Synchroworks Consulting


Success Story

Canadian Financial Institution

Canadian Financial Institution

Location

Canada

Project Scope

Infrastructure Integration
Cybersecurity
Cloud Migration
Vendor Management
Budget Forecasting
Budget Planning

Project Launch

2020-2021

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Efficient IT Vendor Management Leads to Over
$300,000 of Recovery and Savings in First 6 Months 

OVERVIEW

A member-owned financial co-operative that offers a wide range of financial products and services to their members approached Synchroworks to assist them with their IT infrastructure, vendor management, cybersecurity, and cloud migration strategies. After an initial review it was quickly determined that the current approaches were not optimized to suit that of a widely recognized and trusted financial institution. A thorough audit of their technology budget showed that spending was substantially more than necessary and not focused.

OPPORTUNITIES & SOLUTIONS

As our team completed our analysis, we realized there was a massive opportunity for risk management and annual cost savings in two main areas:

1. IT infrastructure revitalization

Before approaching Synchroworks, the FI (financial institution) was operating with dated IT infrastructure that posed un-necessary risk of outages. To date, Synchroworks has been able to work on, review, fix, and reconfigure multiple branches to be better prepared for various scenario as well as the deployment of a new internet service provider.

We also deployed new software/hardware to act as a virtual network operations centre and a first line of defense so that the client can react to, diagnose, and solve network issues related to performance, security, and design.

In addition to the above and to better prepare our client for future scale and growth in the digital age, a proper cloud strategy and migration plan is being developed and executed.

2. Vendor management and budget planning for technology services

We developed a robust vendor management program through which we continue to review and evaluate existing vendor contracts and invoices. It became apparent that there were significant disconnects between billings from a major vendor (telecom company) and the actual installed services. After reviewing invoices for each of the sites, it was determined that 95% of the services being paid for were not being used. We negotiated with the telecom company to receive refunds for services not rendered as well as a significant reduction in their monthly rate for other services with the same vendor.

Incredible Savings in Under 1 Year

In our initial 6-month review of the current technology budget, we were able to recover and save over $300,000.

$109,000+

RECOVERED

Vendor refunds for overcharges and services not rendered.

$73,000

ANNUAL SAVINGS

We replaced an existing intrusion prevention and detection system with a new more robust service at a significant cost savings to the organization.

$98,000

ANNUAL SAVINGS

We standardized the hardware and laptop procurement process, negotiating 0% lease financing and a 25% reduction in average purchase pricing.

$20,000

ANNUAL SAVINGS

We consolidated security services and implemented a new endpoint detection and email protection solution.

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