Agile working practices saved £350k of management time per annum for Financial Services firm.

Success highlights

[info_list position=”top” style=”hexagon” icon_bg_color=”#ffae00″ icon_color=”#ffffff” font_size_icon=”24″ eg_br_width=”1″ connector_animation=”fadeInUp” css_info_list=”.vc_custom_1534510879291{margin-top: 20px !important;margin-right: 10px !important;margin-bottom: 20px !important;margin-left: 20px !important;}”][info_list_item list_title=”Faster project delivery” list_icon=”Defaults-dashboard tachometer” animation=”fadeIn”]Reduced internal project cycle from 6 months to 5 weeks.[/info_list_item][info_list_item list_title=”Saving management time” list_icon=”Defaults-clock-o” animation=”fadeIn”]Projected £350,000/pa in management time savings established within 4 month.[/info_list_item][info_list_item list_title=”Gaining buy-in” list_icon=”Defaults-life-bouy life-buoy life-ring life-saver support” animation=”fadeIn”]

Achieved full buy-in and proactive support to major transformation project within 3 months.

[/info_list_item][info_list_item list_title=”Bridging cultural differences” list_icon=”Defaults-group users” animation=”fadeIn”]

Successfully bridged cultural differences across functions and business units.

[/info_list_item][info_list_item list_title=”Staying on track” list_icon=”Defaults-road” animation=”fadeIn”]

After 18 months, the transformation project remains 98% on target.

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The issues

The initiative to transform by a Financial Services provider who wanted to “go digital” had stalled in the face of internal resistance and lack of cultural change:

  • Powerful leadership in different business units could not agree on a unified approach to and common principles for change.
  • The businesses worried about forecasts estimating a 15% loss of market share.
  • Cultural differences and varying technical capabilities undermined change efforts.
  • Conflicting priorities wasted estimated £150,000 of management time in the previous 3 months.

Our approach

[info_list style=”circle with_bg” icon_color=”#02b3b9″ font_size_icon=”24″ icon_border_style=”inset” icon_border_size=”4″ border_color=”#02b3b9″ eg_br_width=”1″ connector_animation=”fadeInUp” css_info_list=”.vc_custom_1536269046028{margin-top: 20px !important;margin-right: 0px !important;margin-bottom: 20px !important;margin-left: 0px !important;}”][info_list_item list_title=”Creating an agile mindset:” list_icon=”Defaults-diamond”]

We coached the team in developing agile thinking and working, cutting down on time spent in meetings and improving the speed of decision making.

[/info_list_item][info_list_item list_title=”Breaking down silos:” list_icon=”Defaults-diamond”]

Co-created initiatives to break down functional silos and foster collaboration across multi-disciplinary teams. It improved the internal customer feedback, leading to shorter product development times while improving product robustness.

[/info_list_item][info_list_item list_title=”Practising empathy:” list_icon=”Defaults-diamond”]

Equipped the team with the tools to gain empathy for the needs of different cultures quickly and approach potential conflicts with business objectives in a results-orientated way. This reduced resistance and created greater support from the different country locations, bringing the project back on track.

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[info_list position=”right” style=”circle with_bg” icon_color=”#02b3b9″ font_size_icon=”24″ icon_border_style=”inset” icon_border_size=”4″ border_color=”#02b3b9″ eg_br_width=”1″ connector_animation=”fadeInUp” css_info_list=”.vc_custom_1534511097405{margin-top: 20px !important;margin-right: 40px !important;margin-bottom: 20px !important;margin-left: 50px !important;}”][info_list_item list_title=”Improving cross-team collaboration to support in times of pressure:” list_icon=”Defaults-diamond”]

We coached the teams to self-create aligned definitions of success that supported both: achieving the desired business outcomes and recognising the different aspirations and cultures of the teams & their team members. As a result, different teams supported each other, alleviating pressure in sales and product development teams allowing for a better customer experience, leading to positive customer feedback and higher sales.

[/info_list_item][info_list_item list_title=”Realigning focus on customer service makes customers happy:” list_icon=”Defaults-diamond”]

Taking the team through practical exercises to enhance their ability to develop empathy for their customers’ needs, enabling them to find suitable solutions quicker. For external customers, this lead to shortening of the sales cycle, for internal customers it meant less time in meetings, more acceptable solutions and less rework.

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Business results achieved

  • On day two of the program, the client reported that applying agile problem-solving method helped resolve an 18 months old internal issue within a two-hour meeting,
  • The initial team spread their capability beyond their functional teams, resulting in widespread buy-in to the transformation project.
    After 18 months, the portfolio of internal projects remains 98% on track for program, budget and benefits.
  • Participants in the program report a high degree of confidence in applying the learnings in their work, resulting in greater productivity for themselves and their teams.
  • Teams report a greater level of initiative being taken at all levels to support the transformation, with less time in meetings.
  • The estimated cost saving is £350,000 pa.

Based on the estimated management time saved, the team achieved an ROI of 21:1

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