NewsVentera Completes Business Redesign Effort for Major Financial Concern
Background
Ventera provides wide-ranging IT and professional services support to one of the
world's largest financial services firms. Within one of their operating Divisions,
three separate business units handle equity investments. Each unit operates
independently, which created a number of operational issues:
- Each business unit made technology investments independently, resulting in different solutions to the same business needs.
- Lack of standard data structures across the units limited their ability to make portfolio business decisions.
- Customers were forced to perform the same process multiple times, in order to provide the same or similar data to multiple contacts.
- Unable to share data effectively, the business units had limited ability to cross-sell to customers.
- It was difficult for the Division to prepare and implement consistent customer strategies.
In short, the Division did not run as an integrated enterprise, reaping the benefits of a) enterprise-wide technology investments, b) portfolio-level asset management, c) a single face to customers, and d) increased revenue through cross-selling.
Approach
Ventera led an integrated analysis of the Division's business operations,
across the individual business units. We began by identifying a Division
Executive Team to sponsor the effort, to assure buy-in across the
organization. With all business units represented, Ventera conducted
collaborative brainstorming sessions and created business diagrams and
process flows to provide a common basis for discussions and analysis.
Our team's extensive knowledge and understanding of this Division's
business operations allowed us to:
- Bring together a group representing divergent business interests;
- Get them to work together to see the larger picture; and
- Develop recommendations that would benefit everyone, through the common Division enterprise.
Ventera worked with Division experts to develop a list of 14 high-level recommendations, subsequently broken out into 40 detailed recommendations. For each recommendation, Ventera identified the potential benefits, as well as implementation issues and challenges. We also identified several industry leaders against which we could benchmark the results, to compare operations. Ventera made site visits to several leaders, such as Morgan Stanley, discovered best practices from industry, and incorporated these into our final report to the Division's executive leadership.
Summary
Ventera's BPR results demonstrate how a major financial institution can:
- Standardize and leverage data for better management and operations; for example, eliminate current requirements to manually re-enter the same data into multiple information systems.
- Improve customer satisfaction by becoming more customer-friendly.
- Increase revenue through cross-selling.
- Improve business performance by instituting more effective controls and risk management.
- Decrease operational costs by eliminating redundant processes and activities of marginal value.