Case Studies
BACKGROUND
A large Canadian pension fund manager needed to replace their outdated performance measurement and attribution platform. After years of asset growth and complexity, the investment manager was constrained by homegrown systems. Additionally, reporting on portfolio and benchmark relative performance information grew into a highly customized system of data staging and visualization dashboards. Operations teams struggled to fulfill new requests using manual processes, Excel and outdated technology.
The head of Finance and Performance Operations engaged Transformative Strategies to lead the vendor selection process, provide strategic guidance and planning, and prioritize the firm’s requirements to ensure the vendor solution recommendation would alleviate operational pain points and be able to implement new business features.
ANALYSIS
Transformative Strategies managed the critical task of client-vendor communications, ensuring all stakeholders understood the RFP methodology, delivering consistent research across vendor solutions, clarifying incomplete RFP responses and client questions, and providing a cost-based analysis. Transformative Strategies facilitated workshops with the client operational team leads to identify key requirements and pain points that would refine our analysis of the vendor responses for individual business or technical requirements. Transformative's RFP response scoring tools consolidated and codified reactions from client representatives. We then leveraged data visualization tools to evaluate vendor scores relative to key requirement categories in order to validate differentiators.
Once we identified the leading vendor, Transformative Strategies planned a proof of concept based on a focused set of use cases. Our consultants organized historical datasets for use cases, readied comparative test results, and monitored workshops that allowed client users to directly test complex configurations and complete operational use cases. Tracking the status of vendor proofs and solution recommendations proved critical to prepare the client for a confident decision-making process and a rapid transition to implementation.
RESULTS
Transformative Strategies' methodology empowered our client to confidently select a vendor based on a detailed RFP scoring analysis, in conjunction with a proof of concept based on real data and focused use cases. Guiding the program over these hurdles and proving tangible outcomes gave our client the data needed to make a vendor decision and move forward with a large transformation project. Transformative Strategies provided a strategic view of long-term objectives that alleviated operational pain points. We also leveraged our knowledge of industry solutions to identify key differentiators between vendor capabilities.
Finally, our expertise helped the client overcome a challenge many investment managers face as they endeavor to retire legacy technology and balance the need for major investments to transform operations and prepare for growth.
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Case Studies
BACKGROUND
Transformative Strategies was engaged by a multi-billion dollar wealth management firm to map and refine their client experience from initial prospect contact through the entire engagement lifecycle. The firm desired to provide increased scale for client and company growth while maintaining the level of excellence that has resulted in an extremely high retention rate.
Furthermore, the firm sought to understand the current state environment and create a client journey map that identified issues, or scalability concerns. This entailed examining process flows, documentation, client servicing, client communications, and client data flow through the various systems including trading, accounting, performance, and the CRM platform.
Transformative Strategies was asked to review each touchpoint and document the client journey to establish a future state view as well as the creation of a corresponding roadmap and execution plan to address any pain points, gaps, and improvements in the process.
ANALYSIS
Transformative Strategies divided the engagement into two phases:
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Phase One – Current State Analysis and Requirements
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Phase Two – Future State Visioning and Transformation Planning
Phase one consisted of several guided intake interviews with key members of the firm across the client and data touchpoints and the collection of any relevant documentation of the processes and procedures in place for review. From this information, Transformative Strategies was able to catalog high-level processes and assemble system flow diagrams, process diagrams and identify gaps and pain points within the current environment. These areas were confirmed as prioritized topics for review with business stakeholders during future state design sessions.
Phase two was focused on the development of the future state vision and defining a roadmap that provides a clear path to positively impact the client journey and allow for additional growth across the firm. Several design sessions were held with key stakeholders to lay the foundation for the future-state roadmap. This exercise embraced design thinking methodology and allowed for an accelerated cross-team alignment and knowledge sharing focused on an improved client engagement that supported the ability for growth.
RESULTS
Transformative Strategies identified top priority actions within each of the firm’s key business areas. The high-level client journey map broke the interactions down into specific steps that highlighted where these current pain points existed and recommended actions for remediation.
By providing an independent and unbiased future state vision that incorporated both business and client needs, Transformative Strategies built cross-team consensus. This brought together key stakeholders within the firm that allowed for knowledge transfer and team alignment in establishing the future state design and roadmap.
With this information, management was well-positioned to maintain excellent client service and position the firm for continued growth into the future.