implementing microfinance information systems loretta michaels technology consultant, cgap
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Implementing Microfinance Information Systems Loretta Michaels Technology Consultant, CGAP February 8, 2012. CGAP: Who we are. CGAP is an independent policy and research center dedicated to advancing financial access for the world's poor . - PowerPoint PPT PresentationTRANSCRIPT
Forum sur les politiques réglementaires de la microfinance en Afrique
Kigali, Rwanda25 – 27 mars 2009
Implementing Microfinance Information Systems
Loretta MichaelsTechnology Consultant, CGAP
February 8, 2012
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CGAP is an independent policy and research center dedicated to advancing financial access for the world's poor.
It is supported by over 30 development agencies and private foundations who share a common mission to alleviate poverty.
Housed at the World Bank, CGAP provides market intelligence, promotes standards, develops innovative solutions and offers advisory services to governments, service providers, donors, and investors.
At a glance:• 7 locations: offices in Washington DC and Paris, with 5 regional
representatives based in Abidjan, Dhaka, Moscow, Nairobi, and Ramallah
• ~50 staff• ~70 countries with CGAP activities• 150,000+ copies of CGAP publications distributed annually
CGAP: Who we are
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CGAP Technical Guide: Information Systems
• Developed by CGAP’s IS Program, an initiative of CGAP and the EU/ACP Microfinance Programme
• Practical guide, templates, and tools to help MFIs and other financial institutions make the best technology decisions for your institution.
• Available at www.cgap.org/publications
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4
Selection
Project Preparation
Needs Analysis
Introduction
Implementation
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Selection
Project Preparation
Needs Analysis
Introduction
Implementation
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The number of MFIs still using manual systems is dropping, to below 18%*, as MFIs acknowledge benefits of improved IS
Growing interest amongst MFIs in new technologies to improve their outreach and customer service Mobile banking, ATM kiosks, smart cards, biometrics, hand-held
devices, tablets
What’s often holding MFIs back on these new technologies is limitations in their own back-end systems
Keen interest in implementing upgraded IS, but concerns about cost/ROI and need to do it right the first time, save future headaches
Why Are We Here?
* CGAP 2009
CGAP has released a technical guide to assist in implementation of MFI Information Systems
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What a good IS can – and cannot - do for an MFI’s sustainability
Focus on profitability Quality loans Provision for loan loss reserve Community accepted and
appropriate accounting procedures
Gathering and reporting of accurate and timely information
Increased productivity and efficiency
Lower transaction cost per loan Greater outreach in rural and
urban areas Faster delivery of more products
and services More accurate and timely
reporting Better decision making
NO YES
An IS is not a substitute for good business practices
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Reinforces discipline in accounting and portfolio tracking Can link all data pertaining to a customer or customer group hence
provide a consolidated view of each customer or group Allows for single entry of data that can then be used by many
people. Data once entered can be accessed, manipulated and used by all users. Thus MIS reduces duplication of effort and increases speed of work.
Integrates information and process Supports workflow and procedures for users Can be ported to remote areas via laptop or mobile technology Applications can be customized or enhanced to support new
products and institutional growth
What are the key uses for IS?
Important to view IS as an investment, not just a cost
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WHO: This isn’t “just” an IT project Information Systems impact ALL business units and operations in
an organization, and implementation requires input and involvement from across the organization, along with senior management support
WHAT: Information Systems (IS) capture and store data, process data to
produce meaningful and relevant reports, and support operations by enforcing defined processes and providing an audit trail.
WHY: Information Systems “embed” an institution’s business processes
and support its products and services.How these systems are designed and implemented has a direct
impact on business outcomes
Where does IS Implementation Fit Into Overall Operations?
