Outsourcing requires careful planning
The outsourcing project began by transferring administration of value calculation and the share register system. Outsourcing the function progressed in stages, and new funds and functions were also included along the way. Digia currently provides the majority of FIM’s fund-related and individual asset management back-office functions as an outsourced service. FIM is responsible for any activities relating to fund management that require official permits. The backend system is Digia Financial Systems.
A major change like this involves many moving parts that can sometimes be difficult to predict. Sirkiä stresses the importance of careful planning and accurate specifications.
“When moving from an old system to a new one, it’s important to understand how things need to be developed or taken into account so that the required functionalities can be included in the new system environment. This will help you avoid a lot of nasty surprises and worry along the way. You also need to reserve enough time for testing,” says Sirkiä.
Sirkiä says that involving end users in design is also important. You need to include the people who will be using the service and are familiar with the fine points of the work.
According to Sirkiä, one factor that helped the project run smoothly was that some FIM personnel transferred to Digia as a result of the outsourcing.
“We had familiar faces at work, and thereby confidence that they had the required expertise to provide the service.”