Modernized Regulatory Compliance System for a Tax Company

A Big 4 tax company partnered with Minfy to modernize their financial cockpit application, specifically the E-invoicing component of their Navigate Tax application. The goal was to ensure compliance with the new GST regulations in India, impacting organizations accounting for 18% of India's GDP. This modernization project involved migrating from an on-premise setup to the AWS Cloud, addressing scalability, cost, and vendor lock-in challenges.

‍

Challenges

• Scalability limitations: The on-premise setup restricted the ability to scale up and down efficiently to meet the demands of the new GST regulations, requiring significant upgrades to existing hardware and software.
• High costs: Existing infrastructure incurred substantial ownership and running costs, making it unsustainable in the long run.
• Vendor lock-in: Reliance on specific vendors limited flexibility and innovation, hindering the adoption of new technologies.
• Compliance complexity: The new GST regulations demanded efficient handling of statutory and IRN requirements, adding complexity to the modernization effort.

‍

Solution

Minfy implemented a comprehensive modernization strategy leveraging AWS cloud services and expertise:

• Database Modernization: Minfy migrated the customer's database from MS SQL 2016 to RDS MySQL 5.7 using AWS Schema Conversion Tool (SCT) and Database Migration Service (DMS). This streamlined data transfer and schema conversion, minimizing downtime and data loss.
• Optimized APIs and Queries: Minfy thoroughly analyzed and optimized Push/Pull APIs and the top 10 most resource-intensive queries, enhancing performance and efficiency. This ensured faster data transactions and improved application responsiveness.
• Lean Data Lake Architecture: A lean data lake architecture was implemented integrating RDS, S3, and AWS Athena. This enabled seamless data management and analytics, supporting OLAP workloads on AWS Athena for cost-effective data analysis.
• Application Performance Monitoring: Four open-source Application Performance Monitoring (APM) tools were integrated to support effective Site Reliability Engineering (SRE), guaranteeing optimal performance for both OLTP and OLAP workloads.
• Data Partitioning and Archival: Minfy established a data partitioning and archival strategy for approximately 70 TB of cold data storage, optimizing data management and reducing storage costs.

‍

Technology Stack

• AWS Services: EC2 (potentially), S3, RDS, DMS, SCT, Athena, Open-source APM tools
• Database: MySQL 5.7

‍

Results: A Successful Transformation

The partnership with Minfy delivered significant benefits for the Big 4 tax company:

• Cost Savings: Achieved a total of $60,000+ in monthly cost savings. This includes approximately $40,000 in savings from query optimization and $23,000 in monthly savings from reduced RDS IOPS and storage costs. This translates to significant reductions in RDS compute costs.
• Eliminated Licensing and Lock-In Challenges: Removed commercial DB HADR licensing costs, software assurance riders, and vendor lock-in, providing greater flexibility and control over the infrastructure.
• Improved Scalability: Addressed both vertical and horizontal scalability challenges, allowing the application to handle varying workload complexities effortlessly.
• Enhanced Operational Efficiency: Optimized Push/Pull APIs and queries resulted in faster and more efficient data transactions, improving overall application performance.
• Future-Proof Infrastructure: The implemented lean data lake architecture and modernized database management ensure the customer's infrastructure remains robust, flexible, and scalable to meet future demands.

‍

Digital Transformation: A Growth Story

The modernized Regulatory Compliance Application provides a robust and scalable foundation for future growth and innovation. This allows the Big 4 tax company to adapt to changing regulations and business needs with greater agility.

‍

Ready to Fuel Your Own Digital Transformation?

Contact Minfy today to discuss how our expertise can help you achieve similar results:

• Reduced Costs
• Enhanced Agility and Scalability
• Improved Performance
• Future-proof Infrastructure