Case Study – Operational Excellence
April 25th, 2014
Operational Excellence Strategic Review
The Problem:
A Wealth Management/Family Office firm had rapidly increased in size, operating complexity, and maturity. Due to this growth, the firm was concerned it wasn’t operating at maximum efficiency. Also, the firm wanted to be properly positioned to support expected future growth. The company was at an inflection point, and wanted to engage a third-party consulting organization to undertake a strategic review of their operation.
What We Did:
- Started by conducting interviews with management and staff to understand ‘current state’ job functions and business processes.
- Documented current state job descriptions, process/data flows, and operating model/functions.
- Facilitated joint sessions to derive a ‘future state’ operating model – identifying where functional re-alignment was required.
- Created future state job descriptions to align with the newly proposed operating model.
- Held joint sessions to analyze the current state process flows, and identified several business process improvement (BPI) opportunities.
- Finished by documenting a series of recommendations- including both process improvement and automation opportunities to increase efficiencies and reduce operating risk.
Scope of our work covered the following functions: Operations, Client Service, Investment Analysis, Partnership Management, Compliance, Human Resources, and Administrative Support.
The Results:
The wealth manager was provided an improved organizational structure, which allows them to more efficiently scale the business with better alignment of job functions. We identified several new roles, shifted job functions to lower cost resources, and better aligned tasks with staff skillsets. Additionally, Adeptyx offered several operating model recommendations to improve project delivery and on-going change management initiatives.
The company also was provided a prioritized list of BPI recommendations that will help streamline processes, increase automation of manual tasks, and reduce risk.