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Courtesy of Sun Life Financial's Shantanu Kodesia, below is a transcript of his speaking session on 'Re-Engineering As A Methodology To Streamline Claims Process & Identify Opportunities For RPA' to Build a Thriving Enterprise that took place at Business Transformation & Operational Excellence Summit in Financial Services Live.
Re-Engineering As A Methodology To Streamline Claims Process & Identify Opportunities For RPA
Re-Engineering as a fundamental design is leveraged to sharpen business processes to achieve dramatic improvements in critical aspects that impacts not only the profitability/bottom-line of the organizations but to greatly enhance the end-client experiences as well. At this age of the digital transformation, robotic process automation and business process re-engineering are highly required for companies to nurture the progressive working environment and to stay ahead of the competition.
Yes. He's coming directly from ... in India to share his expertise with us. Share a new ... is with us today, and chance, I know what, what a pleasure to have you with us. I know it's a lot later in India right now, and I'm very excited and thankful for you to take this time to share your expertise with us.
Shantanu has over 26 years of rich experience in diverse fields like sales and marketing, in the healthcare and pharmaceutical industry, heading operations and customer experience for e-commerce companies, and leading businesses and ... in the IT yes space.
He has worked with companies like Eli, Eli Lilly, Del, G, Capital International Services, and IBM. For the last eight years, he has been working for some life, and there's as their Asia Service Centers in India, where he is the head of operations. He set up a Contact Center in the Philippines and comes of a good experience of driving the use of value stream mapping to strategically re-engineer and transform processes and identify opportunities for RPA to enhance productivity and improve client experience. Shantanu is passionate about giving back to society, and also leads corporate social responsibility for his current organization. Shantanu, what a pleasure to have you with us.
Thank you for taking the time, and we very much look forward to your presentation.
Thank you so much Jose.
OK off, first of all, I would like to thank you all know it is such a pleasure for me to be speaking to such an August audience. My name is Sean ... Josie just introduced me and I'm going to be speaking about re-engineering as a methodology. To streamline cream the team's process, identify opportunities for RPA.
Re-engineering is, is one of the methodologies which is used extensively to drive certain dramatic results. Certain of these results are not only, you know, just to go ahead and save costs or have bottom line impact on the P&L, but it is also to drive a better client experience.
And the current, your the times when digital transformation is one of the key agenda, which a lot of organizations are driving. Re-engineering along with robotic process automation is clearly a tool which, which helps in creating a better work environment. And also keeps organizations, you know, a little ahead of the competition.
Moving to, you know, certain pieces of the agenda. We will be covering why re-engineering. How does it work?
Understanding the ecosystem as well as visualizing what the future state is.
Opportunities for prioritization. Which are, which could be there, if at all. As well as, you know, Finally, coming out with the business case.
Now, when I talk about, get all rebuy re-engineering, why re-engineering is There they'd go, it has, it has a major impact on certain different different facets.
As I said, re-engineering is a very, very radical redesign of business processes. Aim to achieve dramatic improvements in critical aspects.
Now, when we talk about, for example, quality, improve quality, right? We all go ahead, and one of the important things for us is doing and this happens across industries and, of course, in financial, services, industries as well, is to ensure that the quality of services that we provide quality isn't tube, right? And the quality of the work, which we do the quality of the transactions. Now, in addition to that, you know, products and services, which need to be delivered with precision, and accuracy of, it is important, right?
Moving on to the next thing is about output, right? Hand output.
Though, it is so important for organizations to ensure that the output increases, maybe with a lesser cost of Wave, which is there.
Better efficiencies write better efficiencies, as well as, you know, going ahead and driving and actually driving things that matter to the, to the clients, right?
Output is, is extremely, extremely important because it is not just about what the organization is looking at, but I think it is very, very important from a client perspective and client perspective as to what?
actually the end client values and how is it that we are going it? And delivering so and, and and a clear impact on the output.
Cos. I think especially, you know, during these times more than ever before, the focus on causes it has really increased.
Re-engineering helps in reduction of costs, right? Cost of production.
