By the time the third and final phase of the installation is complete, ILIM will have replaced five back office systems with its SimCorp Dimension system. In addition to investment accounting and back office support for its treasury operation, the new system will provide straight through processing and unit pricing across its entire client portfolio as well as full support for its multi-tiered unit fund structures.
"Now that we have gone live, we are aiming to realise some significant benefits," explains Eugene OâCallaghan, chief operating officer for ILIM. "The system has workflow controlled straight through processing based on a single integrated database and has excellent flexibility and functionality to deal with customised fund requirements. This means that data quality will be improved across the whole company and we are aiming to generate outputs much faster.
We have already seen an improvement in error handling and job management. And in the longer term, we anticipate some head count savings."
The bulk of the implementation of ILIMâs SimCorp Dimension system is due to be completed during 2004.