Business leaders face multiple challenges in the ever competitive and evolving Financial Services market. In response to those challenges, many turn to outsourcing in an effort to:
Lower operational costs
Integrate best practices and global knowledge
Focus on core business processing
Mitigate and manage risks
Improve on quality, efficiency and turn-around times
Expand upon existing capabilities, products and service offerings
The advantages of outsourcing are plentiful but are achieved only if the appropriate strategy is developed and followed to alleviate the impact of impending risks. Navigant’s expertise in the outsourcing arena offers the ability to mitigate the risks involved at any phase of the vendor sourcing lifecycle by providing proven strategy and tools to break down the complexities and increase the value of the relationship. Our team of professionals understand the risks of outsourcing including loss of processing visibility, quality and control, customer dissatisfaction and hidden fees/costs (e.g. legal fees, contract coordination). We take pride in our ability to work with our clients to define, strategize, and find solutions to mitigate each risk leading to a successful, well controlled, and profitable vendor partnership.
Navigant provides extensive capabilities to address each of the activities within the vendor sourcing & governance lifecycle as defined in the diagram below. Our vendor sourcing experience has resulted in the development of proven methodologies consisting of multiple customizable tools offered to our clients. Here are a few examples of proprietary tools to support the activities of the vendor sourcing lifecycle:
Vendor Selection Toolkit: Tools and templates that outline the necessary vendor data to obtain for the purpose of analyzing, assessing and selecting an outsourcing partner.
Sourcing Transition Toolkit: A best practice playbook for providing a client with a consistent and repeatable vendor implementation strategy.
Vendor Oversight Toolkit: Toolkit to enhance the metrics and analytical reporting involved in the Implementation and Governance & Management phases of the vendor sourcing lifecycle.
Experience At Work
Engagement Scope: Navigant was engaged by a Fortune 200 multinational Financial Services firm to lead sourcing initiatives for various banking functions. This initiative was driven by identified opportunities to reduce expenses while maintaining or improving the customer experience and quality.
Engagement Outcome: Navigant provided expert consulting resources who guided multiple transitions. Each project scope included: documenting the as-is process and retooling to improve efficiencies; coordinating activity with vendors (over 40 vendors across all transitions); developing training materials for the new staff; onboarding and training the new staff; facilities setup in the new location; coordinating all technology setup; ensuring all internal, risk, business recovery, and legal requirements were met; and reporting to the project’s steering committee. Additionally, various special projects were initiated for certain transitions in order to ensure the program’s success. One project involved converting existing paper documents into images and storing the documents on a searchable internet-based portal. The streamlined process that was designed by Navigant became a standard for future transitions requiring hardcopy storage.