openPR Logo
Press release

Sparx Services CE: Business Transformation in the financial sector

07-08-2020 03:46 PM CET | IT, New Media & Software

Press release from: Sparx Services CE

Norbert Schattner of ifb Group was significantly involved in the development of the reference architecture REFRAME for over ten years. REFRAME is based on the Enterprise Architect platform (Sparx Systems) and enables corporate transformations in the financial sector. Ifb focuses its architecture entirely on standardisation and automation. Following a number of successes with insurance customers in Switzerland and Germany, ifb recently also convinced an Austrian insurance group of the benefits of its approach.

Vienna/Zurich, July 8th 2020 – Norbert Schattner, Director of ifb International AG, spent more than ten years working intensively at the financial and risk management specialist ifb on the question of how successful transformations are possible, particularly in the financial and insurance sector, which is characterised by radical change. When developing a corresponding reference architecture, the company opted for the Enterprise Architect platform: "A major advantage of Enterprise Architect is its openness for extensions and additional specialist content. Thanks to the diverse interfaces, users can continue to work with their familiar tools, but the content can be managed in the platform in a stable and compatible manner at all times.”
Enterprise Architect enabled ifb to develop, test and refine the REFRAME reference architecture over a long period of time. The development of the methods for the architecture was based on standardisation: “Only if the raw data is recorded in a standardised way, automated processes can be set up on it. This is essential for competitiveness and for offering innovative products, even if it initially involves a certain amount of effort, of course.” The data collected in this way is then transferred to the REFRAME processing procedure, in which the automatic processes just mentioned can also run. Via interfaces, the results finally flow into the Enterprise Architect, where they are available for all types of use.
Peter Lieber, founder of Sparx Services CE: „I got to know Norbert Schattner in a joint project at an Austrian insurance company and was immediately impressed by the comprehensive content offered by REFRAME. As a provider of Enterprise Architect, we are very aware of the importance of partnerships such as with ifb Group and their special know-how in the field of digital transformation.”

Role models in many other industries
To make his vision clear, Schattner likes to use analogies. Of course, in every industry, the replacement of old systems are associated with great resistance. The first step is therefore to use workarounds to create quick and apparently simple solutions. However, experience has shown that the real breakthrough can only be achieved through innovative standardization with subsequent automation: “To enable a solution to be expanded at any time, all processes must first be standardized accordingly. This was demonstrated by Henry Ford, for example, who even standardized the screws used in the development of assembly line car production, to realize the desired economies of scale.” Another example, which can be compared well with IT, is fittings manufacturers. For some time now, they have clearly separated the flush-mounted area and the visible fitting and connected them with each other by means of interfaces: “This makes it possible, for example, to have different innovation cycles for the components and the visible part of the fitting can be changed according to preference and fashion. We are now realising this principle through the interaction of REFRAME and Enterprise Architect!”

REFRAME Methodology: Holistic view from three elements
A business transformation is a complex undertaking that encompasses areas such as processes, capabilities, applications and the associated control mechanisms. It is important to develop a clear description of the actual state and the target state to be achieved. “This process sounds quite simple in its basic features, but in practice it is very complex and requires a lot of experience. This is why we have created REFRAME, a comprehensive tool that provides support in all phases of managing the complexity of a transformation”, says Schattner.
REFRAME follows a holistic approach and consists of three elements: The meta model, the 6-phase model of project management and the repository with the accumulated knowledge of the ifb group. The metamodel is a 6-layer construction plan of an organisation with an all-round view of the six essential architectural layers and their logical relationships to each other. In the next step, project control is placed over these six layers and an actual and a target state is defined for all layers. “With our approach, all those involved know the result of a transformation even before the project starts. This provides assurance and makes it possible to approach the goal step by step in a very targeted manner.” Behind all steps is the repository with the best practice solutions and the accumulated knowledge from over 30 years of project experience.

Enterprise Architect: A comprehensive platform
Enterprise Architect is a widely used and very comprehensively oriented modeling tool, but it is not specialized in the financial and insurance sector. For Schattner, however, it soon became clear that it would be an ideal platform for REFRAME. “On the one hand, there are the great possibilities of the platform, on the other hand, there are our subject-specific contents. The combination of these two aspects offers an excellent basis for an end-to-end solution to be successful with our target customers.” The aim is therefore to make REFRAME available as a specific add-in for Enterprise Architect. Thanks to the combination solution, users can continue to use their familiar tools (e.g. Excel), and an interface will allow this data to be transferred to Enterprise Architect. On the other hand, people in management functions require clear graphical representations (dashboards) in order to be quickly informed about project progress or target/actual comparisons. “This makes it very easy to visualize IT projects and the progress can be easily read. Thanks to our experience, we can also determine what progress can be expected in which periods even before the project begins. This increases the acceptance of such an offer considerably!”

