The hallmark of quality

The hallmark of quality

Iris secures CMMI Level 5 Maturity appraisal for Managed Services

Iris Software has secured the CMMI Maturity Level 5 appraisal for its Managed Services operations from the CMMI Institute of Pittsburgh, Pa. The Level 5 maturity rating is the topmost awarded by the CMMI Institute, a global leader in advancing best practices in people, processes, and technology.

The CMMI Level 5 appraisal demonstrates that our teams strive to deliver better outcomes to clients by continuously upgrading capabilities and improving the quality of our processes and our application development products.

“The successful CMMI Level 5 appraisal is an important milestone in Iris’s continual efforts towards delivery excellence,” says Anil Apte, co-founder and managing director at Iris Software. “Our journey has helped us improve our performance, and that has been beneficial for the organization and our clients. The appraisal validates our commitment to quality for our clients.”

What our CMMI Level 5 rating means
  • Our work and processes have received the highest form of third party validation
  • We manage projects with an established set of practices
  • We are dedicated to continuous improvement and producing great work that makes a difference

“An appraisal at maturity level 5 indicates that an organization is performing at an ‘optimizing’ level,” according to the CMMI Institute. Organizations are recognized at that level for “continually improving their processes based on a quantitative understanding” of their business objectives and performance needs.

Such organizations are noted also for using “a quantitative approach to understand the variation inherent and the causes of process outcomes.” The five levels that the CMMI Institute has defined for its appraisals progress from “Initial, Managed, Defined, Quantitatively Managed, and Optimizing” on the maturity curve.

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How to transform your risk reporting mechanisms

Capital Markets

How to transform your risk reporting

A leading brokerage firm improved its UI and lowered costs with a future-ready risk reporting platform.

Client

The client was a brokerage firm with a strong presence in the capital markets.

Goal

Improve risk reporting and calculations.

Tools and technologies

Dot Net, C#, Greenplum, JUX Proprietary Framework and HTML5.

BUSINESS CHALLENGE

The client's market risk reporting and limit monitoring platform was based on products that were reaching the end of their service lines in the foreseeable future - Microsoft's Silverlight for viewing rich content and IBM's Netezza for data warehousing. They wanted to move to a new-technology platform. Among the big challenges was a lack of user friendliness, a high cost of ownership because of the maintenance needed, and a lack of scalability because the data could not be clustered. The existing systems did not enable efficient audit trails and tracking of users. Iris had to identify alternatives that would sit well with 55 other applications in the system.

SOLUTION

We considered building a visualization platform using the latest JavaScript frameworks such as Angular or React but settled on making a fresh user interface and UI framework on HTML5. We developed new UI widgets to provide better user experience, making it possible for users to customize their workspace. We integrated the module to manage a user’s role and access level. In all, we provided a modern, flexible interface for application deployment that was developed in-house.

OUTCOMES

We successfully moved all the 55 applications to the new platform.
As a result, the total cost of ownership was expected to be 15% lower after the migration.
It was also built for the future - a distributed, scalable, mobile-ready platform.
It had an integrated module for managing user roles and access levels and could be customized with various themes to provide better user experience. User tracking and audit trails were enabled.

15%
Lower Total Cost of Ownership 
55
Apps moved to new platform

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Data consolidation speeds up drug search

Cloud

Data consolidation speeds up drug search

An automated cloud-based consolidation application for R&D data helped a pharmaceutical company improve turnaround time for APRs and reduce manual work.

Client

A U.S.-based pharmaceutical multinational corporation.

Goal

Reduce turnaround time for APRs.

Tools and technologies

Amazon’s AWS OPCx, Webmethods, natural language processing (NLP), neural networks, and Python programming

BUSINESS CHALLENGE

In pharmaceutical R&D, data is generated from several sources: the process, patients, retailers, and caregivers, among others. Pharmaceutical R&D organizations that use the traditional way of creating APRs manually consolidate paper specifications into binders across all R&D functions.

