2. Our Agenda for Today
Introduction
Our Welcome Message for you
2
Who we are
Meet who are behind the curtain.
Our Services
What we do
Our View on Your Industry
Illustrative Insights for you.
Get in touch
We want to hear from you
4. 4
Our Motto: Value for Many
Everyone that works in the business of innovative services has a desire to create amazing customer experiences and
deliver excellence in business outcomes. Being great at what you do is the cost of entry with clients in digital
business of 2015 , what tends to get OPEX.GURU hired is fit. When talented people fit well together they produce
some pretty impressive stuff. We always insist our clients/partners to put the right people with the right skills on the
right projects.
OPEX.GURU uses multiple tools & techniques to review processes, strategy roadmaps, bring out of box ideas to
ensure our clients continue to be leaders in their core capabilities. All this is done in an easy non-intrusive way. It’s
fun, as it should be. We spend so much of our life working that we’d best enjoy it.
OPEX.GURU
5. There are no
secrets to
success. It is
the result of
preparation,
hard work,
and learning
from failure.
Colin Powell
8. Principles of OPEXGURU Framework
Value Protection
• Map the process
• Identify operations that consume max
resources, time & assets.
• Establish standard operating procedures
• Assess Process Capability & Yield
• Roll Production/Capacity Plans
Value Assurance
• Drive fiscal & operational discipline
• Monitor Plan vs Actual, Develop responses
for significant variations in input & outputs
• Redesign workflows to eliminate
costs/errors
• Optimize performance by reducing
variations
Value Creation
• Focus on Operations with highest potential
for growth, innovation
• Create and Execute on New ideas ( e.g.
future systems and structures)
Visualize the Network
• Envision Value Network for maximal
advantage of cost or competitive value to
enterprise.
• Understand Value beyond cost of operations.
• Collaborate with partners, suppliers through
integrated PI councils for risks &
opportunities.
Operational Excellence
Confidential8
9. OE Framework In Continuum
Confidential9
Inputs Process Outputs
Process
People Speed
Technology
Eco System
Quality
Agility
CVP Value
clarify
Structure
Set Norms
EvaluateImprove
Connect
Control
What’s Happening?
10. Process Maturity Framework ( not exhaustive)
Value Protected Value Assured Value Created Business Transformation
Service Delivery SLA met consistently Reduced Variation Operational Efficiency
Delivered
Operational Effectiveness
Delivered &
acknowledged by client
People Resources certified on
skills, productivity at par
with goal but with
variation
Resources cross skilled
& reduced variations in
productivity & quality
FTE released or
additional tasks
absorbed with same HC.
Resource trained &
certified as Analyst or
Coordinator
Knowledge
Management
Process Information &
exceptions are well
documented.
Process Audits are
satisfactory as changes
if any are documented.
Process Insights on
threats & opportunities
are published with
recommendations
Benchmarking of process
with Best of Breed is
completed with
recommendations &
impact
Tools &
Technology
Technology Architecture
as transitioned is
supported & functioning.
Tool Audits are
satisfactory & changes if
any are reported,
analysed and approved.
Standard Reporting &
Workflow tools
introduced for
standardization.
Client’s technology
roadmap is analysed &
collectively planned for
self servicing tools etc
Risk &
Compliance
Existing data security &
compliance standards are
adhered.
Compliance Audits are
satisfactory. Effective
Monitoring & Controls
in place.
Best in Class risk and
compliance framework
is proposed to client.
Collaborate with client ,
partners & suppliers to
reduce total cost of
compliance while
improving reliability.
Confidential10
12. 12
Meet Anil Bakshi
Thought Leader
About Anil Bakshi
Founder
Strategic Mindset
95%
Process Innovation
90%
Future Focused
75%
Change Management
80%
Skills With 20+ yrs of experience in systems & management audits, problem solving
methodologies, I have worn various hats as a subject matter expert in Finance
Shared Services, a trainer & mentor for six sigma projects, a process engineering
consultant on Customer Experience driving standardization & innovation and
running the sales operations of $700M reverse logistics business for Dell.
