Toronto's Brookfield Asset Management selects IFS software
IFS North America has announced a contract with Brookfield Asset Management — a Toronto-based global asset manager focused on property, renewable power and infrastructure assets with over $100 billion of assets under management — providing software functionality that includes IFS Maintenance and Project Management.
Brookfield’s holdings include equity investments in commercial and residential real estate, pulp and paper mills, rail and port facilities, electric utilities and energy companies in virtually every country in the world.
Brookfield will implement IFS Applications to streamline its business processes worldwide. With Brookfield Renewable Power having already implemented IFS Applications, their success was something the parent company and its various other divisions wanted to emulate. The company is licensing a broad suite of enterprise resource planning (ERP) and enterprise asset management (EAM) functionality including IFS Financials, Distribution, Maintenance, Project Management, Document Management and Human Resources.
“Our affiliate, Brookfield Renewable Power, which had selected IFS for their ERP requirements, along with our own independent evaluation of available providers, led us in selecting IFS as our preferred strategic partner for an ERP platform for standardizing our global operations,” Brookfield Corporate Operations Vice President of Global Strategic Sourcing Roman Kruczaj said. “Furthermore, their comprehensive financial management, strong projects functionality, and broad asset management features have the capabilities to meet our global requirements. IFS will provide us best-in-class applications to manage the diverse set of businesses we operate around the globe, including those that manage financial assets, ports, construction projects, power generation assets, and office properties.”
“Brookfield is an excellent example of the type of complex enterprise that IFS Applications is designed for,” IFS North America President Cindy Jaudon said. “They are now able to move off of a legacy system that required them to operate on separate databases for more than 600 legal entities. Now, Brookfield will be able to run all of these businesses on a single instance of IFS Applications, on a common database. This drives efficiencies and greatly reduces IT infrastructure cost and complexity.”
The asset management, construction, contracting and infrastructure industry is an IFS targeted vertical market. The company offers a complete and integrated business solution that manages the entire asset lifecycle -design, procure, manufacture, build, construct and install, commission, maintain and service, spares and supply chain, repair, refurbish, and disposal.
IFS Applications includes functionality for contract and project management, risk management, project budgeting and forecasting, finance and project accounting, resource planning, scheduling and optimization, asset and service management, spares management, mobile solutions for site work, call and case management including SLA, all fully integrated with human resources and document management.