Case Study 3: Modernizing operations

Challenge

A large and highly successful advisory firm – growing organically and through acquisitions – wanted to modernize their operations and increase service efficiency.

Solution

SagePath was engaged to design and implement new operational processes, while maintaining the high-quality service the firm is known for. This entailed:

  • A high-level Discovery to uncover operational strengths and opportunities and to assess each team member’s readiness to embrace change.
  • Spending time in the firm’s office observing existing service processes, handoffs, and the technology ecosystem. SagePath also observed qualities that set this firm apart – strengths to build on as the firm evolves.
  • Team members working with SagePath to co-create a new, streamlined process for intaking all service requests and handling them digitally, with end-to-end tracking. This experience engaged all operations team members in eliminating wasted time and effort – while creating a better future for everyone.
  • Training team members on new processes and tools and a plan to cross-train team members to build their skills and to minimize key-person risk. As this advisory firm acquires other firms, they’re now well positioned to integrate staff from acquired companies into their high-performing operations team.

Results

Modernized Operations

  • Adopted digital processing and eliminated paper
  • Implemented a single workflow system with enhanced tracking for all transactions

Increased Operational Efficiency

  • Single point of intake for new requests and notifications
  • Work is completed in a shared environment where nothing can be misplaced
  • New role of workflow coordinator ensures all transactions are tracked and flow efficiently, with workload balanced across team members

Improved Operational Readiness for the Future

  • Single, simplified workflow process and client data management are scalable to support future advisory firm acquisitions
  • Processes are designed for a dynamic business with employees smoothly onboarding and offboarding, as needed

Mitigated Risks

  • Decreased risk of service errors
  • Reduced key person risk
  • Introduced holistic skills inventory to proactively manage service capacity
  • New workflow process reduces risk of privacy breaches

Enhanced Operations Leadership Processes

  • Introduced coaching conversations for all operations team members
  • Greater transparency into the work of each team member