September 13, 2016

Financial Services

MIS team Productivity improvement
The MIS lead of a leading financial services company in India was interested in improving the productivity of the MIS resources. We did a Voice of Sales (VoS) study along with Value Stream Mapping for the MIS processes. As a result of the project and by involving the customers (Sales team) we were able to decrease the number of reports prepared by the MIS resource by a third and used the freed-up capacity in doing value added analysis that improved the visibility of the reporting to the sales team to better penetrate the market.

Sales Process Optimization: Feedback mechanism
The Sales head of a financial services company was interested in improving the sales process, the current CRM tools used were only reporting target vs. actual on an ongoing basis but not providing necessary intelligence to improve sales process and for taking dynamic strategic decisions in a changing competitive landscape. We used the concept of territorial market bench marking and applied simplified control charts to track performance. Approaches associated with work standardization were introduced to decrease input and output analysis study variation. We were able to put in place an escalation matrix to compliment the current MIS and an immediate feedback mechanism. This helped the sales management capture root causes for sales variations and take necessary decisions and follow-up actions on issues that were within their immediate control on time to lead to higher sales predictability.

Sales Process optimization: Measurement system and capability building
The management of a financial services firm wanted a process to improve the overall sales capability and a measure to evaluate the same as there was large sales team . With a combination of Lean tools workshop for sales team followed-up by specific territory specific sales focused projects and adjustments in KPI drilldown, we were able to steer the orientation of sales process to achieve those KPI’s. The sales organization was also able to put in place a measurement system that gave a true reflection of the sales process capability and the areas that were causing variation for continuous improvement. These steps helped sales management save significant time in monitoring and helping the sales employees that most needed their support and hence achieve better sustainable performance.