Transforming a Finance Industry
This assignment revolved around the end-to-end value chain of a major Finance company in Oman that deals with buying debts & collection along with meter-reading for Electricity & Water accounts across the nation.
Numerous actions were taken to seal the profit leakages & setting up robust controls to ensure considerable savings in collection & recovery from Telecom & Water services.
Several process controls were introduced in the system to ensure cost controls & increased the overall outcome of Water & Telecom recovery by the closing of the project.
Situation – deep dive
This large-cap Finance company in Oman was segregated in four major sections, which required a different approach
- Meter Reading
- Disconnections & Re-connections
- Debt Recovery & collection
The project objectives therefore were:
- To address issues related to manpower efficiency
- To tackle the approach for collection & recovery
- To ensure that the gaps which emerged during the initial phase of the project were plastered for continual flow of value
Actions Taken – deep dive
SSA's RMAORTM approach was undertaken for the entire Value chain of the organization. A Lean workshop that lasted for two days ensured a flow of knowledge to the core team members who would later be divided into groups for tackling the value chain issues.
In the Recognize Phase, starting with Brown Paper Mapping, the Kaizens & teams were formed to address the process gaps. Charters were prepared which engraved a boundary around the issue & the demarcation allowed a contributed focus on the primary issue. Data collection to gauge the degree of the issues in the value chain marked the highlight of the Measure Phase. Team-wise root-cause analysis during the Analyze Phase was engaging enough to bring up to surface the main pain points that plagued the profits of the company.
A 2-day off-site workshop was the highlight of the Optimize Phase that engaged the entire core team along with the CEO, sparking a brainstorming session, which elicited a range of solutions that helped plug the process gaps. The Repeatability Phase was undertaken by SSA to keep in control the solutions implemented & the same continued for over a year, ensuring that a robust system was created, enabling continual reaping of benefits.
Results – deep dive
- The organization’s overwhelming support on SSA’s approach benefits in terms of curbing of process gaps, improving manpower efficiency & introducing a structured methodology of Debt Recovery.
- The Entire Value Chain profit leakages were identified & plugged with process controls.
- Extension of the Sustenance Phase at the company enabled SSA to cement the process changes in midst of growing uncertainties of the businesses at the company.