Process management

An enhanced understanding of your current state. Seeing processes mapped, often for the first time, means you can see where process inputs and outputs are and obvious areas of waste or bottlenecks often stand out. This allows tactical process change in real time - no analysis required!

A slightly longer analysis activity will reveal significant cost saving opportunities. For example, straightforward and repeatable processes (or parts thereof) often do not need to be carried out by an onshore team. The activity could be outsourced and the spare capacity used in other ways. Similarly, by documenting a process and really understanding it can lead to automation opportunities.

Efficiencies (and therefore further cost savings) can be gained through Process Improvement. But you don't necessarily need the full set of Lean or Six Sigma skills in your back pocket to mine significant cost savings, reduce waste and minimise business risk. For example, are there process steps that could be removed completely, or activities that could be easily automated?

An initial wave of process improvement activities will deliver financial and non-financial benefits to the organisation. But why stop there? Firms are increasingly choosing to embed a continuous improvement capability and culture, whereby teams are constantly analysing processes and recommending enhancements.

Team members understand where the hand-offs are to other teams. The process maps can also be used as a training tool for new joiners.

Process maps that are written well include process control points. These are the stages in a process where checks are made. These points should be mapped to the risk register, which help to evidence compliance in key areas and often satisfy audit requirements.

Processes describe activity and most activities can be measured. Internal metrics are enabled if processes are documented with KPIs such as turnaround times. Similarly, the SLAs agreed with third party vendors can also be documented and agreed, which is key to performance measurement and reporting. 

At this point it is worth mentioning Artificial Intelligence. Without fail, all my clients mention AI on a regular basis as something they 'should be doing'.

Whilst process management and improvement are solid gateways to AI, most London Market players need to focus on stabilising and standardising their processes before they can consider candidate processes for AI.