Specific regional rules, compliance mandates, and external regulations were slowing down the client’s workflow.

The many spreadsheets in multiple formats were leading to errors from manual entry and duplication of data — the inevitable “swivel effect” that results from data being pulled out from disparate, unconnected software packages.

Iris was approached to improve the process of collecting and using data from multiple sources; the improvement would help the client identify and develop new potential drug candidates faster.

SOLUTION

Iris’s team of 12 specialists designed, developed, tested, and deployed a cloud-based application that integrates data from multiple regions and eight different systems into a single, unified interface for the client’s users. Our application unified the creation and management of the client’s workflows across its lines of business and 20 different product families.

The development environment included Amazon’s AWS OPCx; Webmethods; natural language processing (NLP); neural networks; and Python programming.

OUTCOMES

Within a year of the application’s release, 2800 users were using the application, with 55% of APRs turning around in 10 calendar weeks or less. Thanks to the in-memory data grid, the response time of transactions across-the-broad has been brought down to nearly 2 seconds.

The cloud-based application developed by Iris ensures that data is automatically and seamlessly shared between systems that were previously stand-alone and required the tedious manual entry of data.

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Cloud-native app opens new markets

Cloud

Cloud-native app opens new markets

A prominent bonds trading network expands its market reach with new products and geographies.

Client

The world’s leading provider of trading services for fixed income products

Goal

Create an IT architecture to support growth across markets and products

Tools and technologies

AWS Cloud, Java, Springboot, React JS, React, Redis, Kafka, C#, Ranorex and Test Rails

BUSINESS CHALLENGE

The client, a market leader in bonds trading, is expanding to new markets, acquiring new businesses, introducing products and adding features to existing offerings. To support its growth plans, it needed an agile, modern, cloud-based platform.

Some of the business needs the client wanted to address with the new solution were:

  • How do we achieve scale with minimal latency in operations and service?
  • How do we integrate new businesses seamlessly and without disruption?
  • How do we roll out new features faster to improve customer experience and get a competitive edge?
  • How can we use data to help customers make better trading decisions? How can we monetize the data?

As a solution partner, we had to not only create a new IT architecture for the client’s trading platform but also constantly re-engineer and improve the architecture to quickly meet emerging business needs.

SOLUTION

We deployed a scalable, highly available auctions solution on the AWS cloud using Java, Springboot, React JS, React, Redis, and Kafka.

  • Optimized algorithms now achieve best matching with minimal latency while offering full price transparency.
  • Artificial intelligence (AI) and machine learning (ML) provide greater insight and real-time price discovery for specific asset classes.

The new cloud-based architecture enabled the client to create products and monetize market data. The products helped customers get accurate data in real-time to take better and faster trading decisions.

Test automation across the trade lifecycle using a combination of C#, Ranorex, Test Rails helped the client update user interfaces (UI) without reducing performance; it eased integration linkages between the acquired solution’s frontend and the client’s existing backend.

OUTCOMES

The introduction of Agile methodology and the cloud-native application has helped the client significantly speed up time-to-market for new releases – it’s now able to make releases several times a year.

The new IT architecture now allows the client to offer trading in Muni bonds (an acquired product) and US treasuries (a new service). The solution also enables the client to support Chinese markets.

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Real-time tracking of a global container fleet

Transportation & Logistics

Real-time tracking of a global container fleet

A cloud-based GPS-integrated solution delivered, for our client, real-time visibility of its shipments, bringing efficiencies in time, cost and regulatory compliance.

Client

A diversified global business group with a strong presence in maritime services.

Goal

Real-time tracking of a global container fleet.

Tools and technologies

Microsoft Azure, Node JS, C#, Bootstrap, and HTML5.

BUSINESS CHALLENGE

The pandemic has made it critical for the transportation and logistics firms to manage their assets (or fleets) more efficiently.

