This Fortune 500 company, a leader in the retail financial advice market, supports more than 21,000 financial advisors. They provide them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices.
The client wanted to develop a deeper understanding of processes, operational inefficiencies, and cost-reduction opportunities through end-to-end process mapping. The goal was to discover process variants, calculate unit cost of processing, discover insights around Turnaround Time (TAT), and optimize workforce capacity through process improvement.
in savings by reducing process variability, unit cost optimization, workforce rebalancing, and automation.
in savings identified from automation.
In a matter of weeks, Skan’s platform was able to deliver insights into:
● End-to-end process mapping
● Workforce capacity utilization and productivity metrics
● Variance analysis and process standardization
● Root-cause patterns for rework loops
● Application usage and automation discovery
This operational data quickly generated improvement recommendations for workforce utilization. The customer gleaned an unparalleled look into their operations. They identified areas rife with non-process work and identified where too much downtime plummeted productivity.
Through this knowledge, they made key changes, like moving top-performing operators over to specific processes and revising SLA/OLAs on the same-day processing of wire transfers. Insights also provided the data they needed to rationalize adding multiple operators to upstream processes because they could clearly see how these changes led to improvements in downstream wait times.