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Etude De Cas Management document sample
Document Sample
Odyssey
Asset Management Systems
Illustration of a software company product strategy
31-Jan-11
Agenda
Corporate presentation
Product strategy
Roll out considerations
2
Agenda
Corporate presentation
Product strategy
Roll out considerations
3
Vision
Odyssey's vision is to achieve global leadership
in advanced technology solutions for the
Investment Management community and deliver
competitive advantage by helping our customers
offer superior services to their clients.
4
Odyssey - A Market Leader
Leading software solutions for Investment
Management
Of the top 25 European banks (by market
capitalisation) 15 are Odyssey customers
Odyssey applications are implemented in 132
« Triple’A was selected
sites in 24 countries
out of 4 different
packages. The key
selection factors were the
Products based on new technologies - our core
high functionality
coverage, the user-
business
friendliness, the
performance level of the
application and the ability
Strategic projects in international banks
to provide added value
service to our clients. »
Merging of 2 segments : IT and banking
Steady growth since inception in 1995
ANDREAS STRICKER
Bordier & Cie.
5
Odyssey Offices
Luxembourg – Financial HQ
Lausanne – Operational HQ
London Brussels
Geneva Munich
Zurich Singapore
Amsterdam North America (by end 2004)
6
Odyssey Client Base
Odyssey solutions are used at 132 client sites worldwide, including:
* A complete Odyssey
client list is available on
demand.
7
History
Office opened in
Singapore; the 3
Odyssey launches companies within Commercial
Acquisition of the development of Odyssey Group release of
Odyssey Belgian company Advisor – client (OAMS, ODAFS, Advisor – client
founded in CAFC; development relationship mgmt OMDS) are relationship
Luxembourg of Mirage reporting; solution for merged as mgmt solution;
by 9 private offices established in Investment Odyssey Asset office in Munich
shareholders Geneva and Zurich Management Mgmt Systems established
1996 1998 2000 2002
1995 1997 1999 2001 2003
Odyssey acquires Acquisition of the Acquisition of the Launch of
exclusive intellectual London-based Triple’A
distribution rights property rights to company Market Release 4 and
to the Triple’A Triple’A and Data Systems, development of
portfolio mgmt transfer of the specialised in Nexus –
system, originally development accessing, filtering, market data
developed at the team to Lausanne warehousing and management
initiative of the distributing market solution
BCV in Lausanne data; offices
established in
London and
Amsterdam
8
Odyssey evolution
Client Reporting PM RM Market Data
PB PB PB Repository
Extended
Positionning 2004
Client Server J2EE J2EE
C/C++ Components Components
Technology Sybase API API
Shift 2004
Europe Asia
Geographical Middle East North America
Expansion
2004
9
Odyssey structure
A Duchâteau
CEO
Finance Product Strategy
COO
Marketing/
Services Sales Production
Business Solutions
Project directors Product development Geo organization : Internal developments
Project managers Business solutions Europe/AsiaPacific/NA Support/helpdesk
Implementation team Marketing Country reps Release management
Support solutions team Account managers by
client
10
Odyssey: a growing company
EBIDTA
Revenues
40
Revenue EBIDTA
4
3
30
2 3,9
€ Millions
€ Millions
20 2,4
36,1 1
22,3 0
10 1996 1999 2003
-1
-1,6
3,4
0 -2
1996 1999 2003 EBIDTA = Earnings before interest, depreciation, taxes & amortisation
(depreciation of goodwill). As Odyssey’s financial structure has evolved
through the years, it is not possible to calculate all years in exactly the same
manner. Therefore, 1996 & 1999 figures are estimates.