Demand is high for real-time asset tracking and tracing solutions. For the marine services business of our client, real-time management of a global fleet of containers required continuous, global tracking.

Tracking the container fleet and meeting compliance requirements was laborious and error-prone, often leading to delays and lost opportunities. The client also did not have a mechanism to track customer usage of pay-per-use containers.

We were tasked with creating multi-tenant based cloud application that would be optimized for cost and yet not compromise the user experiences of customers and field teams.

SOLUTION

Our decade-long experience in radio-frequency identification (RFID) helped us address this challenge. Our information engineers, UX designers, solution architects, and business analysts worked onsite with the customer to test scenarios and create a new architecture along with new user experiences and interfaces.

We built the solution using the latest Microsoft Azure cloud services and BizTalk and RFID middleware for an integrated framework involving multiple customers (tenants) and services.

An offshore team engineered the new application with the capabilities sought by the client; the architecture team helped create new systems and environments for development, quality assurance (QA), user acceptance testing (UAT), and production. The solution was capable of handling large amounts of streaming data with the help of edge services located near-site. Customized workflows captured container movement within each site, while GPS services tracked container movement across the globe.

The application, which was deployed well within the scheduled deadline, enables post-production maintenance and enhancements from our offshore center.

OUTCOMES

We engineered real-time tracking and tracing for the client’s global container fleet, with map support and enhanced personalization for users based on location and asset class. Responsive design ensured that the application could be seamlessly used across various devices.

Our experience with RFID and cloud-based engineering helped us anticipate and prepare the scenarios well in advance so that solutions could be delivered to the client fast. This significantly reduced the time for the client to prepare cost and compliance status reports, and location-based dashboards for KPIs.

The near-real time tracking of containers reduced the time to calculate exact container usage and certificate status from days and hours to a few minutes.

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A legacy portfolio gets a makeover

Advisory & Consulting

A legacy portfolio gets a makeover

How one of the Big Four advisory firms turned around an under-performing, high-cost application portfolio to meet growing business needs.

Client

The client is one of the Big Four advisory firms

Goal

Modernize the legacy application to meet growing business needs

Tools and technologies

MS SharePoint, MS .Net and MS SQL Server

BUSINESS CHALLENGE

The client had multiple legacy applications, deployed over the years. Its business needs had grown with time and the applications were falling short of required service levels. The client faced the following challenges:

  • Lack of integration: Most of the integration with upstream and downstream systems was manual, resulting in common data getting obsolete quickly
  • The client was finding it difficult and expensive to hire and retain resources to maintain the legacy apps
  • The legacy system was prone to security breaches and couldn’t be deployed on the enterprise-level stack
  • The existing system supported only single-user application, and it wasn’t possible to roll them out to multiple users

SOLUTION

After a comprehensive analysis by Iris, the client’s applications portfolio was rationalized, classified, and distributed across four areas: 1) upgrade and continue to maintain; 2) rewrite to modernize; 3) consolidate overlapping applications using a framework approach; 4) retire.
The idea was to deliver maximum value at the lowest cost possible and ensure the system complied with security standards.
Here’s what we did for the client:

  • Upgraded the technology stack for the application(s) to lower maintenance costs, improve efficiency and meet growing business needs
  • Used an in-house technology modernization framework to reduce development and maintenance costs
  • Consolidated applications that were doing similar tasks and had similar features and modernized them
  • Retired applications, whose features were available through other applications

The success of our solution was based on our ability to quickly gather complete information about the existing applications. To do that, we used a questionnaire that we have developed and refined over the years that helps us gather information in a structured and comprehensive manner about the architecture, user base, maintenance methodology etc.

OUTCOMES

  • With the legacy modernization and application consolidation process, the client’s application portfolio was reduced from 45 applications to less than 10
  • Reduced the resources required for maintenance from six to two
  • The framework-based approach of Iris accelerated time-to-market, a critical market differentiator for the client

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An agile sprint for financial data

An agile sprint for financial data

How Iris helped a mega sportswear brand’s global operations and financial reports go flexible, agile, and analytical.

