Leading Financial Institution Case Study
The client is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centres around the world. It has been a customer of Redstone for more than 15 years, starting with an initial contract for cabling installation. Redstone won an additional contract for managed services in 2008.
Redstone needed to provide a support contract that presented a better solution for future services and helped the client to be more commercially competitive. The existing contract was resource-based and covered Monday to Friday 7am to 7pm. The customer required this service to be extended to a 24x7 model in line with changing operational requirements.
Redstone’s remit included refreshing and geographically expanding existing services and renewing the Business as Usual (BAU) contract with service control. The services consisted of:
- Infrastructure management
- Connectivity Break Fix and Internal Moves, Adds and Changes (IMAC’s)
- Network hardware Break Fix and IMACs plus RMA/Logistics
- Cable management Data Base maintenance
- Data centre support services
- Desktop installation, Moves, Adds and Changes (MAC’s)
- Onsite ICT Project Management
Redstone planned a transition of the existing Mon-Fri 7am-7pm service. This required:
- Transforming the service into a transactional based support contract (new to the client, with 24x7 cover).
- TUPE* of existing staff and augmentation of the team with additional staff to deliver the extended service.
Redstone has since extended the model to support the customer’s business growth even further by:
- Adding two extra data centres into the 24x7 model
- Adding a supply of engineering resources for weekend move decommissioning and recommissioning tasks
- Assisting in a change of trader turret solution that involved weekend migrations of up to 450 traders (The trader turret solution swapped BT dealer boards to IPC and was the largest global migration delivered over one weekend by Redstone. It was achieved with minimum business disruption for the client).
- Managing and delivering the migration of their co-location data centre facility in Switzerland
- Adding network hardware Break Fix into the support service
A transactional based support contract commoditised the activities delivered based on units of service. This commercial model predefined a run rate of month on month requirement and quantitative cost structure above baseline requirements with credits for services not required. A key advantage of this model for the customer is it achieves 24x7 support but the flexibility of engineer resource sits with the vendor, not the client. This provides the capability for trained engineers managing peaks in workload rather than the client’s IT operations management team having to allocate resource for response at all times.
The transition to a transactional support service has been a mutual success. Redstone’s client has the benefit and security of knowing that response to a 24x7 model in key locations is implemented by experienced engineers, performing to the customers agreed service level agreements for ICT and indicative costs based on yearly unit costs. Redstone’s service offerings have been extended during the initial contract term to include delivery of new ICT projects and consultancy services as well as the network configuration of a new data centre.
*Transfer of Undertakings (Protection of Employment) Regulations (TUPE) provide rights to employees when their employment changes when a business is transferred to a new owner.
The January 2014 guide covers the TUPE Regulations as amended by the Collective Redundancies and Transfer of Undertakings (Protection of Employment) (Amendment) Regulations 2014.