IS needs to be an enabler of - and be driven by - the organization’s overall strategy
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Asset mgmt
Treasury mgmt
REPORTING
Financial reportingManagement
reporting
FINANCE & ACCOUNTINGADMINISTRATION
Finance AccountingChart of accounts
HR administrationPayroll
managementShare mgmt
Regulatory authorities reportingSub-ledger
updatesAccounting GL
Operational reporting
Budget mgmt
LOANS SAVINGS
Solidarity groupsSavings accountCurrent account
TRANSFERS
Collateral mgmt
Credit Scoring
Individual loans
Overdraft account Term deposit
Planned savings Group savings
Guarantor mgmt
OTHERSPRODUCTS AND SERVICES
PLATFORM/INFRASTRUCTURE MANAGEMENTArchive
managementBackup and
restoreConfiguration management
Hardware management
Network management
User/Password admin
InterbranchInterbank
InternationalBatch
Payment cardCheck mgmt
Foreign exchangeInsurance
Client information management
Customer Relationship Mgmt (CRM)
CLIENTSPotential client information
management
ATM MobileBankingPOSTeller mgmt PDA
DELIVERY CHANNELS
BA
CK
OFF
ICE
FRO
NT
OFF
ICE
What’s Usually Included in an IS System?
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Project Preparation
Needs Analysis
Selection
Implementation
Management
Key Steps to Consider in Implementing IS
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Selection
Project Preparation
Needs Analysis
Introduction
Implementation
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2.1 Articulate the Business ObjectivesDefine the business problemDefine goals & objectivesAssess risksAgree outcomes with top management
2.2 Secure Resources to Execute ProjectForm Steering CommitteeForm PMODevelop preliminary budget
2.3 Establish a PlanGather documentationDevelop Change Management PlanDraft Project Plan
Project Preparation – Do This First!
Need to develop a clear understanding of the problem (s) to be addressed, expected outcomes, potential risks & resources needed
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Project Preparation – Articulate the Business Objectives
Key questions to answer:
Why are you doing this? What is the business problem you’re trying to address? What do you expect to gain from this project? What’s going on in the business environment that you need to
consider (competition, changing customer demand, regulation, donor requirements)?
What sorts of functionality and capacity are you looking for? What processes will be touched here, what can change, what can’t
change? Any technical limitations? What are the overall goals and objectives? What risks do I anticipate that will impact schedule, scope or
resources?
Target here is to agree realistic goals & outcomes with senior management and obtain the resources needed to execute
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Project Preparation – Articulate the Business Objectives – FairFund Example
The specific goals of the new FairFund IS system are to:
Limit FairFund’s risk for further fraud Enable management to project their cash flow needs two to
three months in advance Enable better management of portfolio quality, even in times of
aggressive growth (branches, staff, loans, products) Enable more flexibility and better tracking of the new individual
loan product and future savings product(s)
Important to develop indicators to measure the progress of these goals
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Project Preparation – Steering Committee & PMO
Steering Committee
A cross-functional team ensures institution-wide acceptance and that everyone’s needs are incorporated into the effort
Made up of senior management from across organization Ensures project is meeting intermediary targets Provides forum to evaluate critical issues Makes decisions & provides direction to PMO
Project Management Office (PMO) 5-8 people, IT staff & business unit staff, led by senior or mid-level
manager Responsible for implementing Project Plan & managing day-to-day tasks Engages with staff across organization to solicit input & guidance Responsible for change management via regular communications
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Project Preparation – Establish a Plan
Key Steps:
1. Gather existing documentation Does documentation even exist around policies and procedures?? Are policies and procedures consistent across the organization? How can we inform vendors of what we need if we don’t have the
information ourselves?
2. Develop change management plan Who needs to buy-in to this project? What are their issues and concerns? What needs to be communicated with which stakeholders, by
whom, and how often?
3. Draft project plan Be sure to outline anticipated costs, timing, interdependencies
and decision pointsDo your homework early on and don’t underestimate the need to
continually get buy-in across the organization
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Project Preparation – Draft Project Plan
Example Table of Contents:
1) Steering Committee and PMO membership2) Project goals and objectives3) Preliminary budget (hardware, software, implementation
and maintenance)4) Risks and mitigating actions5) Change management/communication plans6) Project timeline and major tasks, including deliverables
and persons responsible
Plans can change, but it’s important to have guideposts and targets for measuring project success
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Project Preparation – Key Takeaways
Establish a clear plan to execute the project Complexity of IT projects demands good planning
Drive for clarity on project goals and be realistic about the resources available Need to set reasonable expectations
Staff buy-in across all key business units is critical Regular communication with all stakeholders is key
Understand the institution’s threshold for tradeoff between cost and scope Plan for all possible scenarios and expect need for tradeoffs
Good preparation now won’t completely eliminate future problems, but will ensure they can be easily dealt with
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Selection
Project Preparation
Needs Analysis
Introduction
Implementation
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Needs Analysis
3.1 Define RequirementsExisting products and processesNew products, processes and channelsOperational requirements and technical specificationsAdditional considerations
3.2 Prioritize requirements
3.3 Obtain sign-off
The needs analysis is the single most important aspect of the project!
