by. Michelle Harbinak Shapiro
In a survey recently conducted by Cornerstone Advisors, 58 percent of respondents said they believe half or less of the work happening in their organizations is real work. The rest, the non-work activity, is waste.
Amazing, right? The intense cost, revenue and compliance pressures financial services organizations currently face means that banks and credit unions must seek to optimize their processesand eliminate the waste.
Here are three ways to get back to basics and banish the waste.
1. Identify and own the process
Process design is the key to eliminating waste. The challenge is that theprocess can span across the organization and even cross organizational boundaries.
According to Cornerstone’s Senior Director Michael Croal, “A first step in changing the way we work is to have one person in charge of the process – the entire process, not just certain tasks within the process.”
To effect the changes necessary to eliminate this waste requires effort and a leader. The key to success is making sure that leader has a thorough understanding of what the process must accomplish.
