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Financial Services Insight - Reduction in Project Costs

Insight: Reduction in project costs, along with an increased understanding of the scope of proposed changes.

Creating an Enterprise Architecture Repository is an important step towards establishing standard practices for modelling and architecting solutions.

This large USA based insurer is leading the way to improve its ability to understand their complex landscape by establishing a centralized repository for bringing together the key business and IT information and managing the relationships between them. 

The Enterprise Architecture Repository is based on industry-standard best practices. It establishes a set of standard building blocks such as Capability, Process, Organization, Service, Application, and Technology to describe the business and IT architecture of the Insurer.

As to not reinvent the wheel, the Enterprise Architecture sources existing content from current repositories.

As it understands and establishes traceability among the business capabilities, processes and interdependencies between applications, Architecture Repository improves the correctness, consistency of business and IT information and enables that information to be s reused by different groups and projects.

With the Enterprise Architecture Repository in place, it can significantly reduce the amount of time it takes to gather information to understand, strategize, respond to business and technology changes.

The information is also more accurate.

Many times, its assessment discovery process take weeks and months, but now, with the use of Enterprise Architecture Repository, it can gather the creating views and running simple reports from the Enterprise repository.

It can expect to reduce the amount of time and domain experts required for impact assessment and cost estimating significantly. 

Repository is more trustworthy, complete and consistent.

All of these improvements have potential of reduction in project costs, along with an increased understanding of the scope of proposed changes.

Architecting solutions using Reusable building blocks resulting in Correctness, Consistency.