The world has successfully stepped into the digital era with the urgent need to digitally satisfy customers end-to-end. In many ways, the repercussions of the pandemic are digital silver linings for organizations that are willing to look at all their processes with a fresh set of eyes. In the current market situation, with the pandemic adversely impacting spending, it is increasingly difficult to improve profitability through boosting revenues or adding customers. Moreover, such initiatives take too long yielding mixed results where the forecasted savings often fall short.
Banks have long been reliant on a standard set of processes to deliver services. These have served banks well in the past, but now innovating these processes is urgently required. At the heart of process innovation is transformation. It is imperative to identify
- THE WHAT: Levers that can be tweaked to drive process efficiencies and improve profitability across the bank. Factors such as operating model redesign, process digitization, centralization and standardization key processes are all important drivers of efficiency
- THE HOW: Critical enablers that will ensure the successful delivery of the transformation. These include implementation style, technology drivers and organization structures.
How we add value
- Operating Efficiencies: Cedar assists organizations achieve this by achieving operating efficiency and enhancing their customer experience. Cedar’s process improvement approach to tactically improving operating efficiency is innovative, fast, and seamless in implementation. Cedar’s strategic advisory also helps organizations achieve lean management in the long run.
- Process Re-Engineering: Cedar undertakes a comprehensive client process framework review to find opportunities to digitize and innovate. Cedar’s prioritization matrix helps identify mission critical processes that create a competitive advantage. We first focus only on transforming process areas that create rapid big win efficiency and cost reduction benefit. This includes classical approaches such as hub & spoke models, insourcing vs. outsourcing, on-shoring vs. off-shoring and radically new approaches such as RPA, Artificial Intelligence.
- Standard Operating Procedures: Cedar also prepares Standard Operating Procedure (SOP) documents in situations where clients are seeking to document all processes within the organization and helps train teams to ensure consistent process deployment.
We recognize that successful processes are impacted by strategy, structure, technology, and organization culture. All our recommendations comprehensively cover all four areas proportionately. Our implementation methodology is AGILE. Most of our consultants are AGILE certified and Scrum Masters. AGILE ensures that you have implementation wins on a weekly basis. We take the responsibility of executing the recommendations with your management team to ensure full benefits are derived. Cedar’s innovative automation tool PROFIT is used to manage all our process transformation programs.