The Johannesburg Stock Exchange (JSE) listings division, in conjunction with Global Technology Business Intelligence (GBI), has completed the first phase of a project which makes the new listing process far more accessible to applicants.
Using ViewStar, the process has been automated with listed companies and their sponsoring brokers able to communicate with the listings division and track an application`s progress. Future phases will give the public ready access to information about entitlements and changes to company listing information.
Ronel Pieterse, the JSE project manager of the listings information database project says, "the re-engineering of the listings business process with its attendant technology innovations have resulted in improved service levels and better use of staff. We anticipate delivering even better service when further Web-enabled information and processes are implemented in 2000."
As JSE business has been burgeoning, the listings division experienced considerable strain on its resources trying to process listing applications, entitlements and changing listing details, while at the same time processing enquiries.
Pieterse says, "the increased activity, coupled with our drive to be more transparent and supply information to stakeholders and the public, made it increasingly obvious that we had to find an appropriate technology-driven business solution." The project was initiated late in 1998 when the board gave the go-ahead for a solution to be identified that would:
- Integrate workflow, document management, imaging, database management system, management information system (MIS), and Web access
- Re-engineer the listings division processes for efficiency and to cut costs
- Comply with the JSE information technology blueprint
- Be Y2K compliant
- Be scaleable, particularly via Web enablement and a Web user interface
- Create a revenue stream via subscription management
- Allow both in- and out-bound electronic communication
- Ultimately be available 24 hours a day, 7 days a week
- Be globally competitive with quick turnaround and low costs
- Include history assimilation via back-scanning capabilities
- Have document tracking and full text search capabilities
The tender process included consultations with JSE listings division and representatives of other JSE divisions to compile complete requirements. Various suppliers were invited to build a small pre-defined prototype, where their technology and skills could be assessed, resulting in a short-list of four contenders.
"A strong differentiator for our selection of GBI is the team dynamic. They combined skill, product knowledge, the ability to quickly come to grips with the business need and interact and work with JSE staff," comments Pieterse. "Weightings were applied to various requirements and GBI, with its ViewStar workflow technology, had the solution we needed." Describing the business benefits, Pieterse comments: "The workflow automation keeps processes focussed on objectives and adhering to business rules."
She summarises the main benefits as:
- Work doesn`t languish in in-baskets.
- Prioritisation rules are enforced.
- Business rules are automated.
- Streamlining. The right work is done at the right time.
- Operational information is the basis of MIS.
- Continuous measurement against performance targets.
- Multiple, simultaneous access to documents from different locations reduces turnaround time.
- Drastic reduction in misfiled or lost documents: All submissions will be digitised, obviating the need for paper files, and allowing access at all times Andre du Plooy, GBI GM of CRM operations says that once the Y2K freeze is lifted next year, the next set of deliverables will be introduced. "The plans include extending access using the JSE extranet for listed companies, brokers, and the public."
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