Client onboarding for a financial services company requires processing numerous documents from multiple sources. It involves 3 work groups.
As the number of new accounts grew, the capacity of each work group was pushed to the limits. New hires were added to handle the growing workload.
The COO looked at the number of new accounts to gauge how quickly she needed to hire. Was that the best approach?
A year went by and growth seemed unstoppable. That’s great for the business. But the COO felt adding headcount was not the best solution. She decided to take a closer look at the onboarding process.
By identifying the bottlenecks, she was able to pin point areas that took an inordinate amount of time. She started to monitor the cycle time of the process and the throughput in each work group.
As a result, she eliminated unnecessary tasks, freed up capacity in each work group, and improved the cycle time by 30%.
Often, businesses resort to hiring more people when they get busy and overlook the need to evaluate how they do their work. Process performance dictates operational performance. Click To Tweet
Process performance dictates operational performance. How closely do you monitor your processes? What KPIs would you look at to identify improvement opportunities?