Clearly, because when you go ahead and streamline processes, you kind of eliminate the non value adds, you go ahead and start impacting the cost, and which is a very, very direct impact.
In addition to that, increasing revenues, increasing revenues because in a lot of ways, when the clients are happy, the outputs are better now, they have, they've had a good experience.
The revenue side is going up, which also leads to an increase in market share. If you're ahead of the competition, your revenues are increasing. It will have an impact, a direct impact on the market share as well and also generating economies of scale.
It is also important that, that we have the economies of scale, so that you can get advantage of of reduced costs, talking about service, right, better service standards for end clients today. Again, what the client expects is, no speed of service, quality of service, accuracy, of what we're delivering.
And this is exactly why, you know, better service standards for end clients become important that also increases the stickiness of the client to the organization.
Then a competitive market.
The landscape, which is there clearly, a great service can be a key differentiator for one organization versus the other, talking about speed.
No, once you go ahead and do re-engineering of the of the process, can go ahead and clearly figure out where the bottlenecks are, What is it that can be eliminated?
Which can go ahead and impact the speed. And, when you're talking about speed, it is clearly faster than you know, what the traditional processes are, which some of them could be long run processes with a lot of non value added steps.
So, so, that's where the speed becomes crucial.
It also eliminates dependency on people and internal processes.
It is very, very important to become you know, always process dependent banking too much on people, can clearly pose a risk to the organization, so it also eliminates the dependency on people.
And the internal processes as far as convenience is concerned, it makes it convenient and easy to do business for the clients clearly and also for the employees, to know when, in case they are going ahead and working on something.
John says off in any manual work, the chances of go mistakes or errors are there and it is it is, but natural that, you know, they can go ahead and make some mistakes. But then if certain processes are re-engineered, there's an automation element which comes. And it helps in eradicating these redundancies.
Moving on to the next portion of it is, how does it work?
So clearly, talking about refocus in a lot of ways, companies need to go ahead and refocus its values on the on the needs of the client.
It is very, very important, and I'm sure everyone will agree that more than inward focus, it has to have an outward focus. Because whatever we are doing, we are doing it for the end client, out there. We are in business because of the end client out there.
So, refocus the company's values on the client's needs, redesign, there will be co processes, which are existing, some of them could be legacy processes, some of them could be there. Some of them could be slightly disjointed processes.
So it is very, very important to go ahead and redesign some of these core processes, and it is often that technology is used to go ahead and enable these improvements.
Moving on to re-organizing.
A lot of times, it becomes very, very important to re-organize. When you go ahead and actually map out and do the re-engineering. It becomes important to go ahead and re-organize a business into cross functional teams with end to end responsibility, for the process. You're talking about agile way of working also these days, so it will be, It will be create if organizations you know if they find that there are too many handoffs.
happening across teams, they can go ahead and re-organize them, get them together. And, and and Katie, give them the end to end responsibility. Of course, then rethinking the organizational and people, the basic organizational, and people, issues. A lot of times, it is, you know, considering what the, what the future of work is, what we ... for the business. It will become important at times to go ahead and then you work on upskilling of people for certain of these, certain of the opportunities for the future, and where and re-organization becomes very, very important.
And also, you know, last but not the least improving the business outcomes, right, for the client. So, this is how re-engineering overall works.
Now, the first step to that is clearly is, you know, understanding the ecosystem.
So, this is an example of a value stream map which has been drawn Baron. We'll be showing right from the input processing, right and the and the end customer, right?
So there's a supplier, there's customer at the end, and the different processes are mapped out.
What is done is that between each processes, what the cycle time is, how much time is it taking, that is, that is mapped out.
We look at things like, what is the first pass yield, as an, how many times they were in, a task is done for the first time, right, and rather, it has done and it is done correctly, the first time, that has gone, that is map or each step, the entire information flow happens. So, you have first pass yield, which is for each step, and you have the rule first pass yield, which is for the entire end to end process.
