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Enhancing business
productivity at Davy Stockbrokers

   
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The customer
Part of the Bank of Ireland Group, Davy Stockbrokers is the leading institutional, corporate and private client stockbroker in Ireland. Based in Dublin, the company employs nearly 400 people. Its market share in the distribution of Irish equities, Irish bonds and Money-market instruments amounts to 40% of day-today trading in each of these markets.
www.davy.ie

Background
In March 2001 Davy Stockbrokers implemented RSD's Enterprise Output Solution (EOS) running on a HP-UNIX platform with an Internet Explorer browser based Thin Client interface. The system currently has 90 users.

The business challenge

The volume of Davy's business has increased dramatically over the last two years. In view of this, it became increasingly important to provide electronic delivery of report information for on-line viewing and selective printing. The project set out with a number of specific objectives:

  • Extensive reduction of print output
  • Increased broker productivity
  • Greater security in document handling
  • Decrease margin for error
  • Easy archive and retrieval of documents to meet legal
    regulations

Davy StockbrockersAccording to Anne Greene, IT Operations Team Leader at Davy "The Major objective was to get rid of as much paper as we could. Before EOS we had to schedule jobs that ran overnight, in order that printed reports were available to people working on different shifts". John Halligan, Senior Business Analyst at Davy says "The EOS electronic distribution process now provides on-line access to an individual’s reports whenever they arrive at their PC. We also had a distribution issue in terms of logistics: Due to the number of reports that we printed, we had staff coming in every morning from the Help Desk to collect all this paper and distribute it. These people can now be redeployed elsewhere".

The EOS solution

"We chose EOS because it fits into our system and architecture, without the need for us to change everything" says Halligan. Greene adds "We also needed a product which is user-friendly, because most of our users are not technical people. EOS met this requirement. We were impressed with the potential the product gave us, for users to shape their own reports".

From paper to screen: managing the change

According to Halligan "It was a very dramatic change to take away paper from people, that's why we involved the users in the change process. They had to decide which reports they needed to go on-line, the reports' shape and retention procedures. They had to justify the change. It gave us the opportunity to rationalize our paper flow but more importantly to communicate more effectively with our user base".

Deliverable benefits

To date, EOS has allowed Davy to eliminate about 80% of its printed reports. As the software's deployment is extended, the paper consumption will continue to decrease. With regard to historical reports, the benefit of EOS is that it ensures that reports are easily accessible whenever they are needed. "With paper, we had a retention issue, as people tended to file reports away, which often meant they were lost for the company" says Halligan. "So, clearly the benefit with EOS electronic distribution is that the document does not get lost and is easily retrievable by those who need it". Greene adds "people use it to transfer information between departments because if for example, I receive a report on paper and I want to send some part of it to a colleague across the road I can't do it whereas in EOS, you can copy and paste. That is one of the additional benefits of the system".

Solutions supporting business

"EOS has obviously helped productivity, by removing people from doing jobs which they shouldn't be doing. It is also helping users to get information in a more timely fashion and brought more control over the actual distribution of reports" concludes Halligan. Davy now benefits from less people movement due to electronic distribution. "Our people can now do the work they are supposed to do" adds Greene.
Pat Phelan, Davy's IT Director sums up :"Working with RSD has allowed us to meet all our key business objectives for this project. The implementation of RSD's EOS product has provided tangible cost savings and productivity benefits to Davy and assisted greatly in the
cultural shift away from a dependence on paper".

For more information, contact us at info@rsd.com

Copyright © RSD, January 2002. All rights reserved.

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