Client: A prominent government-sponsored enterprise in the mortgage market.
Overview:
Centennial Technologies has played a pivotal role as a strategic partner to the Chief Information Officer (CIO) and Chief Strategy Officer (CSO) at a leading financial institution. Our team provided comprehensive portfolio management, program management, investment governance, and technical advisory support services. Centennial addressed challenges arising to modernize the institution’s IT landscape, enhance operational efficiency, and fortify cybersecurity posture.
Challenges:
The institution faced disparate Program Portfolio Management (PPM) processes across business units, resulting in inefficiencies and loss of workforce productivity. Non-standardized investment management processes hindered corporate-level compliance and posed challenges to providing a world-class customer experience. Key challenges included lack of standardization, duplication of efforts, limited knowledge sharing, inefficient project portfolio management, and difficulty implementing organizational changes.
Solutions:
Centennial collaborated closely with the institution to establish a centralized Project Management Office (PMO), deploy consistent investment management, and project delivery methods, and streamline customer-facing applications. Centennial collaborated with key stakeholders to define the objectives and the scope of the PMO, developed the charter, designed the PMO framework (services and processes), and facilitated the building of the team. This included the creation of standardized investment management processes, integrated performance management techniques, and deploying centralized tracking dashboards for executives and operational leads.
Results:
The centralized PMO provided immediate benefits to the OCIO and other business units. This included effective project delivery, optimized resource utilization, enhanced decision-making, and improved stakeholder satisfaction, all contributing to achieving strategic objectives and long-term success.
- 12% Year over Year (YoY) cost savings for major programs ($200M+).
- 30% YoY cost savings with a 94% first-time deployment success rate and 97.8% cloud migrations.
- Standardized capital budget and planning review processes enabled 100% workforce alignment on strategic priorities.
- Streamlined portfolio management and release planning structures for 60+ programs, resulting in over 28% YoY savings.
- Standardized taxonomy and agile portfolio management processes, resulting in improved decision-making.
Conclusion:
Centennial Technologies’ collaborative initiative has been instrumental in driving strategic IT transformation, enhancing operational efficiency, and fortifying the cybersecurity posture at the institution. Centennial has successfully addressed complex challenges and standardized processes through collaborative efforts and innovative solutions. It has empowered the institution to achieve IT modernization goals while ensuring sound financial decisions and regulatory compliance.
About Centennial Technologies:
Centennial Technologies is a trusted provider of tailored solutions for government entities, prioritizing outstanding client service. Our diverse range of comprehensive Financial Management Solutions includes Financial Advisory, Reporting, Performance Management, Business Process Management, Financial Support, Benchmarking, and Risk Management. Our Information Technology (IT) Services offer expertise in Program Management Office (PMO), Application Development and Support, Cloud Solutions, Business Intelligence, Cyber Security, and IT Operations. Renowned for our unwavering commitment to excellence, Centennial Technologies empowers government agencies and commercial clients to fulfill their objectives efficiently and effectively. Contact us directly for more information on how we can support your goals.
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