Financial Services Business Process Redesign

Client Insights

  • Client: International telecommunications provider
  • Industry: Telecommunications, Financial Services

Background

A financial services department of an international telecommunications provider was losing tens of thousands of dollars each month, resulting in the department missing its goals month over month and impacting the organization’s financial filings.

Scope

Identify operational deficiencies driving the loss, develop a loss mitigation plan and implement the plan with supporting documentation and training as necessary.

Summary of Action

Audited existing financial services processes as well as related software and interfaces.  While reviewing the processes several opportunities to streamline the reporting captured were identified.

While reconciling the processes with the user interfaces and underlying software discovered an error in an accounting formula which led the reporting algorithm to record the entries as Losses rather than the Gains the entries represented.

Recreated the issue in a sandbox environment and developed a corrective action plan to fix errant formula.  Confirmed the fix via a series of controlled tests, and deployed fix into live environment at the next available maintenance window.

Image Credit:  Creative Commons