Client

Among the world’s largest manufacturers of sportswear, the client sells its products in more than 120 countries and employs more than 13,000 people.

Goal

To significantly reduce turnaround time and ease associated with report creation.

Tools and technologies

Microsoft SQL Server’s Analysis Services (SSAS), Microsoft SQL Server Integration Services (SSIS), Microsoft SQL Server Reporting Services (SSRS), Boomi AtomSphere, and Power BI.

BUSINESS CHALLENGE

The client’s finance department was using standard SAP reports which limited the flexibility to slice and dice data or add fields to reports. Modifying or creating new reports was either difficult or expensive. Top management, including the CFO and financial controllers, were finding it difficult to create a high-level, integrated view of the company’s finances.

The existing process required data transposition between various systems, including the SAP and Oracle systems. Much of this data was extracted and consolidated manually, which was time-consuming, and took around a week.

SOLUTION

Iris executed a distributed Agile framework for the client’s global delivery model. Our solution pulled data out of the client’s SAP ERP system using Dell Boomi adapters, and leveraged SSIS (SQL server integration services) to transform it into enriched data. This data was mapped and made actionable through interactive PowerBI Tableau dashboards. With the help of a custom-made finance data model, a data warehouse was created. The easily shareable data cubes not only replaced all legacy reports, but also reduced the number of SAP user licenses.

OUTCOMES

With the availability of Power BI dashboards and the capability to slice-and-dice financial data, client managers now have a better view of operations and accounting flows. The data consolidation allows users to create need-based reports without additional licenses.

The automation of the entire process from data extraction and transformation to publishing of analytical cubes has enabled the client teams to significantly reduce time required to produce reports – from days to a few minutes. They have been able to achieve a 95% reduction in time and effort.

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A playbook for banks on managing M&A integration

Banking

A playbook for banks on M&A integration

Efficient management of the complexities of disparate systems and data after an acquisition saves time and money.

Client

Banks that have merged or acquired new businesses.

Goal

Manage migration and integration complexity post M&A.

Tools and technologies

The Iris business acquisition playbook for banks.

BUSINESS CHALLENGE

In a low-interest rate regime, achieving scale is the only way for banks to stay profitable. The top 25 banks are growing at a rate faster than rest of the pack. The search for profitability from scale is predicated upon their ability to ensure that the operational costs do not grow linearly with business.
A significant part of this growth will come inorganically. Apart from M&As, brownfield expansion comes with banks selling off their books of business for reasons ranging from realigned strategic priorities to the more mundane need of raising cash. Any IT costs in absorbing the new book of work will negate the advantages of size.

SOLUTION

Iris has been working with banking clients to create a business acquisition playbook outlining steps to insource with a migration and integration strategy. We have enabled clients to deal with post-merger integrations and create a single source of truth for transactional data and positions. The Iris team delivered solutions specifically tailored for applications in the loan origination and servicing space.
We have helped our banking clients:

  • Consolidate multiple acquisition playbooks to create a single standardized framework for their lending business
  • Define insourcing steps for business and technology teams and create a migration strategy with quantifiable recommendations and a reusable checklist for insourcing activities.
  • Assess capability and readiness and help them choose from insourcing options:
  • Full migration of data and systems
  • Partial migration of systems and data migration and integration
  • Only data integration and connectivity for lending business.

OUTCOMES

We have helped clients achieve 50% savings in cycle time and cost for post-merger integration of business processes, application and data.

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Deliver personalization via report automation

Asset Management

Deliver personalization via report automation

A leading asset management firm personalized offerings by automating processes to glean customer insights.

Client

A leading asset management firm based in the U.S.

Goal

Help asset managers deliver personalized solutions to establish differentiation.

