CFOtech Australia logo
Technology news for Australian CFOs and financial decision-makers
Story image

First Sentier Investors takes finance to the cloud

By Contributor
Fri 5 Feb 2021
FYI, this story is more than a year old

First Sentier Investors has completed a critical step in its transition to become a stand-alone entity, with the successful deployment of the Workday Financial Management cloud-based application platform.

Accenture acted as the technology implementation partner, and according to First Sentier Investors, the main driver of working with Accenture and Workday was to ensure the firm moved to cloud-based applications with a clear roadmap to leverage future technology advancements, utilising out of the box functionality and minimising customisation.

A global asset management group focused on providing high quality, long-term investment capabilities to clients, First Sentier Investors brings together independent teams of active, specialist investors who share a common commitment to responsible investment principles. It operates as a stand-alone asset management business with approximately AU$230 billion (as at 31 December 2020) in assets under management on behalf of clients globally.

When ownership of First Sentier Investors’ transitioned from the Commonwealth Bank of Australia (CBA) to Mitsubishi UFJ Trust and Banking Corporation in August 2019, it was required to provide its own support to its finance team of 60 across six locations.

“To support our stand-alone business, we needed to set up our own financial systems by the end of 2020,” says First Sentier Investors CFO Suzanne Evans.

“The selection process was slightly more challenging than we originally anticipated as we were in the midst of remote working arrangements in response to COVID-19.

“By working with both Accenture and Workday we have been able to create a simplified general ledger structure designed for our needs, globally consistent financial operations and transparent views across our statutory and management reporting and analysis,” Evans says. 

“It was critical that any implementation was scalable and allowed us to leverage future technology advances in areas such as process automation.”

The company achieved its ‘go-live’ deadline to deploy Workday Financials on 1 October 2020 and will be live with Workday Adaptive Planning in Q1 2021.

Through Workday Prism, First Sentier Investors moved all its historical data from its old general ledger into one place, allowing better insights into the business and providing visibility into years of transaction-level history. This removed the need for timely history re-creation and allows rich historical trending data.

“We are thrilled First Sentier Investors selected Workday to support its finance team and provide a modern cloud-based platform that supports their needs today and scales with their business growth,” says Workday managing director and vice president for A/NZ Stephen Jack.

Accenture financial services lead for A/NZ Andrew Woolf says, “Current operating conditions have made it critical for organisations to enable a strategic finance function that can provide immediate and actionable business insights to support effective decision making. 

“With the introduction of a more powerful cloud-based platform First Sentier Investors are strongly positioned for their next stage of growth.”