Now, while doing the value stream mapping, it can be done on two aspects.
one aspect is, is, you know, it is very, very important that one of the rather, one of the aspects of when you do a value stream map would be on the part of the process, which is being done. Let us say, for example, there is certain work happening across locations.
At one of the locations, they could go just go ahead and do a value stream map at what's happening at one location.
Or else, what can also be done is an end to end process map, which is for the entire process right from the start to the finish across locations, the entire process flow map.
And that is actually recommended if you can do end to end.
It will clearly help people to go ahead and see the complete picture in front of them and it will throw up lobb opportunities, which could be there for improvement.
Now, a value stream map.
It can also be termed into a client journey map, wherein you go ahead and map out the entire the journey of a client right from the time, maybe a client who comes onboard with an organization to the complete lifespan of the client. But the organization, the maybe the claims are paid out and in the middle servicing is there.
So, when the entire end to end mapping and a client journey map is done, along with value stream mapping, it, you know, there are, it will become very, very evident as to, where are the process gaps? What are the opportunities, you know, where is it that automation can come in?
Once the current state is kind of mapped out, What is done is, go ahead and visualize the future state now in visualizing the future state, it becomes very, very important to go ahead and.
And, you know, for C, what is it that, that a person would want to see the end state to be, right? Again, on a process driven value stream map or an end to end value stream map or on a client journey map?
It is very, very important to think through and this requires, you know, a lot of brainstorming. A lot of collaboration.
Strategic intent becomes very important, because if the leadership buy in is there, then only a lot of the strategic decisions can be made of the leadership buy in. Is not that you do any, any particular reason. It will become very difficult to go ahead and actually drought or future state map and then drive improvements from there.
Now, in this, this also forms and a lot of ways, the base of what the client architecture or the business architecture is being visualized as a future state. And then, you go ahead and map, on top of that, the technology architecture, which needs to be kind of, which needs to be put in place to enable the business and the cloud architecture for, for, for better results in terms of either a client satisfaction or a, or a bottom line, impact to savings and efficiencies.
Now, this is an example of a future state map, which has been, which has been done, weren.
Again, if you see, for each step, there is, there is the first pass yield, which is there. There is cycle time which is there for each step.
And when you cumulated all of these, this also goes at and depicts the role plus plus field Now, which is basically a summation of the stepwise bus passes.
In addition to that, it is also going ahead and throwing up a lot opportunities if you see the Cloudbursts or the Kaizen opportunities on top.
These are basically the opportunities which are there wherein it goes certain intervention can be done.
Now, a lot of times, we will find that, especially when we go ahead and work on the end to end value stream map or a client journey map, there will be lot of opportunities. Some of them could be very basic, which just require certain minor system tweak or a process change.
Whereas, some of them, for example, the one depicted out here in yellow, it could deal with automated opportunities for automation.
For example, Web and mobile penn's now, I'll give you a very good example on this.
There are certain organizations wherein, while they're driving the digital agenda, what is happening is that the claims, for example, they have been able to submit it on the web or to mobile.
But then, for all the supporting documents, what came out was that, there's a separate process wherein they've got to e-mail that across.
Now, this is a great opportunity wherein possibly, from a better client experience perspective, if we can go ahead and have all the claims along with all the supporting documents to get to be enabled for submission, right through our technology intervention.
In addition to that, for example, checking the eligibility. All right?
They have been, they have been certain organizations were inserted through certain processes.
What is happening is, a claim comes in, the agent concern goes ahead and starts working on the entire claim, going it in processing. And right at the last step, realize it realizes that maybe the eligibility in itself, the rather the client is not eligible even for that team.
So, what happens is, there's a lot of time, which gets wasted, because the person has done already completed all the steps, and has spent time in, in those steps.
So, what that leads to, and that's an example, what that actually leads to is non value added time, Right? The wastage of time and time wasted is clearly a dollar value impact.
So, can we go ahead and set up something to technology wherein the moment a client enters a claim.
The eligibility check is John Dunne, right upfront And the moment that eligibility check has done when it comes for processing.
All the person or the agent needs to do is go ahead and in case there is some additional information required or something and go ahead and ask for it.