Staff Count Count
Staff Client
Client Count Count
250 150
200 125
100
150
246 75
132
100
164 50
50
25
36
37 11
0 0 8
1996 1999 2003 1996 1999 2003
Turnover Breakdown 2003
By Activity
Turnover Breakdown by Revenue Type
Maintenance Licences
27% 32%
36%
Funded By Region
DevelopmentBreakdown by Region 2003
Turnover 5% 2%
4% 4%
Europe Zone €
6%
Switzerland
Services
37% UK
Licences Funded Development Services Maintenance 18% Asia
Middle East
65%
Others
2003 Net Turnover = € 36.1 million Figures valid as of December 31, 2003. 12
Shareholder Breakdown 2003
Shareholder Breakdown 2003
2% Staff &
14% Management
Private Investors
12%
BCV
Own Shares
72%
Odyssey’s Capital = € 13.6 million Figures valid as of December 31, 2003. 13
Employee Location 2004
Employee Location 2003
Singapore 4 Amsterdam 4
London 9 Munich 3
Brussels 16 Luxembourg 95
Lausanne 95
Zurich 6
Geneva 16
Zurich 6
Geneva 16
Luxembourg 95 Brussels 16
London 9
Singapore 4
Amsterdam 4
Lausanne 95
Munich 3
Odyssey Staff Count = 248 Figures updated: May 2004 14
Employee Activities 2004
Employee Activity Breakdown 2003
General &
Administration Services
19%
Services
R&D / Maintenance
34%
Sales & Help Desk
Marketing
13%
Sales & Marketing
Help Desk
3% General &
Administration
R&D /
Maintenance
31%
Odyssey Staff Count = 248 Figures updated: May 2004 15
Client Distribution*
Client Distribution - Europe
Client Distribution - Worldwide
Austria
Belgium France
United Kingdom 1%
8 9% 3%
7%
6
3 Germany
7%
Ireland
Europe
Switzerland 2%
Middle East
27%
Americas Italy
Asia & Australia 2%
Liechtenstein
115 Sweden 3%
1%
Spain
To date, Odyssey clients are predominantly 2%
based in Europe. Portugal
3%
Luxembourg
We are now aiming to capture greater market Netherlands 24%
share in other regions of the world. Monaco
5%
4%
Odyssey Client Count = 132 * These graphs represent clients with licensed Odyssey solutions. 16
All figures valid as of February 20, 2004.
Odyssey Partnerships
Software
Providers &
Business
Associates
Hardware
Platforms
17
A pressing & moving competition
1. Riskmetrics 1. Odyssey 1. Finantix
2. Brainpower 2. Business Architects 2. Siebel-Eontec
3. Longview 3. Delta 3. S1
Mid-Front 4. Latent Zero 4. Swissrisk 4. Fidelity
Office 5. Charles River 5. COR 5. Getronics
6. McGregor 6. Finaplex 6. Unisys
7. FMC 7. Reuters 7. Fineos
8. X-eyes 8. BanqIT
9. Thomson
10. Sage
Data
Asset Control, Eagle Pace, Fame, FTI, Netik, Odyssey
Repository
1. DSTi 1. ERI 1. i-flex
2. Sungard 2. Temenos 2. Temenos
3. Mysis 3. Avalog 3. Callatay
Back Office 4. Simcorp 4. Bosslab 4. SAP-Alnova
5. Thomson 5. SEI 5. Finova
6. Forbatech 6. ADP 6. Fiserv
7. Igefi 7. IDS 7. Fidelity National
8. Linedata 8. Callatay 8. System Access
Activities
Institutional Private Banking Mass Affluent
Retail 18
Segments
Odyssey Market Positioning
Wealth Management Asset Management
Relationship 3rd Party Portfolio Fund Fund
Client Manager Manager Manager Manager Administrator
Client Data Management
Relationship Management Private Banking
Institutional
Client Reporting
Valuation & Analysis
Performance Front & Mid
Constraint & Strategy Mass Affluent office
Order Input, Generation &
Management
Integration & Workflow
Central Security Warehousing
Retail Banking
‘Output’ management (report production, distribution and archiving) Back office
19
Business Solutions Positioning
Presentation Framework
Portfolio Manager Relationship Manager
Workstation Workstation Integrated Solutions
- Portfolio Mgmt & Analysis - Portfolio Mgmt & Analysis - Business
- Portfolio Modelling & - Client & Portfolio Monitoring Components
Balancing - Customer Portal
- Collaborative Advice &
- Advanced Analysis Contact Management
- Straight-Through-
- Advanced Performance - Client Data Management Processing
Attribution
- Investment Profiling - Workflow & Dataflow
- Client & Portfolio Monitoring
Independent
Business Components
20
21
Agenda
22
Business Solutions – User Profiles
Retail
Portfolio Relationship 3 rd Party Custom
Relationship
Managers Managers Managers Profiles
Managers
Portfolio Management
Portfolio Management & Analysis
Portfolio Modelling & Balancing
Advanced Analysis
Advanced Performance Attribution
Relationship Management
Client & Portfolio Monitoring
Collaborative Advice & Contact Mgmt.