Related stories
Top stories
Story image
Recruitment
Thales on recruitment hunt for next disruptive innovations
"Recruiting new talent is part of Thales's belief in the power of innovation and technological progress to build a safer, greener and more inclusive world."
Story image
Sustainability
Honeywell named Frankston facility services provider
Honeywell has been named the joint facility services provider for Frankston Hospital’s AU$1.1 billion redevelopment.
Story image
Cloud
BT builds on Equinix partnership with new cloud offering
BT has launched a next-generation cloud connectivity offering extending its global network into strategic carrier-neutral facilities (CNFs) and building on its existing partnership with Equinix.
Story image
Remote Working
RDP attacks on the rise, Kaspersky experts offer advice
"Given that remote work is here to stay, we urge companies to seriously look into securing their remote and hybrid workforce to protect their data."
Story image
Talend
Forrester names Talend Leader in enterprise data fabric
Forrester has named Talend a leader among enterprise data fabric providers in the Forrester Wave: Enterprise Data Fabric, Q2 2022 report.
Story image
Artificial Intelligence
Juniper study reveals top AI trends in APAC region
Juniper's research shows an increase in enterprise artificial intelligence adoption over the last 12 months is yielding tangible benefits to organisations.
Story image
Infrastructure
New VMware offerings improve cloud infrastructure management
VMware has unveiled VMware vSphere+ and VMware vSAN+ to help organisations bring benefits of the cloud to existing on-prem infrastructure.
Story image
Robotic Process Automation / RPA
Salesforce announces latest generation of MuleSoft
Salesforce has introduced the next generation of MuleSoft, a unified solution for automation, integration and APIs to automate any workflow.
Story image
MarTech
Martech experts reveal the “buzz” on personalisation
In the digital age, innovative technology must be leveraged to power an efficient and effective relationship marketing strategy.
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Story image
Supply chain
Supply chains continue to be disrupted, enterprises embrace circular economy
“Businesses urgently need to find a solution that can help them to manage this disruption, and transition to a circular economy."
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
PwC
PwC's Consulting Business and PwC's Indigenous Consulting are proud to play an important role in helping Australian Indigenous Mentoring Experience build IMAGI-NATION, a free online university for marginalised communities around the world.
Link image
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
The Access Group
Health and social care organisations are currently under significant financial pressure. Find out how financial transformation can help provide an effective route forward.
Link image
Story image
MSP
Video: 10 Minute IT Jams - An update from CyberArk
Olly Stimpson joins us today to discuss the importance of MSP programmes and how MSP partners are experiencing success with CyberArk.
Story image
Digital Transformation
Stax and Consegna partner to accelerate modernisation
According to a statement, the new alliance will help both companies expand their reach across the region and realise joint goals.
Story image
Telstra
Ericsson and Ciena, Telstra enhance service capacity for Telstra's optical network
Ericsson, Telstra, and Ciena have announced new enhancements to Telstra's Next Generation Optical Network, which will increase the service capacity of Telstra's optical network to 400 GE (Gigabit per Second Ethernet).
PwC
WSLHD and PwC’s Consulting Business came together to solve through the challenges of COVID-19. A model of care was developed to the NSW Health Agency for Clinical Innovation guidelines with new technology platforms and an entirely new workforce.
Link image
Story image
Digital Transformation
What CISOs think about cyber security, visibility and cloud
Seeking to uncover the minds of CISOs and CIOs across Asia Pacific, my company recently asked Frost & Sullivan to take a snapshot of cloud adoption behaviour in the region.
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why its time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Story image
Tech job moves
Tech job moves - ActiveCampaign, Arcserve, LogRhythm & Qlik
We round up all job appointments from June 17-22, 2022, in one place to keep you updated with the latest from across the tech industries.
The Access Group
Increasing headcount isn't always the best way to grow. A good financial strategy can help solve many issues, and The Access Group shares the secret to success.
Link image
Story image
Music
Mastercard reveals first-ever album titled Priceless
Mastercard's music album Priceless has been unveiled at the Cannes Lions Festival of Creativity and features 10 songs by 10 artists worldwide.
Story image
Digital wallets
NFTs are ready to disrupt the ticketing world
The last few months have seen NFTs wielded by digital creators to take ownership over their craft and content. Now other industries are beginning to understand the real-world value that these nifty decentralised tokens can provide.
Story image
Cybersecurity
Tech and data’s role in the changing face of compliance
Accenture's study found that 93% of respondents agree or strongly agree new technologies such as AI and cloud make compliance easier.
Story image
Macquarie Data Centres
Macquarie deal to pioneer CO2-cutting data centre tech in Australia
Macquarie Data Centres has signed a multi-year deal with ResetData, an Australian first provider using Submer data centre technology. 
Story image
BitTitan
How to achieve your monthly recurring revenue goals
Monthly recurring revenue (MRR) is the ultimate goal, the most important issue on which anyone in the IT channel should focus.
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
The Access Group
Struggling to understand which transformative technologies will help your business? The Access Group provides a look into key opportunities and impacts for finance.
Link image
Story image
Infrastructure
Global investment in data centers more than doubled in 2021
DLA Piper's latest global survey finds the total investment in data center infrastructure worldwide rose from USD $24.4 billion in 2020 to USD $53.8 billion in 2021.
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
Story image
Low-code
Appian unveils low-code certification program in Australia
Appian has announced a program to provide the next generation of low-code developers with access to education on the subject and certification to foster career opportunities.
Story image
Civil Defence
OutSystems platform chosen as part of ADF contract
"To be included in this project is a reflection of our ability to deliver secure, modern digital outcomes for defence at an incredible pace."
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Hybrid workforce
How organisations can prepare for a post-pandemic workforce
The so-called 'new normal' office looks different to how it did pre-pandemic, and organisations need to take steps to better manage their post-pandemic workforce. 
Story image
Multi Cloud
Cloud is a tool, not a destination
For many years, “cloud” has been thought of as a destination which has led to a misguided strategy that sees an enterprise trying to shift all its applications to a single cloud provider – regardless of the specific needs and nuances of each individual workload.
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?