Raymond James

PeopleSoft Strategic Roadmap

Raymond James is a financial services firm focused on serving clients through investment decisions in capital markets, banking and asset management services. The firm began in the 1960s and has grown to serve both individuals on their financial plans and corporations. 

Scope of the Project

This project started as a two-day workshop in which the Raymond James team was able to see Elire’s Strategic Roadmap methodology for a very narrow scope of processes. This successful workshop led to the 7-week PeopleSoft Strategic Roadmap engagement in which Elire was tasked with making recommendations to improve their Accounts Payable (AP), Accounts Receivable (AR), Treasury (TR), and General Ledger (GL) processes within PeopleSoft. The project team completed this work for inbound and outbound transactions that were on both the firm side and the client side.  

Key activities included conducting facilitated mapping sessions with over 50 stakeholders from four different holding companies to map 25 current state AP, AR, TR and GL processes to understand what is working and to identify process disconnects. The team also conducted three demo sessions to help client staff better understand technology options. 

The Challenge

A major challenge included dealing with the large number of processes across both firm side transactions and client-side transactions. Elire worked through all the in-scope processes and accomplished everything within the original timeline. Another challenge was the recommendations were made just a few months prior to the start of the COVID-19 pandemic thus preventing the client from fully focusing on the recommendations made to them. 

Success Delivered

The team made recommendations to either fully or partially resolve 81% of the 201 process disconnects identified. The solutions were grouped into a series of recommendations across three phases to allow the client to improve Cash Management (TR) and AR first. The second phase included recommendations for AP automation, optimizing PeopleSoft and making smaller process improvements. The final phase included policy changes, rolling out Robotic Process Automation (RPA), conducting training and improving one of their key processes.  

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