If you have to choose between BI and Upgrade, which is advisable?
A. BI first
B. Upgrade first
C. Both should go hand in hand
If you have chosen option ‘A’, which is BI first, your bank can see noticeable benefits. Thinking How?
From our experience of executing both the projects, below are some of the insights on BI as a priority over an upgrade initiative:
- With a BI & Reporting Infrastructure in place, Pre & Post upgrade reconciliation process can become seamless. Thus saving on efforts required for an Upgrade by a greater %
- Bringing out BI & Reporting outside makes your CBS leaner, improves performance and increases the chances of improved COB. After all, upgrading a leaner system is easier and quicker
- Strategically, a BI project is considered to aid the bank’s key stakeholders and management in providing right information at right time for efficient decision making, whereas, upgrade is a maintenance project. Ideally, it’s recommended to provide management with necessary tools for quicker decision making rather than make them wait till the upgrade
- For a BI initiative, minimal intervention and support are expected from the bank’s IT teams whereas Upgrade requires dedicated efforts. A minimum effort, Maximum Benefits initiative always outweighs Maximum efforts, Reasonable outcome
So, by going for a BI Implementation, your bank will save on a lot of resources immediately and stand benefited from the quick wins.
Still uncertain? Let’s talk! Request a free consultation from Lera experts.