improve the efficiency of service delivery

7/28/2019 Improve the Efficiency of Service Delivery

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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.


4/44 practice overview

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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Email: [email protected]

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