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Needs Analysis – Why is this critical?
A needs analysis forms the basis of an RFP requirements document, which will be an integral part of any vendor contract
Conducting the needs analysis forces you to conduct in-depth analyses of your existing processes and helps expose opportunities for improvement and streamlining
Business unit/stakeholder input here will give you a reality check on how things “really” happen in your organization today, and helps ensure buy-in down the road
A good needs analysis takes time, but will result in better services, prices and products
Poor inputs here will affect the rest of the project
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Needs Analysis – What makes a successful requirements document?
Emphasize the aspects that are key to the institution’s core processes rather than attempt to define all functional points in detail Allows you later to adapt non-core functions to the solution
rather than look for a solution that does everything you need (hint: it doesn’t exist)
Be flexible and avoid being too prescriptive Detail what the institution wants to achieve, not necessarily
how – vendors often know solutions you haven’t thought of
Be specific and comprehensive, avoid unnecessary detail Want to ensure vendors focus on the important stuff
Focus your energies on what you absolutely “must” have rather than all the “nice to haves”
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Needs Analysis – How do you begin to define requirements?
Key Categories to Consider:
1. Functional requirements, now and in future Tasks, processes, inputs, outcomes, information generation
2. Operational requirements Controls, security, parameters
3. Technical requirements Integration with legacy systems, centralized vs. decentralized
architecture, in-house vs. hosted, existing dbases, scalability, redundancy
No single person or team will know the requirements for the whole organization – need everyone’s input to do this right
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Type of Requirements Tools ResponsibleFunctionality Requirements – existing products, processes, channels
Business Process Mapping
Interviews with staff
Business owners, department managers
PMO
Functionality Requirements – new products, processes, channels
Business Plan/strategy documents
Interviews with management
Business owners, department managers
PMO
Steering Committee
Operation Requirements Operations manual
Internal audit manual
Interviews with staff and management
Business owners, department managers
PMO
Steering Committee
Technical Specifications IT strategy
Technical environment questionnaire
IT team
Needs Analysis – Resources for requirements gathering
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Needs Analysis – Business Process Mapping
Process mapping gathers, organizes, and displays facts about an organization’s current processes, so that knowledgeable people can study and streamline them. The key steps include:
• Process identification -- attaining a full understanding of all the steps of a process and all the processes in a business.
• Information gathering -- identifying objectives, risks, and key controls in a process.
• Interviewing and mapping -- understanding the point of view of individuals in the process and designing actual maps
• Analysis -- utilizing tools and approaches to make the process run more effectively and efficiently.
Key questions to ask when starting out are whether process maps already exist and whether they reflect current reality
Pass Book Pass Book Customer
Deposit SlipDeposit Slip
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Needs Analysis – What should process mapping tell you?
Where are data collected? By whom? Where are data entered into a computer or manually
aggregated? How does that information flow to the next process? Who needs what information and when? What decisions need to be made? By whom?
A key aspect of any process mapping is to validate the processes with the staff who actually do the work
What information is required to make those decisions? When do the decision makers need information and in what
format? Where is information stored? Are copies made? Where? Where are the leverage points and critical processing points
where the process could be improved, for service &/or efficiency purposes?
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Needs Analysis – One simple mapping example
A good process map doesn’t need to be complex, it just needs to accurately reflect what happens at each step
Front Office
Board
MIS
Exec Dir
Region
Finance
Over 10,000?
Over 1,000?
HQ
Centralized operations: MFI processes all loans at the head office in Lagos regardless of value. Loan applications are collected by officers on a daily basis then taken to the regional office and then sent to the head office via courier.
Highly manual, paper-based process: paper applications are sent to the regional offices and via courier to head office for processing then sent back. At head office, documents are moved from the front office to the current MIS and finally to finance before they are sent back via courier to the regional offices.
MIS with inadequate controls to prevent fraud: MFI acquired microfinance software called GREATMIS. The software covers the following areas: 1: members management, 2: loan processing, disbursement and collection, and 3: finance. The software as currently implemented has weak controls, esp around loan disbursement and collection.