Or it could also be a clear throughput process wherein there is no intervention so auto adjudicated claims wherein there is no need for an intervention.
Or rather any human intervention, It is just that, through technology, it is a clear throughput, which happens now, but all of these things, because there will be lot of opportunities, right, which could come up.
How does one go ahead and prioritize? And how does the action planning done?
If you see this grayed out here, talks about the business value as well as the complexity.
If you see this low as well as high on both the both the ends, Now, the first one, which could be, which could be looked at, is business value, which is high and also complexity high and of course, they are time over, which will run parallel with high business, value and low complexity.
The reason why I talk about high business value and high complexity is these are generally based strategic decisions, which have to be taken wherein there is a lot of element of complexity, which gets involved.
Now, the moment this complexity get in gets involved and it becomes important to, maybe at times, even split some of those opportunities into smaller opportunities and, and they get worked on because, you know, at the end of it, the resultant of business value will be will be phenomenally high.
What can also be done is some of these opportunities which have come out, which are high input terms of business value, but low in terms of complexity.
That could actually also be looked at, you know, in a great way to go ahead and and just go ahead and to be worked upon so that the resultant is there, you know, the high business value is there for the taking.
What that need then needs to be done is, well, you need to go ahead and look at, how is it that we can remove the redundant steps from the process once that has done it.
So, a lot of times, you know, and some of the examples I gave earlier, especially in the legacy processes or the systems which are there, there are certain steps which have been happening over a period of time and possibly no one's gone ahead and challenge them.
So, it'd be important to go ahead and remove those redundant steps.
And then also go ahead and automate, look at, identify your reputation or rule rule based kind of work.
Some of them, could, some of that work could also be prone to human error, identify that, and then build a case for, for RPS, especially when the volumes are high our work, and it is rule based, That's a great opportunity, that's a great content for, for, for building up a good business case, for robotic process automation.
And in that of course, Bill a little part is also delegating certain part of the process. Or maybe could also be termed as collaborating with certain other departments to take action wherein very, very specific expertise as required while, we will expect everyone to go ahead and work on end to end.
But, there could be certain very specific places wherein specialized skills or expertise is required, go ahead and collaborate with them to go ahead and have a have a better and a more streamlined process.
So, through this entire take person will be able to identify, you know, which are the other Kaizen opportunities or process improvement opportunities, which actually one can gun for and which are the ones which could actually be kept either in the parking lot or not toward the effort. Because the business value could be low. But the complexity of doing that would be high.
So, that entire prioritization matrix can come out through this.
Moving on to building a business case, and this, deal at the end, becomes extremely, extremely important, is, how does one go around building a business case for process? For robotic process automation?
In this world becomes very critical, is the fact that, know, the use case selection, now.
Use case selection, as, as I just mentioned, it has to be rules based processes, which have significant, transactional work. So, the volumes of that work, if the volumes are high, and it is rule based, clearly, it goes ahead and and becomes one good case for RPA.
In addition to that, it is important, the work is, it has a structured data that is there.
It could be simple and mature and well defined processes, so wherein the processes are simple, mature, well defined, that that could be their high volumes you spoke about as well as high if the allocation.
So, places where you have a huge amount of human intervention, large number of people going ahead and working on that processes where the cost of rebook is high and up quality is slightly poor.
So, there are.
No, and, and be be, clearly, look at, when we look at financial services, industry, there are lots of processes wherein one slight error or mistake can lead to a fairly significant amount of rework, which is, which is the cost which is high. So, that could be looked at processes, where, where do you know which are impacting both cost line, as well as the revenue line.
That is another thing.
There, of course, could be a few exceptions and, and something, which is not on the roadmap for new systems.
Now, you've got to be very, very careful because a lot of organizations are embarking on a journey where in there either changing the platform on which work is happening or getting a newer technology in place systems in place.
Now, those, if there is something happening and there is a process related with that, that may not be a contender for RPA because it's no point investing in RPA and then realizing that the entire system or the platform has gone out and change. And then the whole thing needs to be removed.
