ASIC Poised to Transform Financial Frameworks with TechnologyOne Enhancement
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Quick Overview
- ASIC is enhancing its financial systems via TechnologyOne’s SaaS ERP platform.
- The $7.2 million deal extends until May 2027 and is part of a larger digital transformation effort.
- The new system will run in conjunction with established platforms such as Expense8 and Granular Time Reporting.
- ASIC is seeking an ERP manager to oversee the rollout and future planning.
- This move comes after the discontinuation of the GovERP project due to insufficient reusable functionality.
- ASIC is also advancing HR digitisation efforts, encompassing payroll and employee lifecycle process design.
ASIC Launches Major Finance System Enhancement with TechnologyOne
The Australian Securities and Investments Commission (ASIC) is making a significant leap towards digital modernisation by deploying a new enterprise resource planning (ERP) system powered by TechnologyOne. This upgrade, priced at $7.2 million, is set to occur over the next financial year and represents a crucial transformation in the regulator’s internal framework.
TechnologyOne Selected for ERP SaaS Implementation
The Australian SaaS company TechnologyOne has been appointed to provide its cloud-based ERP solution under a contract valid until May 2027. This platform is designed to enhance financial management, ensure real-time data accessibility, and optimize operations across ASIC’s financial divisions.
“Enhancing our ERP system will enable us to better support our employees and is part of ASIC’s overall goal to bolster our ability to be a leading, digitally enabled regulator,” an ASIC representative commented.
Integration with Current Financial Tools
Although TechnologyOne’s ERP solution will serve as a key element of ASIC’s financial practices, it will also function alongside pre-existing systems such as Expense8 and Granular Time Reporting. These platforms will be maintained autonomously to ensure smooth operations during the transition.
Recruitment for ERP Leadership Position
To guarantee the effective implementation and sustainability of the new system, ASIC has begun searching for an ERP Manager of Financial Systems. This position will play a vital role in crafting a financial systems roadmap and supervising the comprehensive implementation approach.
GovERP Project: Insights Gained
ASIC’s ERP upgrade comes on the heels of its involvement in the now-abandoned GovERP program—a federal initiative aimed at creating a shared SAP-based ERP system for various agencies. Despite pouring in over $4.7 million, the project was ultimately abandoned in 2024 due to inadequate reusable functionalities. This experience has spurred agencies like ASIC to seek bespoke solutions that better address their operational needs.
Transformation of HR Systems Underway
Alongside its financial system upgrade, ASIC is also prioritizing the modernization of its HR infrastructure. As noted in the regulator’s 2023-2024 annual report, initiatives include planning for a new payroll system and redesigning HR workflows to support the full employee lifecycle. A benefits realization initiative is currently in progress to assess the effectiveness of these HR undertakings and ensure alignment with organizational objectives.
Cloud-First Strategy in Government Sector
ASIC’s choice aligns with the broader Australian Government’s Digital Transformation Strategy, which promotes cloud-first approaches to boost agility, lower expenses, and enhance service delivery. TechnologyOne’s SaaS platform operates within Australian data centres, ensuring adherence to federal standards for data sovereignty and cybersecurity.
Conclusion
ASIC’s collaboration with TechnologyOne signifies a crucial milestone in the regulator’s digital progression as it adopts a cloud-first approach for its financial systems. With a multi-year investment, proactive ERP leadership, and insights gained from prior projects like GovERP, ASIC aims to establish itself as a progressive, digitally adept authority. These transformations are set to benefit not only internal operations but also strengthen the agency’s ability to fulfill its regulatory responsibilities in a rapidly changing financial environment.
Q: What is the main aim of ASIC’s ERP system upgrade?
A:
The central objective is to modernise ASIC’s internal financial systems, providing enhanced support for staff and improving the agency’s digital capabilities. This aligns with its overarching goal of evolving into a digitally empowered regulator.
Q: Who is responsible for providing the new ERP solution for ASIC?
A:
TechnologyOne, an Australian software-as-a-service provider, has been engaged to deliver and oversee the new ERP platform until May 2027.
Q: What is the financial value of the TechnologyOne contract?
A:
The contract is worth $7.2 million and encompasses the implementation and maintenance of the SaaS ERP platform.
Q: What was the outcome of the GovERP platform?
A:
GovERP was a centralised SAP ERP endeavor intended for multiple federal agencies. It was curtailed in 2023 and finally eliminated in 2024 due to its practical shortcomings and lack of utility for reuse.
Q: Will ASIC retain any older financial systems?
A:
Yes, ASIC has confirmed that it will continue to support Expense8 and Granular Time Reporting systems independently alongside the new TechnologyOne platform.
Q: Is ASIC upgrading its HR systems as well?
A:
Yes, ASIC is simultaneously focused on modernizing its HR systems, which includes rolling out a new payroll system and mapping processes throughout the employee lifecycle.
Q: What is the significance of appointing an ERP Manager?
A:
The appointed ERP Manager of Financial Systems will be crucial for managing the rollout, engaging with stakeholders, and crafting a strategic plan for the financial systems enhancement.
Q: How does this upgrade connect with national technology policy?
A:
The upgrade reinforces the Australian Government’s initiative for cloud-first, digitally advanced public sector operations. By selecting a local SaaS provider like TechnologyOne, ASIC guarantees compliance with data sovereignty and cybersecurity standards.