Client Data Management
Investment Profiling
Full functionality available
Foundation Components
Subset of functions available
23
Agenda
Corporate presentation
Product strategy
Roll out considerations
24
Some Strategic Market Objectives
• Expanding Solutions towards:
Off-Shore => On-Shore
PM => RM
Discretionary => Advisory Business
HNWI => Mass Affluent/Retail
In-House => ASP/BSP Solutions
In-House => B2B/B2C
Europe => Global (US / Asia)
25
Some Recent Requirements
On Odyssey Solutions
• Functionalities available as services, in-house or in ASP/BSP
mode
• Implementation of subsets of functionalities
• Integration with bank/third-party products available as services
• Full availability through the WUI
• Support of very large volume processing
• Time-to-market and quality in providing new advanced
functionalities
• Full Integration of Odyssey products offering (Triple’A, Advisor)
• Database Independency
• Lower Cost of integration and of Ownership
26
The Development Strategy :
A Component Architecture
This development strategy consists in developing,
using J2EE technology, business components
covering both new and existing specific
functionalities, including Triple’A .
These components can be provided and seamlessly
implemented as combination, or implemented
independently.
27
Today’s Functional Architecture
Component Client/Server
Odyssey Solutions Nexus
Live!Report TA GUI GUI
Odyssey Presentation Framework (OPF)
TA Financial Server
iMDi Filters & Loaders
Odyssey Business Components
TA DB
Odyssey Technical Framework (OTF) TA Import / Export
DB Component HEART
Repositories Repository Gateway
28
A More Detailed Functional Architecture
Component Client/Server
Advisor Profile RM Profile PM Profile Nexus
TA GUI
Live!Report GUI
Odyssey Presentation Framework (OPF) TA Script
Preference
PageFlow
PageFlow
Internat.
Scripted
Profiling
Query
Editor
UDP TA Financial Server
TA Script
Check Strat
Reconcile
iMDi Filters & Loaders
Journal
Op Hist
Rebalancing
Fusion
Perfo
Valo/Check
Valo
MCQ/Alert
OrderMgt
…
Mail Mgr
TASC
CIMS
CDM
IPA
Business Procs
TA DB
Repository
Odyssey Technical Framework (OTF)
Access TA Import / Export
Services
Audit
WrkFl
Secu
Orga
DB
MDF
GCL
Msg
CBI
XDI
TA Script
DB Component HEART
Repositories Repository Gateway
29
Today’s Technical Infrastructure
Component Client/Server
Neuron Data
HTML / XML (->PDF / Excel / …) Java / Swing
Actuate (Presenter)
XSP / XSL
Sybase Open Client
Cocoon
C/C++
AS WS/
WebLo
Web Container
EJB Container
DonLP2 SimCorp
Torque Castor Jython JDOQL Log4J …
Sybase Open Server
Java / J2EE JNI –> C/C++
JVM Sybase
JDBC JMS RMI
Sybase / Oracle / DB2 Ascential
30
C/S Architecture : Benefits & Issues
Benefits Issues
• GUI & FS Rich Functional Coverage • Modules, but no Independant
• TA Brand Components
• TA Installed Client Base • Data Replication
• TA Maturity • TA Sybase-Only
• Relative System Architecture • Limited Scalabilty in Very High
Simplicity Volument Environnement (Retail)
• Parametrization Tools • User friendliness for non-power
• Accessibility to Business users
Consultant Profiles
31
Component Architecture : Benefits & Issues
Benefits Issues
• Web User Interface • Todays PMS WUI & Server limited
• OS & DB Independence functional coverage (compared to
• Component Independence TA)
• Facility to Package Multiple • Limited Customisation Tools (WUI /
Solutions Rules)
• Integration Facilities • More Complex Architecture
Limited Data Duplication
Access to External Components
• Customisation Facilities
• AS Scalability
• Standard Frameworks
32
The Future Functional Architecture
A Fully Component-Based Architecture
Odyssey Solutions
Odyssey Presentation Framework (OPF) Live!Report
Third-Party
Odyssey Business Components Business
Components
Odyssey Technical Framework (OTF)
DB Component HEART Triple’A
Repositories Repository Repository Gateway
33
A 3 years perspective to be achieved step-by-step !
CBI Mail Mgr Internat.
MDF CDM PageFlow
Msg
CIMS Preference Advisor
Secu
Repositories
DB Component
MCQ/Alert Profiling
Orga
IPA UDP
GCL
TA/RM
WrkFl Valo/Check Scripte
Pageflow
Audit
Query
HEART
Rebalancing Editor
Repository
XDI
OrderMgt WUI
Odyssey Presentation Framework (OPF)
Custo
Services
TA/PM
TASC Dcmt
DB
Editor
Access
Rule LodaPos WkFlw
Engine Editor
DDL
Admin WUI
Strat Admin
Triple’A
Admin
Repository
Mass Affluent
JRNL
Odyssey Technical Framework (OTF)
A More Detailed Functional Architecture
Perf / GIPS
Nexus
Other PMS
A Fully Component-Based Architecture
Components
RiskMetrics
FlowMind
Gateway
NM4
Financial
Other New Profiles …
Planning
Live!Report
34
The Benefits of the Future architecture
Only the Benefits of Both World Should Remain !
