Business process change

One of the fastest ways for financial services firms to improve their operating ratios is through business process change, including business process outsourcing (BPO). However there are hidden dangers and unwelcome outcomes that can flow from managing the operational change using a purely cost-saving logic.

Often when this business process change is commenced the focus quickly shifts to the target operating model (TOM), the business process outsourcing (BPO) opportunity or IT systems that promise to deliver savings through automation. This leads to reduced attention on the reason that the business operations exist in the first place and that is to ultimately provide a particular type of customer experience that increases revenue. This can be true of both front-office and back-office processing as neither system truly operates in isolation.

Our approach to managing business process change is to keep the customer experience in the foreground and to undertake business process reengineering, business process automation or business process outsourcing from that foundation.

When changing the current operating model and its underlying processes there are a range of changes that need to be made

• Communications to create a positive change environment
• Defining the customer journey experience
• Current operating model gap analysis
• Creating the target operating model (TOM)
• Designing high level operational processes
• Decomposing the detailed/low level operational processes
• Specifying requirements for IT process automation
• Simply processes using Lean and other methods
• Reduce processing errors using Six Sigma and other methods
• Documenting required procedures
• Producing an operations manual
• Creating controls with KPIs
• Staff training
• Roll-out and embedding

We will also assist you in identifying and implementing any opportunities for outsourcing operations to lower cost providers:

• Producing a shortlist of relevant outsource providers
• Prescribing content for the request for information (RFI)
• Moving candidates through the request for proposal (RFP) stage
• Conducting due diligence on the remaining candidates
• Finalising contracts
• Producing a transitional project plan
• Managing the migration of operations to the outsource provider
• Installing control systems and KPIs