So, the use case selection becomes important, in addition to that, the, looking at the costs and the returns of investment.
So, the total cost of ownership, which gets segregated actually into 2 1, is capital expense, or a one-time cost to a great extent, all right?
A one-time costs could comprise of things like development, cost, it becomes critical to look at, along with that operational expense. So, this is very, very important, is, to go ahead and see, what are the operational expenses leading to the licensing cost, infrastructure costs? I support costs.
Now, there are times wherein there is a cost of development, which is X bar the operational costs are significantly high and has an impact on the overall Ottawa. There could also be situations wherein, it is just that the initial capital expenses high, but the recurring expenses are low.
So, these all have a clear, clear impact on the business case, which group, which is kind of getting developed.
What happens then is when you go ahead and plot it on the grid in terms of the benefits and the automation, scope and effort, generally, of course, it could vary from from organization to organization.
But something which comes in the window for one-year payback period, when the, when you can recover your costs. And there's a return on investment in one year that becomes a good contender for people to go ahead and invest in that.
And, this is so important because, once with a very, very, where the Ottawa, a return on investment comes at, after a long time, it could, it could prove to be maybe not that beneficial or not that, that that lucrative.
Because the or the higher the the Roi worried that in turn means is that the operational expenses are generally higher order Or maybe even the capital expenses is high for that particular opportunity for that improvement to be done.
There are clearly benefits for the taking of the benefits like increasing the yield per hour productivity, wherein with the same number of people, you could go ahead and and and do a high number of work. I mean, rather. I would say enhanced model work or it could also be, you know, that with lesser people, you could do the same job. So, so, clearly that is, and then that is a baby direct bottom line savings, from a P&L perspective.
In addition to that, it also gives an opportunity to re skill and upskill the employees, especially in the current times when the processes, the technologies, technology, etcetera, is changing.
It is very, very important to go ahead and reseal the employees, know, in a lot of ways, when an organization, we will find is that when RPA is being implemented, the first question which comes from a lot of employees is, what happens to us?
I think it's, it's critical to go in and tell them, that, that you know what, what is getting automated are just the mundane repetitive tasks, But the more complex work is still available for them to be working on.
And a lot of these employees will need to be re skilled because they may have certain experience, certain exposure.
But, you know, as an organization, if you're investing in them, you not only are you enhancing the human capital, which exists and investing in that, but also creating a great environment for the employees who feel valued that, that the organization is investing in them.
Then, there are times wherein they are so low that there could be a steady volume flow, and then there could be certain peaks which are there.
This RPA will go ahead and actually also help, in a great way, to go ahead and manage that peak.
That that becomes critical, because you don't need to unnecessarily staff for the peak, But you already have an automation in place, which can take care of certain of the speaks.
A reduction in, no, in paid overtime. Possibly, since the, The automation is leading and it's actually taking up a lot of those volumes. So. Reduction in, you know, in the overtime requirements.
Certainly the legacy systems, which are there for it. As well as certain other systems. Which can, which are being implemented. There times, when you will find the RPA, which has been built. It is fairly easy to deploy on both the sites, which is there.
Of course, it will also lead to the two generating, you know, are increasing the revenues increasing. The bottom line, as you were speaking about.
And, last, but not the least, client satisfaction.
The moment the cycle time reduces the moment, the turnaround time is better, it is ideal. It leads to a very, very, very direct, positive impact on the client.
So, so, so that becomes extremely one of the, you know.
And which, the moment you have, be happy and satisfied clients it, you know, I'm sure everyone will agree that it leads to, generally leads to better revenues flowing in because the stickiness of the client with the organization is increasing.
What are the things that needs to be kept on minders once the RPA has been kind of implemented? The bot has been been implemented? Is a two things.
At times, it seemed that led, you know, a certain of these, a lot of the people, you know, when it comes to go and get and clicking on the bot to, to run the bot or certain of those things.
A lot of times, right at the beginning, maybe, the end, there are two situations at times, what has been seen as, the usage of that in the beginning by the employees is high and over a period of time. It again comes down because they have a habit of doing certain of the processing themselves.
