This is the first article in a 3-part series about the Arizona Department of Financial Institution’s successful digital transformation of their internal business system.
Part 1: Arizona Department of Financial Institutions (AZDFI) Banks on Digital Strategy & Technology Roadmap to Balance Current and Future States
Assessing the Situation
The AZDFI is a state agency created to safeguard public welfare by protecting financial assets of its citizens. They had a fairly easy challenge in front of them; update their legacy system to improve their workflow to provide improved functionality around financial licensing. Because the agency is responsible for the licensing supervision and regulation of state-chartered financial institutions and enterprises, a modern, user-friendly system was vital to their growth as a competitive agency.
AZDFI wished to transfer their aging system into a faster, more efficient digital one. This meant hiring an implementer who would work towards their paperless objective.
However, the decommissioning and implementation process faced several long-term delays causing the project to stall. As a result, AZDFI wasn’t sure if the original business requirements still matched their current needs and objectives. At that point, MSS was engaged to assess the project and determine how to get it back on track.
Project Balance Sheet
AZDFI requested MSS organize the original project. So, we established a clear project status reporting structure, verified the project’s goals and objectives, and finalized the project work plan. Then, AZDFI requested documentation of Current State project performance, including:
- Staffing, and
- Project recovery plans
Checks and Balances
We immediately conducted a high-level objectives assessment that reflected AZDFI’s Current State. MSS assessed the project by evaluating program structure, IT risks, governance, adoption and deployment strategy, communications, training plans and readiness risks. We examined if the business requirements of the original project plan aligned with AZDFI’s current needs. Additionally, we considered if the vendor was capable of supporting the implementation with limited liability. Through these deep-dive audits, we helped the agency determine if their current path and structure would help them be successful, or if they needed to re-evaluate their course of action.
MSS analyzed the existing system and compared the Current and Future State requirements. Unfortunately, the current vendor was not able to meet AZDFI’s growing needs. The existing parameters of the implementation project did not cover all of the parts and pieces needed to support the agency’s Future State vision. MSS discharged the vendor and recommended investing time to explore other vendor options.
Pleased with the quality of MSS’ high-level assessment, AZDFI gained the confidence to move forward toward a fully executed and successful digital transformation.
Case Study: ASLD Leaves their Paper Trail in the Dust