Implementing standard software much faster and more efficient

ifb Packaged Solutions offer you an optimized method on the basis of our 30+ years of consulting expertise in financial services to implement standard software in a much quicker and cost-effective way.Operating in a rapidly changing environment of regulatory compliance, new competitors and demanding customer needs calls for flexible information management systems for finance, risk and compliance.

The ifb methodology for your challenges

Whether you are trying to improve reporting or merge / divest new business entities, you are seeking methodologies to accelerate adoption with shorter time frames while reducing implementation costs. We made Packaged Solutions to address this pressing demand. Our implementation project methodology REFRAMETM comprises our experience and knowledge from transformation projects worldwide throughout more than 30 years. On this knowledge base we have created Packaged Solutions to unify best practices of the financial services industry into prebuilt deliverables at fixed costs and with a predictable scope and effort.

Immediate Results thanks to Industrialized Best Practices

Traditional standard software implementations are based on the realization of company specific requirements. This is a time and cost-consuming approach. In contrast, ifb Packaged Solutions provide you with a complete set of deliverables out of the box. These include business requirements, key design decisions, system configuration, test cases and test data automation as well as a project management approach to be carried out strictly and systematically. Starting the implementation on this kind of proven basis you will reduce resource constraints and time significantly until all your requirements are fully finalized.

Seamless Integration into your System Landscape

Using our hands-on experience from successful implementation projects, we created solutions perfectly prepared to be integrated into your system landscape. Our Packaged Solutions work stand-alone, but also integrate with each other. This eliminates the need for alignments between different implementation teams and experts for different business functions and software applications. We provide an integrated setup covering all business functions impacted and relevant for the flow of finance data (figure 1).

Figure 1 Application Architecture and Packaged Solutions

We developed a number of use cases for Accounting Data Preparation based on SAP Profitability and Performance Management (PaPM). Within our subledger solutions for data assimilation of insurance policies – Packaged Solution for IFRS 17 Accounting – and financial instruments – Packaged Solution for Flexible Financial Instruments Accounting - the accounting information is posted on the most granular level into the SAP S/4HANA for financial products subledger (FPSL). Furthermore, subledgers for asset accounting, accounts payable and accounts receivable and the general ledger are included based on the best practices in our Packaged Solution for SAP S/4HANA Finance. Add into the mix our Packaged Solution for Financial Consolidation for group level reporting using SAP S/4HANA for Group Reporting. Of course, these are the building blocks, but we then need to visualize the reports. These are being created and displayed using SAP Analytics Cloud. The prebuilt data models with integration into other stand-alone Packaged Solutions provide clean compliant reports with full drill down ability to the source data – as for example in the Packaged Solution for IFRS 17 Reporting.

Key benefits

Key benefits

  • Rely on over 100k+ working hours invested in best practices
  • Profit from the immediate progress of your project and speed up go-live based on a prebuilt system ready to test
  • Accelerate projects by up to 30% using predefined solutions
  • Simplify data integration with our pre-mapped tools
  • Get measurable results at transparent and fixed costs
  • Flexibly extend the foundation built at any time
  • Reduce business impact risks and improve project success

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