Or on the other side, it could also be that the usage is slow. It picks up, but picks up over a period of time. So, what will be important at that stages, to have a tracking mechanism, as to is the adequate usage happening or not?
Because if the adequate usage is not happening, it will impact the business case when the business case was done.
Certain gestation period had been kind of looked at or or period for Ottawa had been looked at. But if there is a situation wherein that the uptake is not very good, it will definitely have an impact. So, have a clear tracking mechanism, See, what is the usage, is the usage appropriate? Is it not happening?
And then, maybe it also becomes imperative to go ahead and engage with the employees at large to encourage them to use it and kind of share the benefits.
So, this is not what I had.
Primarily on re-engineering and RPA.
All right, and thank you.
Tons of great coverage. Thank you so much for that.
I'm monitoring the questions from the audience, and I will be relaying them to you here and and I want to let the audience know that. Bring your questions that continue to bring your questions up. I've seen a few of them already and I'm going to continue to pass it on to Shantanu during the during our talk here.
So, although the concepts that shantanu has cover here apply to your specific contexts, you know, use this space and this time for getting sites there are available to you and your specific contexts.
Now, Shantanu, first of all masterclass on, on, on mastering complexity. one of the things that you talked about so eloquently, is the fact that, well, you didn't say explicitly, but it's, it's implicit in your presentation that there are a lot of people and organizations who kinda jump into technology.
And, and as one of my favorite speakers often says, that technology is great, when enables your processes to deliver greater value.
But technology also can make stupid happen at the speed of light.
So, you need to have the right acknowledge for the right application. That's once issue.
The other issue is that in, we have very complex systems and organizations and customer service deliveries, and amongst all all of that complexity is not uncommon.
Where we get a lot of very smart people to work on those systems and processes that they, they end up wrapping up complex solutions around the complex systems that they have, and partially because they do not really understand the essence of what they even have.
So, you have a really great approach, discipline approach, to take a deep dive, and understand what your current processes are, and how they create value for customers with your value stream mapping and other discipline approaches. So I'm gonna get the first question here coming from William Fuller. First of all, he says, What a great structure and presentation, I think that for the last experienced professionals and leaders, they may actually not grasp the depth for some of the concepts that you're talking about, because it takes a lot of practice to understand some of the things that you discuss. But the comment from William is excellent presentation and organization of concepts, first of all, and then he, the question is to get us started.
Could you speak some of the hurdles in adopting, implementing, and governing this very discipline? And, again, approach that you suggested.
What are the challenges of getting this approach, is that you described, implemented in organizations?
So, I think, first of all, I think, no, gentlemen, just actually, in a lot of ways, answer that himself, is that this requires a huge structural, ignore it is a structured process. I think what happens is, a lot of times, the understanding of this, and the leadership levels in the leadership forums of this entire structured process, is slightly limited. There are a lot of people who understand. But the critical thing is, first and foremost, is to have the buy in from the leadership.
If the buy in from the leadership is there, it becomes easier to go ahead and implement some of these things.
Now, the 2, 3 things, what happens is, one is a lot of times, when businesses are spread across different locations, and there are handoffs happening from one location to the other.
Um, mapping out the end to end becomes absolutely crucial, because if you just map out what has happening in your location, you possibly mapping out only a portion of the entire process. So, getting people to get together, to understand the importance and, and, mapping the whole thing end to end, that is the first thing, which needs to be done, which, at times becomes difficult across locations. But, once collaboration is there, you know, it can become fairly seamless. That's one.
Number two is, clearly is on on prioritization and the budgets available.
Because, there are certain times wherein it requires a high amount of budget at the beginning, but of course, though, the Ottawa could be, it could be there.
But, at times, again, when the leadership buy-in is slightly less, then there is a little hesitation in putting in that, that that upfront mound that investment rather.
The third thing, no, once everything is done.
What is extremely important, is the usage, because if the usage is not proper, it has a very, very direct impact on the payback time, on the return on investment.
