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July 03, 2019

2019 AWARD FINALIST SPOTLIGHT: Cognizant Technology Solutions - Finalist in the Operational Excellence to deliver Business Transformation Category

 

Read this article about Cognizant Technology Solutions, one of our finalists, in the category Best Achievement in Operational Excellence to deliver Business Transformation, selected by the independent judging panel, for the 2019 Business Transformation & Operational Excellence Industry Awards program. Click here to read articles on other finalists.

 

Cognizant_Technology_Solutions (1)

  

 

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Investment Banking Finance division of a global bank

Cognizant delivers IB Finance Controllership services for a large global Investment Bank. IB Finance controllership function is the in-house guardian of data and information in an investment bank. The function shoulders a crucial role by ensuring the integrity, completeness and accuracy of all trading profit and loss (P&L) positions and related finance data. 

 

Key Challenges being faced by the Investment Bank’s CFO who wanted CTS to solve for the below:-

  • Increasing Cost of Capital leading to focus on optimizing cost of delivery
  • Enhanced regulatory requirements leading to increased reporting requirements
  • Need to have a pristine control environment from a manual control environment

 

 Copy of Provide an Excellent Customer Experience with the perfect Mobile Customer Journey. (24)

 

Scope and Objective of Business Transformation 

It is in this context that CTS delivered a business transformation of the IB Finance controllership functions – Valuations, Costs and Product Control

 

  • Process Reimagined using Value Stream Mapping, Six Sigma and Lean Techniques – Process Excellence Solutions which include Standardization, Optimization, Elimination and Point Automation , Robotics and Other Platform Solutions
  • Addition of Senior Talent added for delivering the Transformation Program as well as strict governance for tracking Red / Amber Projects and follow ups with identified owners
  • Improved controls environment due to automation of manual controls resulting in in significant error reduction and improved FPY (First Passed Yield)
  • Training initiatives for all the associates in the process to re-skill them for the digital work environment
  • Sustained Change Management initiatives like Ideation exercises, Floor Townhalls and other connect sessions to understand feedback and to implement key changes

 

CTS approach to Digital Transformation

  • We performed the Art of Possible Workshops – which was a brainstorming exercise which listed down how the business metrics could be improved
  • The next step was to examine each process from end-to-end, conduct time and motion study, goal was to harmonize procedures and controls for standardized outcomes.
  • 2018 Transformation Book of Work finalized and signed off based on three levers PEx, Platform Solution and Robotics
  • Projects were Identified with identified owners and support team and key milestones were laid down and a transformation tracker was published

 

Key Business Metrics Outcomes

  • Operating costs are 30%-40% lower with 206 FTE saved with a better control environment with automation of several manual controls
  • Process Reimagined by Design Thinking Workshops and 90+ FTE saves through Process Re-design, Capacity Optimization and 100+ Point Automations
  • Risk Reduction through 80+ bots to strengthen process controls by automating manual controls / activities in areas like Supervisory Dashboards in Product Control, Data Downloaders, Reconciliations and Journal Posting bots in Costs
  • In Product Control - Daily P&L delivery time reduced from T+1 to same day with refined User Interfaces and reduction of latency time by 80%
  • 80% improvement in accuracy through automation and reduction in errors facilitating reduction of Supervisory Layers by 25% in the overall team
  • Period-end close accelerated by 4 days and late postings reduced by 95% (from + 80/mn to < 3 mn).

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About the Awards

The Business Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs. Click here to view the Press Release.

The winners for all categories and for The Platinum Awards will be announced at The Business Transformation & Operational Excellence Summit & Industry Awards on Wednesday March 20th, 2019, from 6.30pm, in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando Resort®. 

The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Operational Excellence programs to deliver outstanding business results.

The 2019 Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit on March 20, 2019 in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando™

 

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BTOES.com

The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry (BTOES19). March 18-22, 2019, Loews Portofino Bay Hotel at Universal Orlando Resort®

BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.

It also hosts the Business Transformation & Operational Excellence Awardswhich showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.

The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.

With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.

 

Quick Links

Speakers

Agenda

BTOES19 Awards

 

There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.

The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including

  • All-day Refreshment & Themed Breaks

  • 1¼ Hour Hot Breakfast Networking Sessions

  • 1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables

  • 1½ Hour Roundtable Sessions by Topic & Industry Sector.

  • Keynote & Themes Panel Sessions

  • Hosted Welcome Receptions from 5.30pm

  • Expanded more lavish Awards Program

  • Newly launched Night Summit for attendees to meet after dinner

For more information or to discuss the summit in more detail please schedule a call below,

Click here to schedule a call. 


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