Challenge
An industry-wide regulatory and compliance ruling required significant changes in how our insurance client needed to calculate and report key financial information. Additionally, our client faced ongoing large increases in assets under management, necessitating a thorough reexamination of their internal processes and systems. The challenge was to address both the new regulatory requirements and the growing complexity of asset management through a comprehensive strategy.
How TEKLEIGH helped
TEKLEIGH performed a comprehensive assessment, including:
- Assessment: Conducted a thorough assessment of the current state through client interviews, whiteboard sessions, and review of various documentation and architecture diagrams.
- Fit/Gap Analysis: Developed a Fit/Gap Analysis with Red/Yellow/Green ratings for each key process and technology.
- Review: Reviewed the current state assessment and analysis with the client to ensure agreement on strengths and weaknesses.
- Strategic Recommendations: Focused on developing recommendations for people, processes, and technology, resulting in proposed future state architecture diagrams, process maps, technology applications, and human resource allocations. Provided three to five technology recommendations for exploration.
- Future State Review: Reviewed the proposed future state and recommendations with the client to ensure alignment and agreement.
- Roadmap Development: Created a roadmap for immediate needs and a three-to-five-year outlook, complete with estimated project durations. Reviewed the roadmap with the client for agreement and alignment.
- Implementation and Vendor Management: Pivoted to the Request for Proposal process for immediate term recommendations, starting vendor solicitation and demonstrations. Implemented immediate needs for vendor management, procurement, inventory, and asset management (implemented 2-year plan).
Benefit
By leveraging TEKLEIGH’s expertise, the client successfully optimized their Procure to Pay and Inventory processes, aligning their operations for both immediate needs and long-term growth. The comprehensive assessment, strategic recommendations, and phased implementation ensured a streamlined, efficient process that supported their expansion objective.
Client Quote
TEKLEIGH exceeded our expectations with professional and organized project management and analysis supporting our team in our strategic project.
– Client