So, we know certain certain organizations that have been interacting with, we have seen that after the, the bot was implemented.
The usage was barely about 50%.
Now, if the usage was 50%, naturally, the return on investment, the time period got delayed, and the time period, getting extended is, again, a direct dollar dollar value impact. So they had to work very, very closely on, on and quickly on a war footing, too.
And to improve the usage, that's it.
From the employee perspective, what happens is, a lot of times, there are certain deal.
There's a certain little bit of hesitation because, at times, they feel that what will happen to their work if no things through re-engineering start getting automated. So you gotta go ahead and clearly work on a culture which goes it goes out and reassures them up, skulls them. So, that, change management, at times, becomes very, very important.
But, once these things come in order, you know, the result and design, of course, someone will need to keep a track of, you know, of, the, of the bot, right. If, by chance, is there a certain defect or something?
Normally, there isn't, but a track of that, and in case the process changes, right, somewhere, then, there has to be a tweak done to the bot because the, if the bot is used to a particular process. Now, if you want to make certain processed weeks, then you gotta keep on mind that there's a bot out there, which also needs to be tweaked.
So, I think these are some of the aspects which come up as hurdles, but can can also be handled fairly easily. But, you know, over a period of time.
Farewell. So you talked about a few things in there that seem easy but are incredibly hard to do. And it's specifically on the, on getting that leadership commitment and also the concept of collaborative leadership. Now in your case, because of your incredible cross industry experience and maturity over time, you, I am sure you have develop collaborative leadership skills.
You can go in an organization, like a financial services organization, and you start influencing the leadership and the members of the team To start thinking more holistically about their processes, and start thinking about how to, how to understand and create and streamline them before you automate them.
Um, That's no trivial step, because those collaborative leadership skills that you have, and influential skills you have developed for your career, or hard to develop than the, and the, and a lot of people who have perhaps lived their whole career in financial services, don't have the perspective that you do.
So my question is, and I'm capturing the themes that the audience has shared during your presentation is, give us some tips, give us some tips for someone who doesn't have the cross industry experience. You have had, you have learnt things from industrial places which are really tough where you had to really streamline some very complex processes and then you go into financial services. And now everybody thinks that there are special and their processes are unique.
And, but they don't have those perspectives on how to work through the streamlining of those processes and how to influence leadership, to allow them to operate in that collaborative fashion.
So tell me a little bit about how, how, how do you what does the magic for you?
How do you influence leadership, should take a more holistic approach.
How do you tell people who are very eager to apply technologies as a fix, to slow down? And let's look at the process holistically. What are some of the tips that you would have for practitioners who may not be as experienced with you as you are?
That's a great question.
You say, so, In this, what becomes critical is when we're talking to the leadership, A lot of times, if they, if they haven't had the exposure on, this is, to first, kind of, give them certain examples of certain phases, where it has been implemented, certain kinds of results, which are there.
And you're, in case the resistance is there to speak about just a little bit of a pilot.
So, mapping out processes is not a huge investment, and yes, it does require certain time and effort and energy. It does require that. I've not negate that effort but when you talk about the cost of development of, of the RPA tools, that is definitely much higher.
I think the moment you map out the processes and you're able to kind of show that back to to the to the leaders, it automatically the sole visual that the opportunities for improvement and the Kaizen opportunities.
The cloudburst which we which we saw in that and in that value stream map, it becomes so glaring installed that that it actually gets a person to kind of take notice of that.
And once that is linked with the kind of an impact which, either the negative impact, which is happening because of those opportunities or the positive outcomes which can come out of working on those guys and opportunities, if that can be showcased. You know, that is something which starts getting the interest in, and the buying starts coming in.
Of course, it's easier said than done. It takes certain time, but my recommendation and advice would be is, no, after speaking.
At least show them 1 or two process map, the value stream maps with certain of these opportunities to kind of tickle their interests, if I am to say that.
Very, very good. I want to follow up here because Anna Martinez has an even deeper question now on this topic. So let's go explore this a little bit deeper.
