Newedge

Newedge Keeps IT Projects and Billing On Target with Journyx

What Journyx did for us:

Overall, Timesheet is incredible! I am very impressed by the simplicity of the application, and even more impressed by the commitment Journyx has in making sure their customers’ issues are resolved immediately.

– Marcella Pérez, IT Governance Analyst

Their Story

Newedge, a 50/50 joint venture between Société Générale and Crédit Agricole CIB, is a major force in global multi-asset brokerage business, with a world-leading position in the execution and clearing of listed derivative products. With a presence more than 20 locations in 16 countries, Newedge offers a full range of clearing and execution services covering options and futures contracts for financial products and commodities, as well as for money market instruments, bonds, FX, equities, and commodities on OTC markets. Newedge provides a range of value added services, including prime brokerage, asset financing, an electronic platform for trading and order routing, cross margining, and the centralized reporting of client portfolios. Newedge, which primarily serves institutional clients, provides access to more than 85 exchanges. Newedge’s 3,000+ employees form a close-knit, multinational team that can innovativly respond to its clients in fast-moving markets.

With a thriving business, they found themselves facing a growing problem: they needed a way to track everyone’s time in IT towards the project they were working on. At the time, Newedge wasn’t tracking employee time at all. They quickly realized the value of this information and set out to find a time tracking solution.

Solution

After researching several options, Newedge chose Journyx Timesheet and they currently use it for time tracking, project management and invoicing. The Newedge payroll department uses Timesheet for tracking all non-exempt employee time. To address the specific issue that led Newedge to search for a solution originally, Newedge is using Timesheet to track the hours of all IT personnel, types of projects, baselines and enhancements.

“We use the data from Journyx Timesheet as the main tool for rebilling customers (which are other departments) for our services,” said Marcella Pérez, IT Governance Analyst for Newedge. “Because we can make changes so quickly in the system, we can promptly help our Service Cost team explain why we are charging the customer for a particular service.

“We are working to implement the leave absence feature, which will lower our overheard costs tremendously because we will not have to renew our maintenance contract with the other vendor. Users will have only one place to enter time and submit a leave absence request. Streamlining is definitely what Journyx has to offer!”

Results

“Because of information we obtain from Journyx Timesheet, our IT department has stayed on target for the mandated hours for projects,” said Pérez. “Managers can see what projects the employees are allocating their time to, which allows them to make necessary increases or decreases to headcount. “Overall Timesheet is incredible! I am very impressed by the simplicity of the application, and even more impressed by the commitment Journyx has in making sure their customers’ issues are resolved immediately.”