Operational excellence is key for BFSI companies to thrive in today’s ever-changing market. It brings down the cost and establishes better business agility. Even though digitization can play a huge role in enabling operational excellence, achieving the same in BFSI sector is a mammoth task. The sector is thus in dire need of assistance to achieve its operational excellence goals.
Challenge
To understand and address operational inefficiencies, a Fortune-50 BFSI firm urged Redseer Strategy Consultants to generate greater profit per project business model. Redseer was needed to decode the capability of an organization to deliver products or services in the most efficient manner possible, while still ensuring the high quality of its products, service, and support.
Approach
Redseer called for an analysis of combined efforts including optimizing processes, people, financials, and technology. Since there is no universal business model that can make a scalable profit and turn the company into a well-oiled machine overnight, Redseer evaluated the financial viability of projects and services to decode a balance of all elements for a continuous improvement. Our team held interactions with industry experts and collected the best tips to help the business strike this balance and embrace change at all levels.
According to experts, repeated non-billable work and lack of structure are the real problem to operational efficiency in a services business. This must be acknowledged so that lesser time would be consumed to recover loss and straighten the way for successful project delivery.
Coming to managing employee time wisely and transparently, it is important to get into the trenches with the team to understand the ins and outs of service or product delivery in the company. Further, failing to use the resource allocation to the company’s advantage is a top challenge to companies across different industry sectors. To avoid this, there are specific targets that can be set to level up team’s productivity.
Result
Redseer presented a strategy that helped the client eliminate paperwork, invest in right technologies, roll out digital assembly line, improve employee productivity and streamline workflow across locations. This further helped the client cut down cost and achieve its operational excellence goals in no time.
