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• W7696738 abstract "How CIO Michael Simmons got Bank of Boston's technology shop to deliver more bang for the buck On the wall in Michael Simmons' office is a picture of a plain vanilla ice cream cone. It serves as a reminder to him and his staff that things don't need to be complicated to be good. Before Simmons took over the technology helm at Bank of Boston in 1990, the gustatory analogy would have been more like seven-course meal. Like their counterparts at other large banks, managers at Bank of Boston spent barrels of money in the 1980s automating applications to keep up with rapid growth. And they followed the conventional wisdom of the time, which said that decentralizing technology resources was the most efficient way to manage them. Thus, applications were increasingly being managed by department managers with varying degrees of systems expertise. The result was an amalgam of specific applications running on incompatible operating systems. The downside, Bank of Boston learned, is that it's more expensive to support and maintain multiple systems, many of which are redundant, than it is to support one architecture capable of running several applications. The $33 billion-asset institution has been on a different course since the arrival of Simmons as executive vice-president and chief information officer. Simmons came to Bank of Boston after a brief stint at Bank of America, San Francisco. Before that, he had been president of Fidelity Systems Co., the technology arm of Fidelity Investments, which is based in Boston. Simmons manages more than 3,000 people and oversees the bank's technology, telecommunications, operations, and facilities, which account for 24% to 25% of the bank's total operating budget. That estimate includes the cost of money, salaries, and other variables, notes Simmons. Technology alone represents about 12% of the bank's total operating expenses. Back on course. Turning the technology ship around at the bank meant simplifying the systems in place and eventually replacing complex and proprietary technology with flexible, more open systems from which more of the organization can benefit. This maneuver is well under way, but not yet complete. My mission when I came here was to take this cacophany of systems and procedures and whip it into some sort of cohesive strategy, says Simmons. The key, he says, is to simplify or demystify operations and to avoid the temptation to purchase the solution du jour, unless is a proven benefit to end users. Sometimes the results of something done simply are more dramatic and positive than things done with undue elegance, says Simmons. Along with the ice cream cone photo, Simmons keeps another reminder in his office: a framed picture of the letters TINSTAAFL--an abbreviation for there is no such thing as a free lunch. In any undertaking, technology or otherwise, says Simmons, someone pays in terms of time, creativity, effort, or expense. For that reason, he notes, You have to figure out the most economical way to deliver the best service you can to your business partner. Delicate balance. Working with business partners on technology projects is a hallmark of Simmons' Left to their own devices, gadget-ologists will create elaborate systems with little practical use, he cautions. We're all gadgetologists [in systems] or we wouldn't be in this business, he says. But it's probably not safe to turn us loose with an open checkbook, because we'll create lots of wild things. The trick is to do the things that match up with the business strategy. Shortly after arriving at the bank, Simmons established a task force of about 170 people throughout the bank whose purpose was to examine the organization and identify the weak spots in information management and delivery. The group consisted of technologists and business planners. …" @default.
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• W7696738 title "No More Solutions Du Jour; How CIO Michael Simmons Got Bank of Boston's Technology Shop to Deliver More Bang for the Buck" @default.
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