Some of my success stories include deploying BPMS across 3 financial centers,
driving change the business agenda at Dell to Redefine costs, Re-Energize
Employees & Clients and Re-generate value while transforming contact centers into
a profit center. My last role with corporates was with Accenture as VP-Quality &
Innovation for a 8000+HC multi domain BPO.
While Lean & Six Sigma are function agnostic, I have been engaged in re-
engineering efforts in Finance value streams of Record to Report, Order to Cash,
Procure to Pay using creative breakthroughs and incremental improvement
techniques.
14. Our Offerings
14
Innovative & Execution Focussed.
Process Analytics
Unlocking & exploiting Value from
data and processes. Rebuild reporting
processes & scorecards with bias
towards action than commentary.
Client Centric Insights
Unlocking the value in your customer
data to grow revenue & margins.
Increasing the revenue you get from
your best customers.
Transforming CE to Build Loyalty.
Trainings
Employee Engagement through
training/workshop facilitation on key
methods/quality concepts and
certifications,
Process Redesign & Innovation
Drive Best Practices. Benchmarking.
Complexity Reduction initiatives. Solution
Redesign with Workarounds/IT solutions.
We're a team that believes in the power of strategic design thinking coupled with hands on execution.
Multi-faceted in our experience, we bring a variety of skills and methods to every project we take on,
and we're flexible in how we apply our methodology to drive the results our clients want to see.
We're practical, direct, creative, collaborative, and we love what we do.
16. 16
Data Exchange
• Data integrity might be intact but the transaction still might be coded
incorrectly or have financial mistakes.
• Company policy might require that problems with transactions imported
from third-party systems be corrected back in those other systems. The
process of issue resolution is a company policy decision that isn’t always
natively supported in the ERP.
Finance & Accounting
Challenges in Record to Report
• Data posting errors • Allocation setup errors • GL reconciliation process • Consolidation • GL maintenance
Period Management
• How transparent is the process for reopening a previously closed period?
• Is every reopening of a prior period cause for scrutiny or only under certain
circumstances such as a period in a quarter where the associated
statements have already been filed?
Cost Allocation
• How are changes to allocations identified to confirm the existence of
proper change control procedures?
Suspense Accounting
• How often are suspense accounts reconciled?
• Are they always reconciled completely? • Are suspense accounts being used to temporarily
obfuscate transactions?
• Are there any trends regarding the use of suspense accounts?
• (E.g., – Leveraged by the same individual(s) – Leveraged at certain times of the month)
Chart of Accounts
• Who’s responsible for maintenance versus who can actually maintain account mapping?
• Were changes made to these mapping tables outside of the approved change control process
and what were those changes?
• What updates have been made to these validation rules?
• Who is aware of these changes?
• Were those changes approved and documented as part of an approved maintenance process?
17. 17
Key Challenges
Intercompany Accounting
Recording, reconciling and settling intercompany accounts and transactions is manual and time consuming.
Researching & rectifying discrepancies is one strategy but generally inefficient in terms of time and effort.
There is a lack of documented and/or communicated policy and adequate compliance even when policy is stated
Key Performance Indiacators ( KPI) are often missing or outdated needing revision in line with “ as peformed accounting
processes”.
Local statutory requirements drive entity accounting and its requirements. Better understanding of local requirements is often
solicited.
High volume of rebills and corrections exist because of differing currencies and billing dates.
Timing differences play a major role in entries not yet reconciled during month close.Tax implications from creating,
accelerating, avoiding or deferring consolidated tax income/liability due to intercompany transactions is poorly understood
across the R2R value chain.
