Operational Excellence in Financial Services - New York March 2015
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This document discusses how organizations can effectively manage and adapt to change. It provides examples of two companies, SwiftTrade and AON, that used a Business Process Management platform from PNMsoft to deal with rapid growth and changing needs. The platform allowed SwiftTrade to automate processes and ensure consistency as it expanded from 27 to 65 offices in one year. It enabled AON to develop a tool to help clients better manage their pension programs and adapt to changing legislation and future needs. The document emphasizes that the ability to quickly change processes is key to responding to evolving business and market conditions.
Operational Excellence in Financial Services - New York March 2015
- 1. Small Steps, Big Change Business Process Management Software & Solutions Puneet Bakshi
- 2. Confluence of extraordinary events...
- 4. • Change comes from everywhere Regulatory Organizational evolution Response to external factors Expected VS unexpected Immediate vs gradual • Change is inevitable and is as sure as death and taxes… • Any organization wishing to achieve operational excellence must have a plan in place to deal with change Change comes from everywhere…
- 5. • SwiftTrade is an online trading brokerage firm • Were looking at a period of rapid growth with a rapid uptick in their trading platform • Lacked a global presence and required expansion to other geographic regions and additional offices • Needed to expand rapidly and ensure consistency PROBLEM: How do you maintain the consistency that has made the organization successful to date? Dealing with Rapid Change
- 6. Create business process applications quickly on a visual canvas, with minimum coding. Optimize time-to- solution, costs and use of resources. Create
- 7. Automate manual processes • Human actions and tasks • Integration between systems • End-to-end process applications Remove human latency and reduce processing costs. Increase efficiency. Automate
- 8. SwiftTrade went on to open 38 new office locations in one year The used our BPM platform to ensure process consistency and approach The platform allowed them to automate aspects of compliance and risk Reduced incremental operational cost of each additional office Dealing with Rapid Change
- 9. There’s no way we could have executed our explosive growth, going from 27 offices to 65 in one year, without using Sequence from PNMsoft Peter Beck, SwiftTrade President Dealing with Rapid Change
- 10. Quick to deploy Easy to change Simple to monitor progress Quick to introduce process improvements Embraced by users Enabled by Sequence’s HotChange® Sequence & KYC
- 11. • AON are a large risk, insurance and HR services provider • AON’s customers were struggling with managing their pension programs – Difficulty managing complex local plans and regulations – Lack of insight into current operations – Lack of foresight into future needs – Unorganized data PROBLEM: How do you manage changing needs? How can you adequately understand performance? Adapting to Change
- 12. HotChange® technology enables ongoing change to processes, responding to changes in the business and its needs. Keep up with the market, competition and regulators. Change
- 13. Optimize business operations, with: • Intelligent Analytics • Formal and Informal collaboration • Day to day Mobility Improved communication Optimized and real-time decision making Ongoing process improvement Optimize
- 14. • AON (using Sequence as the workflow engine) developed a tool called Greater Insight enabling companies to analyze and manage the programs: – Management of financial and provisional data for greater insight on current process – Compliance checks to ensure accordance with legislation – Real-time analytics and reporting across geographical locations – Better understanding of current and future needs – Ability to respond quickly to changing needs Adapting to Change
- 15. Sequence is user friendly, flexible, and easy to configure by our operations people. It provides visibility to our clients because they can login to our platform and view their case status. The outcome for Aon Hewitt is that Sequence drives consistency and ensures we give a better service to our clients. STUART TOLL Chief Architect, Aon Hewitt EMEA Adapting to Change
- 16. Closing the Loop
- 17. The species most adaptable to change, survives Charles Darwin