It's sometimes difficult, and to estimate and capture a cost savings or benefits or value creation.
From documenting business processes, it's, sometimes it can be perceived as a bureaucratic kind of activity, that some quality person is, you know, want to document our processes. Then so what? What are some of the tips that you may have for capturing the value and the, you know, other than the intangible perception that it's a good thing to document our processes? Is there any tips on capturing value creation from documenting business processes?
So first of all, when it comes to this kind of thing, again, the leadership, the ethos, because the culture in an organization. A lot of times trickles from top to bottom.
So, and when I talk about top, I'm not just talking about a CEO. I'm even talking about business heads and process heads.
I think if they If they go ahead and treat a person who is doing this value stream map, as it's not just a quality person, but percent from the business in itself, that's the first step. Which gets in mind, because that person understands it.
And then, going ahead, and when you're mapping it out, the reason why cycle times, for example, are mapped on the first pass yield map.
That mapping actually will throw up a financial impact, because if the cycle time is lesser, possibly, or if the rebook is lesser because the first pass yield as high.
It will tell you that if your first pass yield is at 85%, you are needing, let us say 100 people to do, to churn out the volumes.
But, if that first pass yield goes up from an 85% to 90, 95%, maybe instead of 100 people, you will just need maybe 991, 92 people. So, those the cost efficiencies derived out of that will be a direct cost saving.
Now, it can and it becomes. And that is the the the pure reason now, if the cycle time for example is let us say 15 days to go ahead and let us say get a client right from the time. the client sends a new client or customer sends in the documents for let us say a new insurance policy.
And let us say if it takes 15 days to go ahead and process the whole thing and and and let the client know that his policy has been covered.
For example, if that can be shrunk from 15 days to 10 days.
The five days is a saving, and there can be a dollar value, again, associated with that, and, again, you know, if there's a better client experience and your NPS scores, for example, if a effect goes up and you see a corresponding increase overall on the, the revenues which are coming in, there can be a correlation drawn.
So, while everything may not be absolutely black and white, but they can always be correlations, and always be certain dollar values, which can be, we framed out of this.
Shantanu, thank you so much for sharing your expertise today. A real masterclass on the excellence that's needed to scale innovation for great and during performance. So this is a very needed topic for our audience. We're very grateful for you to take the time and share their expertise with us today.
Thank you so much, Sarah, and thank you so much to the organizers, and everyone, it's been. It's been a pleasure speaking out here. Thank you.
Thank you, ladies and gentlemen. That was Shantanu, Khadija, directly from good, Tao, in India, to the world, then the real masterclass on the, on the, on the fundamentals, and foundations of excellence that are, so critical to, scale, innovation, and technology automation effectively. So wonderful concepts. Wonderful structure and coverage. And we're gonna wrap up the session, and we're going to be back with you at the top of the hour with Saeed ..., who is the Vice president of Corporate Strategy and Strategic Planning at Wells Fargo insight is going to talk to us about advancing Market segmentation during, and post covert 19.
So we're gonna list, we're gonna hear directly from a leader in strategy and planning for a major financial organization, and how the pandemic has affect the organization, how he has affected the way that the organization plans and looks at the future. So we're going to see you back with Saeed Sandalwood at the top of the hour Susan.
Head - Operations and Enablement, Asia Service Centre,
Sun Life Financial.
Shantanu has ~26+ years of rich experience in diverse fields like Sales & Marketing in the Healthcare & Pharmaceutical industry, heading Operations and Customer Experience for eCommerce companies and leading businesses and P&Ls in the ITES space.
He has worked with companies like Eli Lilly, Dell, GE Capital International Services and IBM. For the last ~8 years, he has been working for Sun Life at their Asia Service Centre India, wherein he is the Head Operations. He set-up a contact center in the Philippines and comes with a good experience of driving the use of Value Stream Mapping to strategically Re-Engineer/Transform processes and identify opportunities for RPA to enhance productivity and improve client experience.
Shantanu is passionate about giving back to the society and also leads ‘Corporate Social Responsibility’ for his current organization.
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