((info box 1))
The REFRAME metamodel is a 6-layer building plan of an organization with a panoramic view of the six main architectural layers:
 Organization and Governance
 Risks and controls
 Business processes/business capabilities
 Information and data
 IT applications and infrastructure

((Pictures + Graphics))
Picture 1: Norbert Schattner, Director ifb International AG
Picture 2: Peter Lieber, founder and owner of Sparx Services CE
Graphic 1: REFRAME Methodology – The Holistic Architecture of the Methodology provides all required views
Graphic 2: The standardized REFRAME methods are the basis for translating them into “automated” procedures in a sustainable manner and thus enabling automation and scaling
Graphic 3: REFRAME Engine – an automated end to end concept on a strong platform

About ifb AG
For more than 30 years we have been responding to the challenges of financial and risk management with innovative services and state-of-the-art IT applications.
As an internationally operating management consultancy, we work successfully for banks and insurance companies as well as for industrial, trade and service companies worldwide.
Our experts provide you with comprehensive advice on all specialist issues relating to accounting, controlling, regulation, risk management and compliance. They develop tailor-made change measures for your goals, including complex transformation projects.
Our consulting approach combines industry experience with specialized expertise and technically leading implementation strength. We provide you with comprehensive support from strategy development to implementation in the organization and IT.
With Managed Services, our global delivery and service units, we round off our range of services with highly specialized external application and process support, giving you the freedom to focus your capacities on your core business.
https://www.ifb-group.com/

Sparx Services CE
Handelskai 340, 1020 Vienna
Presscontact:
Rüdiger Maier
+4319072627204
ruediger.maier@4biz.at
4biz.at Consulting GmbH
Handelskai 340, 1020 Wien

About Sparx Services Central Europe
We are experts in the planning, design and implementation of active Enterprise Architecture Management (EAM) based on Enterprise Architect (Sparx Systems). As a practice-oriented sparring partner, we support organizations in software-intensive industries. Our focus is on benefit-oriented application, transparency and individuality for our clients' EAM projects and their consulting ecosystems.
We rely on proven technologies and open standards (Archimate, TOGAF, BPMN...), best practices and current market challenges such as Cyber Security Modeling.
https://www.sparxservices.eu/

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Sparx Services CE: Business Transformation in the financial sector here

News-ID: 2086857 • Views: 626

More Releases for REFRAME

Innovation Consultancy Flying Fish Lab Wins Pernod-Ricard and FrieslandCampina
Singapore, 21st of December 2020 – Innovation Consultancy Flying Fish Lab has won two new clients for its Controlled Disruption offering. The company will help Pernod-Ricard disrupt a well-entrenched beverage category in Asia and work with FrieslandCampina to create a differentiated offer using a new business model. Mário Braz De Matos, Co-Founder, Flying Fish Lab said: “We are grateful to be ending this year on a positive note, especially in light
Incident Response System Market Global Report 2025 - Hexadite, Acronis Internati …
Incident Response System means a system handling a data breach or cyber-attack, stating how organization tackles and take attempts to control the consequences and improves network security. This is done by group of members consisting of IT, security, human resource (HR) department known as Computer Incident Response System Team (CIRT). Main objective is to effectively control the incident with limited loss, recovery of costs. Major driver for this market with
Incident Response System Market Outlook to 2025 By Top Leading Players Hexadite, …
The "Global Incident Response System Market Analysis to 2025" is a specialized and in-depth study of the Incident Response System industry with a focus on the global market trend. The report aims to provide an overview of global Incident Response System market with detailed market segmentation system, application and geography. The global Incident Response System Software market is expected to witness high growth during the forecast period. The report provides
Incident Response System Market by Application (Banking, Financial Services & In …
Incident Response System means a system handling a data breach or cyber-attack, stating how organization tackles and take attempts to control the consequences and improves network security. This is done by group of members consisting of IT, security, human resource (HR) department known as Computer Incident Response System Team (CIRT). Main objective is to effectively control the incident with limited loss, recovery of costs. Major driver for this market with
Incident Response System Industry GmbH, Honeywell International Inc., FireEye, N …
Incident Response System means a system handling a data breach or cyber-attack, stating how organization tackles and take attempts to control the consequences and improves network security. This is done by group of members consisting of IT, security, human resource (HR) department known as Computer Incident Response System Team (CIRT). Main objective is to effectively control the incident with limited loss, recovery of costs. Major driver for this market with
Augmented Reality And Virtual Reality In Healthcare Market: Device Type, End Use …
The examination report, titled "Augmented Reality And Virtual Reality In Healthcare Market Report" offers an unmistakable comprehension of the subject matter. The demand for the software in the market is increasing substantially due to the growing awareness among individuals regarding the latest technological advancements and innovations. It offers a comprehensive overview of the present status, and the future prospects of this market. Top Key Vendors: Siemens Healthcare, CAE Healthcare, Layar B.V, Artificial