“Automation allows customers to navigate complex business practices,” Gur Steif began.
Mr. Steif is the president of workload automation at BMC, a provider of software solutions that help businesses become digital enterprises. He spoke about Raymond James Financial’s decision to employ Control-M, which is BMC’s application world automation platform.
A Fortune 500 company, Raymond James Financial manages more than $500 billion in assets through a network of 6,700 financial advisors located across three continents. Control-M simplifies and automates the execution and monitoring of business practices, ensuring important, interconnected applications and data are ready for their advisors each day.
To get an idea of how complex the needs of a company like Raymond James Financial are, first realize that dozens of back-end activities need to safely occur in order for a simple ATM withdrawal to go off without a hitch. Multiply that exponentially and you have an idea of the challenges of meeting the needs of multinational financial company.
And it began before a single calculation was made, Mr. Steif said. BMC first had to migrate from a legacy solution to Control-M with visibility and agility. They also had to ensure onboard acquisitions were faster and nimbler while allowing Raymond James Financial to process workloads without more staff. Then came the actual financial work such as calculating the net asset value of every managed mutual fund and reconciling it with trading desks at the end of every day.
An important part of Control-M for Raymond James Financial was its ability to allow advisors to work independently, Mr. Steif said.
“With Control-M, Raymond James Financial provided business users with a self-service view so they could track the progress of complex processes on their own.”
In the past business users would have no idea how one of those complex processes was proceeding until it was done, much like waiting for a package to arrive in the mail. But just like how you can track the progress of your UPS package, now you can see how various processes are running with Control-M.
That ability produced a net decrease of calls to the IT department of between 10 and 15 per cent, Mr, Steif said while adding it means happier and more productive staff. Other achievements include a 42 per cent increase in the scheduled monthly job execution. That allows Raymond James Financial to complete more than two million monthly job executions. Audit-reporting preparation was reduced from as long as three weeks to a few hours, Mr. Steif added.