Success Stories

A formerly famous restaurant chain was placed into Chapter 11 bankruptcy. Its financial executive team quit and the company was left in disarray. The company was unable to issue quality financial statements, issue bankruptcy reporting statements, or complete its audit from the previous year or the current year. We were able to reconstruct how the accounting was done, file the required bankruptcy statements, complete the audit for two years, and the tax return. The company is now thriving.

A public shell company was resurrected and the financial statements needed to be updated for the last several years. The records were in a box and had to be gone through. Old affiliates and attorneys had to be interviewed to understand what the reality was and what liabilities there were. Eventually, the company was relisted on teh exchange as a result and management was free to focus on business growth.

A rapidly growing technology company needed to develop a new compensation plan for its revenue generators which fit the new circumstances.  After developing a solid budget for the next year, we were able to create compensation plans for the business developers and the revenue generators which fit within the budget. The company doubled revenue.”
Dave Cary – On-Demand CFO

Community Bank

  • Client is a financial services institution providing banking services for consumers and businesses. It also offers mortgage loans, commercial real estate loans, and investment services.
  • Customer Size: $4 billion in assets.
  • Engagement Type: Transform IT from technology order-taker to strategic business partner.

Before

Solution

After

The client had been undergoing a business transformation for a number of years, most recently with the acquisition of one of their competitors.  A new executive team now had entirely different expectations for IT.  They identified that their current IT department would prevent them from reaching their strategic goals in a timely manner.  IT was very focused on the technology rather than the business and had an order-taker mentality.  The client stated that the level of IT service was not what it needed to be.  In addition, the internal culture of the IT department was in disarray as distrust and dissatisfaction affected the combined IT staff from the acquiring and acquired companies.•      Implemented service metrics and goals.

•      Developed new processes to collect ongoing feedback from service recipients and respond appropriately to missed expectations or dissatisfaction.

•      Installed an IT marketing and communications program to provide transparency and improve communication.

•      Built leadership development plans for each IT manager along with processes to monitor successful completion.

•      New IT culture is focused on trust, empowerment, accountability, appreciation, and embracing change.

•      IT now has a service-oriented mindset based upon the perspective of the service recipient.

•      Business relationship management has been enhanced.

•      Business knowledge within the IT staff has been improved and is recognized throughout the organization.

•      IT leadership is now focused on strategic initiatives instead of tactical problem-solving.

•      Leadership abilities of IT management have been improved.

•      IT leadership’s working relationship with the executive team has been strengthened.

“This engagement has helped us develop a service excellence mindset, a people focused management approach, and an increased emphasis on accountability. As a result, my team and I are better positioned to help drive our business forward in achieving its strategic objectives.” – Bank CIO

“Our IT organization has become a strategic and results-driven team. They have embraced a learning-agile culture across the enterprise, have the right people in the right roles, and now have development plans designed to achieve superior organizational performance.” – Bank Senior Executive

“There is now an element of professionalism.  We are gaining respect of the new executive management team.  There is more accountability.  We have numbers to tell executive management why they should feel good about us.” – IT Manager

“Our communication has greatly improved both internally and externally.  We are much more focused on meeting the needs of our clients.  Terrific improvement!” – IT Professional

Terry Bennett, Fractional CIO

Client Case Study – IT Assessment, Strategy and Interim Leadership – Professional Services Company

Client Overview

  • Focus: Multi-faceted professional services firm.
  • Size: $25M revenue. 100+ employees.

Engagement Goal:  Transform IT from a business roadblock to a driver of business success

BeforeSolutionResults
Technology is integral to the company’s operation.  The IT staff works very hard and has been loyal to the company; yet there are concerns with the current state of technology including:

•       Smaller competitors are perceived to be more technologically advanced.

•       Systems do not integrate as well as they should, costing extra time, effort, and money for the users

•       The IT department is perceived as being slow and lacking a service orientation. There are not metrics to measure IT performance.