18. 18
Best Practices/ Our Recommendations
Intercompany Accounting
Simple, standardized end-to-end intercompany accounting process documentation;
A visible repository for all end-of-month statements, such as SharePoint or some other content management repository;
An automated reconciliation tool with exception reporting;
Shared KPIs for all the accountable parties;
Global contact listings of accountable parties by entity;
A formalized escalation process to alert appropriate management about problems;
Global imbalance and aging reports;
Legal/tax restriction policy on deviations;
Realistic materiality thresholds; and
A single monthly cutoff date for all billings, such as one week before the month-end closing.
19. 19
How we can be of help
Solving “the intercompany reconciliation” complexities
OPEXGURU CONSULTING LLP can
• Deploy project resources to support subject matter experts in driving time bound
clearance projects.
• Review existing people, process and technology capabilities & identify failure modes and
weak controls
• Recommend short term, near term and long term process improvement intraventions
best suited to your ecosystem.
• Evaluate multiple technology vendors, benchmark them and recommend “best fit” to
your process & technology roadmap.
21. 21
Generation D
A new set of connected customers with new set of demands. With increased adoption of
mobility and internet, which provides faster access to company and product information,
customer behavior is rapidly changing. Customers now often research through direct channels
( internet and contact centers) and then purchase policies from traditional channels.
Agent Motivation & Loyalty
While agency channel will continue to be preferred one for insurers, the elevated presence of
direct channels have agencies worried that sales would be increasingly cannibalised by direct
channels impacting their commissions
Thriving in Digital World
Insurance Distribution
Challenges – 2015 & beyond
Non Value Added Admin Tasks
Increased number of channels have also increased the complexity of distribution network.
Agencies struggle to get reliable actionable data & spend more time on admin and data
collection rather than focussing on agent motivation and providing consultation services to the
end customer, which is where they add maximum value.
22. 22
Recruit & Retain
Deploy a robust onboarding process to recruit agents who are right fit for you.
Use Social CRM to gain valuable insights on prospective agents who are active on social networking.
Agency Managers can use KPIs like opportunity conversion ratio, retention ratio, policy portfolio,
customer satisfaction index to define their agent engagement & training plans.
Create Agency communities and conduct agent development activities to align agency and insurance
agency objectives.
Improve Channel Collaboration
Assign orphaned customers & direct channel clients to agents.
Distribute online abandoned carts with info shared by customers to agents.
Assign leads collected through social media, call center, online sites to agents.
Thriving in Digital World
Insurance Distribution
Key Opportunities for You
Establish Cross Channel Analytics Framework
Deploy a rich analytics framework to gather integrated view of distribution landscape.
Track agent, backoffice and principal operations.
Track cross channel collaboration.
Create segmentation and identify optimal product and channel fit.
23. 23
Our Strategic Recommendations
Launch of Digital Agent Platform
Agency Business Today Digital Agency Model
Limited channels offered, face to face, email ,
telephone
Multi-channel, mobile, and interactive
Low Tech and paper transactions Mobile and electronic transaction
Sales Culture Sales and Service Culture
Standalone channel with limited integration Full integration to other channels
Reliance on call center for product experts Product intelligence delivered to agents via
knowledge management systems
Aging sales force Alignment with consumer demographics,
life style and technology preferences with
focus on recruitment of younger
individuals.
24. 24
Proposed Action Plan
This is where we must begin.
1. Identify how technology is changing the role of the agent and the
impact of consumer driven technology changes on agent interactions
2. Implement agent analytic dashboard to provide distribution with real-
time visibility into agency and agent performance
3. Assess and build a prioritization methodology for deployment of new
distribution technologies which will be needed to support digital
agency models
4. Build a strategy on how to support agent mobility, including Bring Your
Own Device (BYOD) policies, security, mobile applications required,
and agent help desk demands
25. 25
Get in Touch
We want to hear from you & share our language of OPEX.. OE What’s Happening.
Our Location
OPEXGURU CONSULTING LLP
Level 9, Regus, i-Spaze Tech Park
Sohna Road Gurgaon, India.
Our Phone
91 9560 88550
Email / Website
oeguru@gmail.com
www.opex.guru
