improve the efficiency of service delivery
TRANSCRIPT
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Client:Our Client is a leading global investment major in
Private Equity and Hedge Funds, with
approximately US$ 160 billion worth of assets
under management.
Business Need: To drive adequate quality initiatives in the
existing processes with the intention of
improving overall productivity to meet its
growing business needs;
To sustain operational excellence, that would
result in tasks being performed accurately, in a
timely manner, and with necessary controls in
place;
To improve leverage of IT for process
enhancements and automation, and publish
customized reports on a timely basis; To meet ad-hoc requests from investors and
audit teams.
Our Clients business was growing rapidly, and one
of their primary concerns was to focus on new
areas of growth without de-stabilizing existing
processes. In order to achieve this, our Client
outsourced their non-core processes by
distributing them across multiple vendors within
the US. However, this approach demanded
additional time and effort from the Clients
resources to manage multiple vendors, resulting in
reduced focus on their other daily responsibilities.
To meet all the above needs, and to improve the
efficiency of their services, our Client made a
strategic decision to consolidate the processes
offshore with a single vendor, thus enabling more
effective management of the non-core processes.
Cognizants Approach:Cognizant was the chosen partner to improve the
efficiency of overall service delivery. Cognizant
brought IT and BPO synergies on a single platform
that was complemented with strong domain
expertise in fund accounting and administration.
Cognizants proven transition methodology was
customized to enable smooth transition of
processes, initially those that involved funds
managed in-house by the client. Cognizant
received accolades for delivering outstanding
quality of services and demonstrating immediate
impact on the clients bottom line. Due to its
ability to demonstrate significant improvements in
the clients business, Cognizant was given the
opportunity to transition funds that had been, till
then, managed by other vendors. Consolidation
and streamlining of processes was effected byemploying a dedicated transition team responsible
for planning, coordination and execution.
Banking & Financial Services - BPO
solutions overview
Cognizant is the chosen partner to improve the
efficiency of service delivery
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In addition to the transitions group, Cognizant also
employed a team that was responsible for
knowledge management and quality initiatives.
This team ensured continuous learning and
development as well as increasing the quality of
service and productivity.
Highlights of the project were:
The transition of more than 40 sub-processes
across multiple Lines of Businesses (LOBs),
managing over 600 funds and US$ 80 billion
worth of assets under management;
Establishment of a dedicated Onsite Coordinator
and Account Manager, who worked closely with
stakeholders for smooth transition of complex
processes involving multiple systems, and to
manage issues in a live environment; Ramp up of a team including a high proportion of
certified accounting professionals (approx. 30%)
from 25 to more than 275 within a period of 20
months;
Implementation of multiple quality initiatives,
such as Eureka, Bright Ideaz, and Replicator, to
ensure significant improvements in service
delivery and productivity;
Adoption of 18 hours x 5 days in a week
coverage, i.e., more than two-third of a business
day, to meet additional investor and audit
requests even during non-business hours;
Leverage of technology and quality teams, to
institutionalize process improvements through
automation, resulting in creation of different
forms of investor and cash summary reports.
Benefits:Consolidation of process under one umbrella
allowed Cognizant to help its Client regain better
controls, use a single platform for sharing best
practices, and improve relationship management.
The mix of business analysts and operational
experts in Cognizants team enabled Cognizant to
deliver benefits of quality and timeliness with
highly focused and industry-relevant support fromits domain experts.
Additional key benefits delivered by Cognizant
were:
Implementation of a Follow the sun
operational model, which helped extend the time
window for indexing and imaging services and
resolving queries of investors, customers, third
parties, and auditors across the globe during non
business hours;
solutions overview2
Making our clients businessstronger by empowering them to bemore responsive to their customersand to the competitive environment.
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Cognizants robust and consistent
documentation, which reduced the learning
curve for the process, institutionalized
processes, and reduced dependency on key
individuals. This has helped client personnel to
use their time to focus on new areas of business
growth;
In addition to funds management, other end-to-
end processes like cash & treasury management,
account reconciliations, investment valuation,financial modeling and reporting transitioned
have been added to those being managed from
offshore, delivering benefits across the full value
chain;
Establishment of a centralized cash
consolidation team, which caters to all the Lines
of Businesses and acts as a single point of
contact for any Queries related to Cash
processes. This has resulted in a reduction of
FTEs by 20% in cash operations;
The establishment of multiple reviews, enhanced
checklists and additional controls for all the
processes by Cognizants Delivery and Quality
teams, to ensure accurate output to the end
customer;
Cognizants approach of continuous process
improvements, which has yielded additional
benefits to the Client. Cognizant initiated
multiple lean Six Sigma and BPM projects, which
resulted in automating processes leveraging
workflow tools and portals.
Other key achievements of this project:
End to End investor on-boarding cycle time has
been reduced to a single day from the earlier
five days;
A workflow tool and an access controlled portal
were created to perform the investor on-
boarding process, and to maintain all the data
related to the investors safely, which would be
readily available at any point of time for audit;
Quarterly reporting of funds was done by the
Client in 90 days, Cognizant enabled this to be
done within 30 days from quarter end.
solutions overview 3
Manual creation &tracking of record insharepoint;
Manual update ofwork record status.
Supervisor log insharepointto viewwork items;
Manual workpriortization &allocation.
Manual checking offund information indifferent legacysystems;
Manual identificationof different databasefor updation.
Manual processing,tracking and update ofdifferent verificationprocesses of investor/funds;
Lots of manualdecision points.
Sharepoint views forchecking relevantdetails and review;
Manual reportpreparation and datacollation for review.
Automatic Work allocation Status maintained througout the process life-cycle Work load priortization Minimized data entry error
Workflow basedhandoffs
Change in business processes can be incorporated in thesystem, with a s ingle point change in workflowconfiguration
Enhanced visibility to managers to identify bottlenecks in
the process by allowing real time status reporting ondifferent stages, urgency levels and SLA
Benefits
Original Process
Post BPM
System created workobjects & Request IDautomatically;
Status is updated as
per work objects.
Workflow directs workitems to supervisor worklist;
Work items are displayedas users log in the
system; In-built feature to
prioritize work itemsbased on different colorcoding.
Fund information isauto populated in thesystem based on
background data;
System automaticallyidentifies databases tobe updated based onthe fund selected.
Parallel routing ofdifferent work;
Auto update of work
status;
Enhanced control totrack all the handoffsand monitor areas ofcritical to quality.
Monthly metricreporting via a singleclick;
Customized dashboardto highlightopen/closed issues;
Access to view audithistory of work items.
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About CognizantCognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting and business
process outsourcing services. Cognizants single-minded passion is to dedicate our global technology and
innovation know-how, our industry expertise and worldwide resources to working together with clients to
make their businesses stronger. With more than 40 global delivery centers and approximately 61,700
employees as of December 31, 2008, we combine a unique onsite/offshore delivery model infused by a
distinct culture of customer satisfaction. A member of the NASDAQ-100 Index and S&P 500 Index,
Cognizant is a Forbes Global 2000 company and a member of the Fortune 1000 and is ranked among the
top information technology companies in BusinessWeeks Hot Growth and Top 50 Performers listings.
For more information on how to drive your business results with Cognizant BPO,
contact us at [email protected] or visit our website at: www.cognizant.com.
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