55 billion in cumulative capital commitments in software, data, and technology-enabled organizations. If not, they foresaw the company’s rocket-fueled growth spelling a problem for their already overburdened IT team.
With eyes on the future, the firm’s new senior leadership team took action to transform IT from a back-office ticketing system to a true business partner.
Expanding ServiceNow Beyond a Ticketing System
Already accustomed to ServiceNow, this client had been using the platform since they first bought licensing three years ago, but mainly as a ticketing system and Simple Service Request program. Looking to further mature their IT processes and craft a detailed vision ServiceNow vision, they sought recommendations for partners and were introduced to Acorio.
Scaling Sustainably with ServiceNow
The top challenge for the organization was scaling rapidly to accommodate their accelerating growth. While their internal growth projections were exciting – showing the firm more than doubling in size in the coming years across two totally different business models – it made aligning its IT team quickly on a clear path towards long-term sustainability ever more crucial.
Furthermore, the organization wanted to maximize the value of the ServiceNow platform, using it more efficiently to prevent their purchase from becoming “shelfware”. In order to do so, they sought a partner who could guide them to implement ITSM in a way that would support their business amidst the major growth and oncoming changes of the next several years.
Expanding Horizons for IT
The arrival of a new CIO prompted the internal IT transformation, as the new leadership team identified a key opportunity with IT and decided to act swiftly.
Wasting no time, leadership decided it was the right time to draft a three-year strategy to revolutionize the IT department. Their vision was to transform the department to move beyond shouting over cubicles, instead using intelligent workflows to route all requests and actions to the proper places in a centralized location.
Having already made an initial investment in the Now Platform, the firm allocated additional resources to further expand their use of ServiceNow by engaging a true partner from the start of their planning. By getting our team involved early on, Acorio completed an Advisory project that maximized planning time and got this financial management firm on the path to success, getting them that much closer to a solution that will support them for years to come.
Planning for Success: A Three-Year Maturity Curve
In order to achieve their goal, the team landed on a three-year maturity curve to integrate IT into the rest of the enterprise. This crawl, walk, run approach would provide a strong framework to ease them into their IT transformation, ensuring adoption while not overwhelming their team. Here’s a brief outline of the plan:
Driving Efficiency and Scaling for Growth
In terms of the project outcomes, the financial management firm’s goals included delivering services to the 100+ companies under their portfolio and scaling services quickly to drive cost efficiencies and accommodate new growth more efficiently.
More specifically, in kicking off the planning stages for the project, the client identified the following objectives:
- Optimizing the incident and request life cycles to increase efficiency on logging, assigning, and resolving tickets.
- Enhancing reporting to create measurable KPIs around resolution, prioritization, and ticket categories.
- Standardizing change management to align to ITIL best practices.
- Creating a single source of truth for configuration and asset management (CMDB).
A Clear Vision for the Future
Powered with an actionable, bespoke blueprint to drive change for their business, this client now has a tangible and suitable roadmap forward for their company.
Acorio has crafted a ServiceNow blueprint that, once implemented, will route requests to the correct people, cut down time to resolution, and boost visibility across the enterprise. Intelligent employee workflows will power systems, giving team members valuable insights into the types of requests coming in, where they should go, and what follow-up is needed.
The private equity firm is now opening the door for employees to self-serve to reduce some of the burden on their small IT team. That means team members requesting a new piece of equipment will get it that much faster, and employees who have a problem can be routed to the right group more quickly.
Looking into 2021 & Beyond
The organization’s IT team is now on a transformative path to better serve their 1,800 employees. And even though their journey begins in IT, the efficiency gains enacted will be felt throughout the entire org.
Excited to continue expanding their use of the Now platform, the company is now looking at PPM and GRC, in addition to a wider ITSM implementation. Moving ahead, this private equity firm is also taking advantage of Acorio’s AVA offerings to ease the workload for their overburdened IT team and offer added support well into 2021.