CLIENT STORIES
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Turnaround AND VALUE CREATION
A manufacturing company acquired an auto parts supplier, and it was losing money. The company wanted the recent acquisition turned around in 16-18 months. The auto parts supplier had 4 businesses and almost 2000 employees. We could not use the typical sequential approach. We had to work on multiple fronts and get broad support quickly.
Leverage Intelligence and Workflow Management
To help in the process multiple POD’s or break-away teams were deployed across the different product lines. We identified and developed quick solutions and implemented them as we went to get a steady stream of benefits. The multiple POD’s developed a wave of support with early successes in each area. We used advanced end-user tools as well as workflow management to improve analytics and control that were up in running in weeks rather than months or years.
Return to Profitability!
The auto parts supplier was returned to profitability within 15 months and recorded five straight years of profitability.
Better business intelligence leads to better strategy & decisions
In the insurance business, claims are a mission-critical process: It is a major cost driver that impacts profitability and is the only time customers experience the service. One of our clients had an existing claims system that was not delivering the desired functionality. Their total claims cost and turnaround time were above industry standards. They had end user tools (Post It Notes, Personal Diaries, Excel Spreadsheets) all over the place. Claims were managed manually, and all were treated the same way no matter if the claim was one dollar or one million dollars because key data and analytics was not easily available
Leverage Intelligence and DECISION MAKING
Initially the client, like most organizations, wanted us to do process improvement and "lean out the process.” Using our Workflow Diagnostic tool, we recommended to improve analytics and business intelligence rather than just make it more efficient. It was about being more effective rather than efficient. Key information was at the finger tips of the claims team that allowed them to quickly determine the correct strategy for the claims. Using new collaboration tools we developed new data attributes, a claims handler business intelligence cockpit, and a workflow management system. We set up pilots using Break Out Learning Teams (BOLT). We carved out some of the claims processing staff with a small but representative subset of claims to continually innovate with new ideas. This allowed us to develop high impact but workable solutions with minimal or no risk.
Reduced Cost, Reduction in cycle time and improved customer experience
Within 4 weeks we had a complete working model in the break-away team and investment was only in the tens of thousands of dollars. We developed 3 separate strategies based on analytics and smart filtering and implemented redesigned workflows. This reduced total costs by 20%, cycle time was reduced by 30%, and customer satisfaction rates were above industry standards
workflow innovation with agile digital solutions
Like most organizations a clients financial close process was supported through multiple excel spreadsheets all across the organization. These spreadsheets were largely manual and majority of them had errors that required continually quality checks and reviews. As a result they close process cycle time was well above any industry standard and the financial team had become data processing people rather than value add financial analysts. Implementing a brand new ERP system would take years and the needed help now.
agile digital solutions: No code/low code
Using new agile digital solutions we were able to automate, three key elements in the financial close process
Data management: This included extracting, transforming and loading data (ETL) as well as filtering data to get the right analysis
Data Analysis: Calculations and analysis was performed in sequence right after the data preparation in a continuous flow
Business Intelligence & Reporting: Advanced data visualization and automated reporting were integrated in the process with no extra steps.
We were able to develop and implement all three elements across a variety of data calculations, analysis and reporting in the financial close process within 5-6 week sprint cycles. The development of the end solutions were achieved by working very closely with the end users and even allowed customization with not extras time or effort
Efficient high value add workflows created in lightening speed
The process cycle time reduction and effectiveness improvement was 10 fold or greater (e.g. one process was reduced from 3 days to 40 seconds and no management review was required). This was all put in place in weeks not quarters or years.
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