Frequent inaccurate reporting to clients: based on findings from the member groups visited, members get periodic inaccurate statements and schedules generated by the software.
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Needs Analysis – What about future needs?
Any functionalities anticipated for future operations?
Bear in mind tradeoffs between flexibility for future needs and costs of building in that flexibility (e.g., modular platforms)
What sort of growth plans do you have? Geographic expansion? New products and services?
Any firm partnership plans that will impact your needs?
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Needs Analysis – Are new channels planned for the future?
Regional, full-service branches
ATMs
Mobile VansSatellite branch
Kiosk in market
Mobile Banking
Agents
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Needs Analysis – Don’t ignore operational requirements
Back-office, non-product related processes are just as important as the main functional requirements:
Want to make sure you can manage the system and get the information you need WITHOUT vendor support
Cash management in branches and headquarters
Closing operations at end of day in branches Operations reports – types, who can generate,
data archiving
Setting and management of parameters and adding new parameters (e.g., new branches, new reports)
Internal audit requirements User management, defining and managing roles
and authorities
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Needs Analysis – Technical specifications
Integration with legacy systemsNetwork architecture (e.g., centralized vs non-centralized)Hosting environment (Licensed model, SaaS?)Technical environment (operating system, links to databases)Other specs? Processing speed, time, offline/batch data entryGrowth and scalability requirements
Bear in mind current systems and future evolutions (e.g., open APIs, open source tools)
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Needs Analysis – Centralized vs Decentralized
More complex doesn’t always mean better – need to consider system-wide environment and needs
Centralized DecentralizedDescription •All branches networked and
run from centralized server & dbase
•System that runs back-office activities at HQ, with field operations run manually or on local servers
Pros •Real-time, network-wide access to data•Streamlined system management from one location•Simpler, more robust contingency policies & measures•Simplified user management & profiles•Faster upgrades
•Less expensive•Doesn’t depend on reliable connectivity or electricity•Allows more flexibility for locally-driven solutions
Cons •More expensive•Requires reliable internet connection & bandwidth•Can be more expensive to support WAN•Requires skilled IT staff
•Longer time to collate system-wide data for settlement, analysis•Harder to link to other networks (ATM, mobile money)
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Needs Analysis – Software as a Service (SaaS)?
In SaaS, a vendor hosts and maintains the system, offers it to customers via an internet connection on a subscription–based pay-per-use model
Lots of benefits: Can be cheaper, easier, faster to implement, BUT…
Some downsides, too: Requires regular internet & electrical connectivity Currently fewer choices out there Can get very expensive with rapid scaling Limits your control over system and access to raw data Less flexibility in terms of new features and customization
Service Level Agreements (SLAs) are critical in a SaaS solution
Helpful to conduct a 5-yr TCO comparison of licensed vs. SaaS solutions
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Needs Analysis – Other considerations
Be comprehensive about your needs but be flexible, know your priorities, and keep tradeoffs in mind
Staff capabilities IT management – is a strong team there already? Are IT staff able to do standard maintenance & management?
User capabilities Are most staff comfortable with computers, both at HQ & branches? How much training will be required and who will give it?
Understand security needs and have various levels Make sure there’s a local service provider for after-sales service (or
a willingness to create one) Don’t tie your MIS to an NGO, donor or other TA provider
If you sever those ties later you don’t want to have to change your MIS Your business environment
Specific language/script requirements? Currency? Regulatory & donor reporting needs? Links to other systems such as mobile payments, or a credit bureau?
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Needs Analysis – Prioritization is critical to success of the project
The more functions you deem essential, and the less you’re willing to change some processes, the more the system will cost
When will the various functionalities be needed? How willing are you to consider changes to your lending and
institutional policies and work processes to accommodate a new system?
What additional skills are needed to run the system, and how will staff competencies be improved to effectively use the system?
How will you support and maintain the system? Will you need additional infrastructure to support the new
functionality? What is the cost benefit of the infrastructure versus the functionality?
