Paving the Cow Path
“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency. “ - Bill Gates
When banks add new technology or go through system changes and conversions, employee often attempt to adapt the new system to old procedures. Old processes remain in place despite new functionalities and efficiencies available from the new system. They effectively “pave the cow path”.
We also encounter the “we’ve always done it that way” syndrome. Procedures are passed on and perpetuated without periodic assessment of informational need, technological improvements or regulatory requirement.
And finally we often see the “cut off the dog’s tail a little piece at a time” phenomenon. Small changes are made to processes and procedures that, at the moment, do not materially impact efficiency. But over time, the cumulative effect of these small modifications creates cumbersome work flows and redundant activity.
Abound Resources offers a comprehensive solution to improving efficiency and overall institutional performance
Phase I: Best Practices Assessment
The first step is a comprehensive assessment that compares your systems, processes and procedures to industry best practices. The goal is to identify and quantify opportunities that will improve both efficiency and overall financial performance.
This assessment will identify opportunities to
- Decrease costs and enhance earnings
- Streamline processes
- Improve utilization and ROI of technology
- Increase fee income and profitability
- Improve overall efficiency within the institution
Upon completion of the assessment, our team will:
- Provide a perspective on how each area of your institution compares to industry best practices
- Provide recommendations for improving your processes and procedures
- Quantify how implementation of recommendations will impact profitability
Phase II: Prioritization and Implementation
Based on the findings of the Assessment Phase, our team will develop a detailed plan for prioritizing and addressing inefficiencies within your operating and technology environments. And then we will work with your team to map and implement appropriate changes and ensure change management occurs.
Our structured process and our in depth understanding of vendor applications and solutions allow maxim utilization of systems and provide a map of what future processes should look like.
Our goal is to assist your bank with realizing current efficiencies and planning for the future to ensure processes and procedure remain efficient.