Benefits Benefits
• F-E & B-E Rich Functional • Web User Interface
Coverage • OS & DB Independence
• TA Brand Remains • Component Independence
• TA Installed Client Base is • Facility to Package Multiple
Preserved Solutions
• TA Maturity • Integration Facilities
• A Unified System Architecture Limited Data Duplication
• Parametrization & Customization Access to External Components
Tools • Large Customisation Facilities
• Accessibility to Business • AS Scalability
Consultant Profiles • Standard Frameworks
35
How to Address the Issues of the
Component Architecture ?
Issues Solutions
• Todays PMS WUI & Server limited • Triple’A FS Componentisation
functional coverage (compared to • Extended WUI Functionalities (incl.
TA) dhtml, Flash, Swing, …)
• Investment in Parametrization &
• Limited Customisation Tools (WUI/ Customisation Tools
Rules)
• Investment in Packaging &
• More Complex Architecture Administration Console
36
Triple’A Componentization :
What Does It Mean ?
Financial Calculators are available in service mode /
Data Providers deal with data access :
Input Data Output Data
Calculator
Providers Providers
TASC / FS TASC / FS
Portfolio/
Position
XML / JMS XML / JMS
Java API
Java API
Valued
HEART
Instrument Valuation Portfolio/Position HEART
SQL / DB Price / SQL / DB
Exch Rate
Custom Custom
37
Triple’A Componentization :
What Does It Mean ?
One Triple’A financial function may correspond
to several specialised components :
Valuation Fct
LoadPos LoadPos TASC/FS LoadPos
+
Pos Pre-Process.
Instr. Analytics TASC/Export TASC/Export
Instr. Analytics
Valuation Valuation Valuation
Valuation
UDP+Pre-Proc UDP+Pre-Proc UDP+Pre-Proc Format
Components Components Components Financial Server
(2006) (2005) (2004)
The ‘component version’ of a financial function should be at least as rich, ideally richer !
38
Triple’A Componentization :
What Does It Mean ?
Componentization does not necessarily mean Java :
Fusion Fct
LoadPos Load
Pos + Op
Compute
Compute
New Pos
New Pos
(C)
Save New Pos
SavePos
Components Financial Server
Other Candidates : Donlp2 (Done) / Instrument Analytics (Simcorp) / Perf Attrib (TBA) / …
39
Agenda
Corporate presentation
Product strategy
Roll out considerations
40
Release management process
Definition Development Delivery Beta support
R
&
D Documentation
Impact analysis : Skills requirements Training Client Beta site
S definition & gaps received support or
Spec review / Beta test case creation
O Training plan from R&D Internal beta
Develop/update implementation methodology
(incl. Training plan)
P Resource plan Client Beta
S Trainings execution management
S
B
Specs Test cases Documentation Early validation of
S validation validation validation software delivery
Beta support
M
Sales Beta/Pilot site selection Active account mgt
Commercial
Program management release
Release content 41
Release Beta
definition
Release management process
Option 1 (preferred) – Client Beta site
Alpha phase Client Beta phase
Training
Beta teams Internal beta phase (Rollout team)
Methodology update/creation & training plan ( Rollout team)
Beta release Commercial release
Option 2 – No client beta site
Internal beta phase Pilot Implementation
Alpha phase
Training
Beta teams
Methodology update/creation & training plan ( Rollout team)
Beta release Commercial release
1 to 3 MONTHS 42
Other roll out considerations
Impact on sales
Impact on services (implementations)
Impact on R&D
43
Impact on Sales
Be aware of the product strategy
Set up a migration plan for existing clients base
85 sites
GUI, TASC, components sites
Be aware of possible migration options for clients
Avoid multiple migrations
Who finances migration costs ?
Minimize migration costs thanks to customization or migration
tools
44
Impact on Services
Change in skills requirements
High value consulting
Java development skills
Use of web based customization tools (layout designer, workflow,
pageflow, java scripting langage)
Technical skills (integration, messaging, performance, etc…)
Get configuration tools is critical
Standard architecture makes outsourcing of services to third
parties easier
Trainings, recruiting, subcontracting needs
Helpdesk must be able to support clients and implementation
teams
45
Impact on R&D
Doubling of development effort (on old financal servers and on
components)
Multiple configurations to manage
Review of development tools and methodologies
Review of testing methodologies
46
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