Synovia

Over 60% of CFO’s have the responsibility of ensuring the effective functioning of their information technology environment. Improving performance in this often troubled area is not a small task. According to the Standish Group, 56% of software projects have cost overruns of more than 50% and IT projects in general see only a 29% success rate.

At Synovia we help CFOs enhance their capabilities in interacting with or managing their technology departments. We specialize in leveraging IT in the corporation and providing industry-leading support for initiatives that contain a significant technology component. By effectively integrating the domains of business, technology, and finance, organizations are able to achieve an average of a 20% increase in total factor productivity opposed to only an 8% increase when pursuing management practices alone (Source: Joint Study London School of Economics and McKinsey & Company).

During Synovia's tenure at Canadian Pacific Railway, accomplishments included:

• Managing a departmental expense budget from a quarterly run rate of 107% over budget…to 8% under budget in 18 months
• Improving a capital budget from an outlook of 30% over to a final result of 1% over
• Reducing project cycle time by half over the course of two years. This result was accompanied by a step improvement in productivity that saw Tim’s department deliver a 34% increase in capital project expenditure while decreasing headcount
• "Delivering a total contribution of 4.4m dollars in expense reduction resulting from an unwavering focus on efficiency" (Allen Borak, Vice President, Information Services, Canadian Pacific Railway).

Our core capabilities in this area include:

• Business Performance Management
• Financial Impact Analysis (Technology Projects)
• Financial Process Automation
• Metrics Frameworks
• Capital Planning