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Mar 06

Examples – Process Productivity Improvement

We only know of one consultancy which offers a good, practical and highly effective way to improve process productivity, whatever the sector – Vanguard Consultants

Hence, we thought you’d be interested in the big results they’re achieving in the banking sector, proving such results are out there and achievable if the right approach is used

N.B. We are all retired now, do not offer consultancy services ourselves and have no connection with the Vanguard Consultancy organisation, nor any of its staff

The following is a recent post from them advertising an upcoming conference

Hear from leaders who have achieved significant results using the Vanguard Method – digitising customer journeys effectively, delighting customers and delivering for shareholders at the same time.

Confirmed speakers:

Patrick Eltridge, CIO RBS Group

Angela Mhlanga, CEO Hollard Partner Solutions

Alessandro Colafranceschi, Formerly Head of Digital, Standard Bank Group

Justin Watts, Head of Systems Thinking, E2E Transformation, Lloyd’s Banking Group

Dave Kerr, Customer Journey Design Senior Manager, Lloyd’s Banking Group

Professor John Seddon, Managing Director, Vanguard Consulting

 

 

Be astonished at the profound results achieved in revenue, efficiency, customer service and morale:

  • Savings: £100M over 5 years (Insurance), £1.7M in six months (Banking and Insurance Group), £2.5M annual savings (Banking)

  • Sales up +15%, faster quotes, retention improved 20%, doubled ‘active’ customers

  • Increased Productivity:  Mortgages applications per FTE increased by 50%, Pensions employee capacity for value-add activities increased by 40%.

  • Insurance indemnity spend down, customer lifecycles halved, customer satisfaction at record levels (NPS from -5% to >90%).

  • Digital development costs reduced by 98%. Digital development times down by 90%

  • Credit Card and Loan acceptance rates up by over a quarter, approval times halved

  • Failure Demand reductions: down from 35% to 0% (mortgage servicing); from 70% to 18% (commercial accounts).

  • Staff Engagement scores doubled, attrition reduced by two thirds.

Benefits of digital transformation using the Vanguard Method:

  • Real returns from digital spend without locking-in costs from failure demand.

  • Improve digital customer journeys from all-channel insights

  • Invest digital money wisely through understanding what matters to your customers

  • End-to-end value-chain optimisation in insurance: brokers, insurers, repairers, suppliers

  • Prevent digital development teams working on the ‘wrong problems’

  • Failure demand as a signal that customer journeys – and costs – aren’t optimised

  • Avoid digitising waste and driving failure demand into other channels

And this order of results is being replicated across most other sectors

We applaud their success, not least because, whilst we don’t know the detail of the Vanguard approach, what we do know rings many bells with the thinking on this website and in our book ‘Productivity Knowhow’

All power to their elbows

 

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