Your enterprise software is an integral part of your business. And, if it is old and unsupported, it could be the cause of processing, quality, or staffing problems. Distinguishing between the business pain caused by the system and the pain built into the process or organization isn’t easy. Jumping too quickly to a technology solution can expose your company to unnecessary risk and additional pain from selecting the wrong system, solving the wrong problem, or the failure of users to adopt the system. By first examining the current systems that support processes in question and ideating the best way to get that work done, stakeholders can ensure the solution will solve their problem and develop criteria that will guide system selection if needed.
Clients are surprised to learn that not every process project should begin with an in-depth current state assessment. If you’re on the process redesign path, use these four questions to right-size your current state assessment to fit the scale of your process redesign effort.
Racecars are designed and built to handle the three D’s (Downforce, Drag, and Drafting) and to lessen the resistance. The racecar driver knows her car, knows the track, trusts her pit crew and has strategies for dealing with challenges during the race to reduce resistance along the way. There are three essential tips to accelerate acceptance and reduce resistance to change, from the starting gate to the finish line.
The CEO of an educational services company approached NEOS in desperation. Their project was on track to exceed its original budget and run far beyond the planned duration; however, it had yet to deliver anything of any real business value. She contacted NEOS after learning about our Project Value Assurance (PVA) model. This case study explains how the joint NEOS-client team applied the model, uncovered root causes, and recommended a set of actions to take the modernization effort forward.
Many believed that congressional actions would halt the DoL’s progress, but with the final ruling available, the industry is bracing itself for changes that will dramatically impact the role and rules of financial planners, brokers, and agents selling and servicing insurance-based investment products. The focus of this paper is not the explanation of all of the associated regulations but rather the adviser, technology, and operations related impacts that will be problematic for insurance companies during implementation.
Every business has to sell something, make money and satisfy its customers. It is a lifecycle that keeps businesses going, or “breathing.” Insurance companies are no different, especially with their core need to develop products. They are under constant pressure to deliver and must have a solid, adoptable process for developing and delivering products in order to “keep breathing” and ultimately stay ahead of their competition.
At NEOS, we believe change management needs to be an organizational capability, not merely a set of tools augmenting standard project management processes, or an item on your project manager’s checklist. This paper examines three pillars necessary for building a word-class change management capability.
Insurers and retirement services companies have another significant customer group coming down the line. There is much to do to build a meaningful business to attract and retain Millennials. Products, marketing approaches, technology infrastructure and distribution channels all need to be developed to support this new generation.
Project Risks Mitigated Through 5 Best Practices
In 2011, Project Management Solutions estimated that an average US company jeopardizes $74,000,000 because of project risk. This report you will learn discussed NEOS’ five-dimension model for assessing project risk and 5 Best Practices to reduce the risk.
An estimated 70% of initiatives fail to deliver on their promised business value because of poor change management, not poor project management. Like Project Management, Change Management is a process. What’s the key to keeping your initiative among the successful 30%? It’s a matter of investing in the people side of change by consistently applying the Five Divine Guiding Principles of change management.
Your core processes are business assets. They define your business and make you stand out from your competition. However, because so many are seeking process efficiency solutions, there is an overwhelming amount of information out there on the topic. Finding the solution that will help deliver the business process efficiencies you seek to gain for your organization may be puzzling, but not impossible.
The term “voice of the customer” teeters dangerously on the edge of overuse, but insurers that truly seek out and consider their customers’ input are in the minority. An effective Voice of the Customer (VOC) program connects a company with their customers at key points in the customer journey. We have crystallized a set of seven behaviors and beliefs that the most customer-centric insurers practice.
Often business process modeling and improvement approaches overlook and sometimes eliminate compliance controls and concerns in the effort to streamline a process, leading to unforeseen and expensive consequences. NEOS developed the Process Control Topology approach for clients to see that Sometimes, it’s Not about Efficiency.
A Primer for Insurers
Despite ongoing improvement among systems and service providers, NEOS still sees 40% or more system deployment projects failing to deliver anticipated value. While some of this failure can be attributed to poor deployment, much of it can be attributed to poor system selection.
This whitepaper identifies 5 IT risks that NEOS practitioners have found to be prevalent the insurance industry. With budgets lacking focus directly on IT risk, many of these risks are building to become large-scale risks down the road.
Closed blocks of business can represent a cost and resource burden for many life and annuity companies. This “burden” can represent a path to value as well, but how do you harvest that value?
To achieve data objectives, insurers should apply the three types of data (diagnostic, decision support, and alerts) and the principles incorporated in this whitepaper to improve their services to their distribution partners and agents.
This paper highlights a recent engagement where a client engaged NEOS to help determine why an in-flight project was faltering in delivering anticipated business value. NEOS applied a structured approach to creating business value linkage, thereby enabling the client to reframe the project using business value as the basis for release planning and project phasing.