•       There is no technology strategic plan.

•       There are a number of sizeable technology investments currently identified, but there is no technology strategic plan to align with the business strategy.

•       Conducted thorough assessment and analysis of the current IT environment and department performance as well as a review of business strategy.

•       Recommended replacement of current IT staff and services provider.

•       Identified, vetted, and assisted in selection of Managed Service Provider (MSP).

•       Provided interim CIO services to transition to new MSP.

•       Developed strategic technology plan focused on increasing proficiency and productivity, connecting with customers, bringing competitive advantage, increasing revenue, and providing the company with quality and timely information.

•       Outsourced IT staff is recognized as providing a much stronger technical skillset and a greater level of service responsiveness.

•       Annual IT support costs have been reduced by 40%, providing additional funds toward achieving strategic goals.

•       Leadership is now focused on strategic initiatives instead of being distracted by technical problems.

•       Each area of the technology strategic plan has been associated with specific projects and ballpark estimates thus providing a foundation for determining priorities going forward.

•       Communication has been improved, IT operates with more transparency, and credibility and trust have been restored.

“Your role in serving as our interim CIO and assisting with the planning and budgeting was incredible.  Your extensive evaluation of our procedures and needs was extremely thorough which led to such great results.  Thank you for turning on the light so we can see our path more clearly.” – Chairman

 “Our Fortium partner helped us right our sinking IT ship. I am confident we are now positioned to turn IT into strength, something I might not have thought was possible before we engaged Fortium.” – CEO

 “Fortium helped us achieve significant cost savings and service improvements.  In addition, Fortium developed a long-term Strategic Technology Plan providing us with a solid direction in turning technology into a key element of our overall corporate strategy.” – CFO

 “Our Fortium partner led us through a very critical time and used his most-impressive credentials and experience to set us down the right path quickly.  He is a fantastic communicator and did a great job letting the executives and staff know that the process of getting us back on track had started, and that it wouldn’t be a quick or painless process, but still left our minds at ease that we had the leadership in place to get us where we need to be.” – Strategic Business Unit Manager

Terry Bennett – Fractional CIO

CFO

As an enterprise executive, you are constantly faced with recurring problems:

  1. You have specific issues such as acquisitions, fund raising, sales compensation plan implementations, or cash forecasting. These problems are of a reoccurring nature and require one-time heavy lifting, and
  2. You notice that no matter what you do, your company frustratingly has plateaued, and you wish to take it to the next level.

If all you wish to do is address the first issue, we are very good at that. However, even better, we can help with the second issue, also.

CIO

As an enterprise executive, you are constantly faced with recurring problems:

  1. You are always wondering whether your data is safe and secure, whether a major hack will blow up you customer relationships, or why technology costs keep increasing but productivity does not.
  2. You know that technologies will constantly tell you that one more piece of expensive state of the art technology will solve all your problems but that has not been your experience in the past. You need to address the problem comprehensively.

If all you wish to do is address the first issue, we are very good at that. However, even better, we can help with the second issue, also.

CMO

As an enterprise executive, you are constantly faced with recurring problems:

  1. You need to launch a new website, start a new marketing campaign, figure out how to capture customer data, and respond to competitors.
  2. You always hear that one more expensive marketing project will solve all your problems, but we know that is not true. It is time to address marketing on a wholistic basis.

If all you wish to do is address the first issue, we are very good at that. However, even better, we can help with the second issue, also.

COO

As an enterprise executive, you are constantly faced with recurring problems:

  1. You have specific issues as missing delivery dates, bloated inventory, obsolescence, high employee turnover, or reducing cashflow, and
  2. You know that as you address one problem, others will pop up, so you are constantly engaged in whack-a-mole. You need to address the problem comprehensively.

If all you wish to do is address the first issue, we are very good at that. However, even better, we can help with the second issue, also.

All The Right Things

“The time is always right to do what is right.”

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