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Needs Analysis – Key Takeaways
A good needs analysis takes time now but will save cost and time later
Maintain focus on the stated project objectives Don’t let scope creep take over
There is a tradeoff between functionality and cost Prioritize functionalities and be willing to change some of your
processes if necessary
Strive to be specific and comprehensive But not overly detailed – let the vendor help you think through
solutions, some of which might not need technical fixes
Ensure adequate sign off by the necessary parties Plan for all possible scenarios and expect need for tradeoffs
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Selection
Project Preparation
Needs Analysis
Introduction
Implementation
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Selection
Don’t underestimate the value of a proper procurement process – be clear and consistent about your methodology
4.1 Prepare the Tender
4.2 Issue Request for Proposal
4.3 Evaluate Proposals and Award TenderDevelop short-list for further evaluationAttend demonstrations by short-listed biddersMake recommendation to steering committee
4.4 Negotiate contracts with sufficient leverage to ensure successful deliverySoftware licenseImplementation supportOngoing maintenance and support
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Selection – The “typical” RFP
There’s no single standard RFP. Just remember: Garbage In, Garbage Out.
1. Institutional Overview of MFI and Operating Environment• Mission, background, purpose and scope of project• Business process maps of current processes• Summary of reports• Technical environment
2. Response Guidelines• Vendor profile, credentials, references• Solution overview, including product history, technical specifications, network
architecture recommendations, and options• Pricing for license, implementation and ongoing maintenance• Pricing and process for implementation and support• RFP submission and for response (when and how to submit)
3. Evaluation Methodology• Quantitative• Qualitative
4. Requirements Document
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Selection – A Fairfund Example from Framework Document
Want to clarify all your needs with comments
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Selection – A Fairfund Example from Framework Document
Don’t be afraid to raise questions here or ask for suggested solutions
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Selection – Clearly articulate the RFP process
Want to make sure the process is as transparent as possible
Besides sending directly to selected vendors, post RFP on website, local & international papers, relevant industry sites
Provide enough time for proper responses Set up process for vendor questions (clear rules, timeframes,
types of questions, how to submit) and provide answers to all vendors
Request further info from vendors if interested Contact references Determine short list of vendors Plan demonstrations of their systems
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Selection – What do you want out of a vendor demonstration?
Be as thorough as possible with a demo – you have to live with this system for a long time
Determine in advance what you want to see (develop test script) Examples: open new account account, generate reports, post
payments, set up new loan product, query on various parameters, set up new user
If possible, send sample of MFI’s data to vendor for demo (e.g., products and services, copies of loan agreements, key reports)
Have vendor walk through core functionality, user-defined functionality and any interesting out-of-scope functionality
How do current forms (e.g., passbook) fit into system capabilities What end-of-day procedures are needed by IT department How does system handle exceptions Does system run well in YOUR specific environment (e.g., minimum
connectivity, load testing)
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Selection – Software licensing
Be very clear about what you want and what you’ll get for your money – sorting it out “later” is an expensive option
Software licensing is not a product purchase, it’s a right to use Typically means price per user or per range of users
Issues to address include: Is the license indefinite, or for a fixed period of time? In price per user, is it per named user, or per concurrent user?
Not everyone who uses the system will use it at same time Is there a copy of the software in escrow to protect the MFI?
Clarify what’s included in the license fee and what’s not (e.g., customization or upgrades, translation)
What’s involved in implementation support? (project management, training (user & IT staff), data migration, user testing, etc.)
Maintenance & support: be sure to outline a specific and comprehensive service level agreement (SLA) that covers types & amount of support, issue resolution & escalation, timeframe, etc.
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Get professional help with defining the technical specifications Use outside, third-party evaluators? Vendor should have a strong tech background AND interest in
microfinance Speak with current and former clients of the vendor (s) Make sure you integrate your portfolio and accounting data/software Understand safety and redundancy of your data in a remote server
situation (eg, web-based or SaaS system) Vendor should train staff, should also be there for
implementation/switchover If migrating from one system to another, run both in parallel for a while
until staff is comfortable with new one (but not too long)
Selection – Some suggestions
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Selection – Key takeaways
The value & importance of a competitive process cannot be overstated!