Tools and technologies

AquaData Studio, Java, Perl, Python, Spring, Hibernate, VRS, PostgreSQL, Composite and MS SQL.

BUSINESS CHALLENGE

Asset management firms face challenges similar to those faced by most buy side firms – such as a generational shift in the demographic, new patterns of investment behavior, a changing regulatory landscape, and the rise of aggregators with low-cost products who are thinning the pool of investible funds.

Our client wanted to differentiate itself by offering customer-centric solutions that are flexible and adaptable. But its existing systems presented several challenges:

  • Its front, mid and back office functions needed a lot of manual effort
  • Business rules were inconsistent and data duplication was rampant
  • User experience on the platform needed significant improvement
  • Clients were unable to get a holistic view of their accounts
  • Data validation was consuming a lot of man-hours

SOLUTION

We partnered with the asset manager to deliver better digital experiences to all its stakeholders. We created a robust data ecosystem and used advanced technologies such as artificial intelligence/machine learning or AI/ML, intelligent automation, cloud computing and test automation.

  • Our team streamlined and integrated the client’s front, middle and back office functions. We helped the client integrate their back-office solutions with their custodians, reducing complexity in information exchange, eliminating reconciliation and increasing operations efficiency by more than 75 per cent.
  • We automated the creation of more than 7,000 reports.
  • Improved experience for retail and institutional clients by automating the generation of complex compliance and strategic reports.
  • Developed a strategic reporting module that gave customers a holistic view of their accounts and holdings
  • Set up a business data validation team offshore
  • Enabled self-service option for bespoke reports

OUTCOMES

Our solution helped the client significantly improve front-end experience for customers; reduce manual effort and costs in the back-office; and improve overall operations efficiency. Highlights of the outcomes:

  • Automated the exhibits process with 75% increase in throughput
  • Our report automation solution reduced manual effort by 70% and improved monthly artefact generation throughput by 40%.
  • Reduced manual effort for customization in client profile management by 60%
  • Achieved $50,000 savings for client per month in the data validation activity for client profile management

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Setting a high standard for member experience

Standards & Membership

Setting a standard for member experience

We helped a global standards organization build a cloud-native micro services-based platform to store and share data on billions of products with members.

Client

One of the world’s leading retail standards organizations.

Goal

Build a 24x7 cloud-based platform capable of storing and sharing data on billions of products.

Tools and technologies

Java, Python, NodeJS, .NET, Azure PostgreSQL, Azure SQL, MongoDB, Redis, Azure DevOps, Pipelines, Git, Docker, Kubernetes, Azure App Service.

BUSINESS CHALLENGE

Our client is a global standards organization. Its products and codes are used by millions of brand owners, retailers and supply chain partners around the world.

The organization needed an always on, scalable cloud-based platform capable of storing and sharing data on billions of products and related information with members and partners across the world.

The client also wanted the ability to onboard member organizations quickly and seamlessly.

They wanted the business capabilities developed on platform to be available as modern and secure enterprise-level APIs.

SOLUTION

Iris chose a microservices architecture for high agility, loose coupling, independent deployability and maintainability.

We followed an API design-first approach and designed according to the standards-based API specification (OpenAPI Specification).

In line with best practices for securely publishing and maintaining APIs, our team deployed the Azure API management solution. We used Azure APIM developer portal to deliver a superior developer onboarding experience. The solution had other features as well:

  • Design and implementation of the Azure Virtual network for securely hosting the platform
  • A cloud-native architecture using the Azure AppService and an Azure-managed Kubernetes platform.
  • Comprehensive performance testing and optimization at all levels to meet strict SLAs
  • Security testing and vulnerability assessment to ensure secure APIs

OUTCOMES

  • A robust and secure API platform that handles 200,000 API requests per day
  • 50 million codes uploaded in 40 product categories across more than 130 countries
  • Delivered a developer portal for quick on-boarding of MOs and application developers
  • New 7-step verification mechanism led to creation of new revenue streams

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