Design the evaluation methodology to find the best solution for the institution’s business needs, not just the best technical solution
Reduce risk by conducting a thorough product demonstration and contract negotiation
Be prepared to adapt some processes to the new IS solution
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Selection
Project Preparation
Needs Analysis
Introduction
Implementation
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Implementation
Time to transition the solution from a plan to a functioning system
5.1 Develop the Implementation Plan
5.2 Implement system and conduct user acceptance tests (UATs)
5.3 Conduct data migrationDesign switchover strategyIdentify key risksMigrate data
5.4 Close the project
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Implementation – Develop Implementation Plan
No two implementations are the same, even with the same system
Project management and communicationsTiming, LOE, resources, communications plan, PMO schedule, risks,
measurementHardware, system software, and infrastructure
Hosting arrangements, H/W, S/W & I/F requirements for HQ and branches, configurations, power/connectivity, facilities
Configuration and parameterizationInterface with vendor
CustomizationPrioritize, manage vendor deliverables, test scripts
Changes to business processesDocument, test, align, communicate
User acceptance testsDevelop test cases, conduct & measure
TrainingDevelop materials, determine formats, identify resources
RolloutDetermine strategy: who/where/when/how
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Implementation – Implement & Conduct User Acceptance Tests (UATs)
UATs should involve a cross-section of users, not just IT staff
Design tests that touch on all the functionality of the system, across the different areas of the institution that need to use it Best to involve actual users to design & sign off on test cases Test cases should be consistent with business, operational and
technical requirements used in the selection process Typically created from the specifications document
Conduct tests in controlled environment, not a live system Decide how UAT results will be dealt with and communicated back to
vendor (accept as is, require changes, other issues that surface, etc.)
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Implementation – Data Migration
Assume issues will come up during migration – this isn’t a bad thing
Decide your switchover strategy Which data will be migrated? (active vs. closed) Manual vs. automated Phased vs “big bang” All data or subsets, by levels, regions or branches
Typical phases would include: Transitioning existing core operations from old system to new Incorporate systems & modules that were previously standalone Initiate new modules or features
Bear in mind issues like fiscal year-end when timing transitions Identify key business interruption risks and have plan to address Track, prioritize and manage pending issues
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Implementation – Phased vs. Big Bang
Running parallel systems might seem less risky than an immediate switchover, but it brings its own problems
Want to minimize period of having two systems running Staff capacity to run two systems is limited and may result in
preference for old system Reconciliation between two systems becomes a problem over
time, either because staff are getting lazy with 2nd system or two systems use slightly different allocation or rounding methods
Best time to run parallel systems is during UAT Customizations more likely to have errors than standard features Once bugs worked out, best to switchover and force staff to use new
system
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Implementation – Key Takeaways
Don’t let the team go before Implementation is complete – you may discover issues that require more work
Develop and follow a detailed implementation plan
Invest in a thorough UAT process, involving a range of staff who will use the system in a variety of ways. If part of the system involves customer input, involve some customers as well.
Minimize running the old and new system in parallel any longer than necessary.
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Close the Project
The project might be closed, but the management of the system is just beginning
Ease the transition Comprehensive training User guides Solicit staff feedback
Optimize the system Conduct periodic process reviews Hardware assessments Additional applications
Maintain the system Develop a management plan Updates
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Management and Evolution
Loan capital can be replaced with insurance, the loss of client data (and goodwill) cannot
Ongoing Evaluation Are workflows aligned with software? Any new needs, or underutilized capabilities? 6 months, annually
Maintenance Regular backup (daily, weekly, monthly, quarterly) Off-site storage, recovery plans, regular updates & issue
resolution Optimization
Keep looking for ways to improve the system Further process streamlining, new report development, etc.
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Management and Evolution – IS Optimization Inventory
Don’t forget to ask staff, managers and frontline users about their ideas for increasing the benefit of the system
Training Ongoing for ALL staff to create duplication in skill sets and greater
capacity, including local language documentation Monitoring
Periodic employee work-flow reviews to ensure maximum productivity Develop complete awareness of all the software’s functionality Consider 3rd party applications to add value (e.g., report writer, financial
planning software) Regular data, software and hardware upkeep
Regular archiving/backup Current updates, patches, features Renew license fees for continued vendor support Consider additional hardware to enhance stability, efficiency or safety of
system (e.g., power stabilizers, back-up servers, A/C)
Forum sur les politiques réglementaires de la microfinance en Afrique
Kigali, Rwanda25 – 27 mars 2009
Thank you!Any Questions?
Loretta Michaels, [email protected]
Advancing financial access for the world’s poorwww.cgap.org
www.microfinancegateway.org